Atkin trustees, actuaries, consultants & administrators

Current Issues - September 2015

GMP equalisation: A recent decision of the Pensions Ombudsman concluded that, in that specific case, that it was reasonable to delay equalisation of GMPs whilst there remains uncertainty over ‘if and how’ GMP should be equalised.

Freedom & choice – cash is king: The cash option has proven very popular with DC members with almost £2billion being withdrawn in the 2 months following the introduction of the new regime in April.

Auto-enrolment: TPR publishes list of auto-enrolment ‘master-trust’ providers

Pre-pack administrations: PPF guidance on its approach where the same insolvency practitioner deals with both the pre-pack deal and the subsequent liquidation.

PPF ‘comes close’ to using its powers in funding dispute – out of court settlement final reached

An update to IORP II: A draft report submitted to the European Parliament suggests that they are less likely to introduce onerous capital and funding requirements for defined benefit pension schemes and nor are they likely to require Trustees to have relevant professional qualifications. On the downside, the report also included proposals that might make bulk transfers more difficult. However, we would note that this is only a draft report and much can change before anything formal is enacted. We will keep you up to date with developments.

TPR – Regulatory Round Up: TPR has issued a useful round up of pension issues for trustees of DB and DC schemes.

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Thank you. Excellent communication, a rarity in this world of quick communication.

Member, MESL Pension Scheme