Atkin trustees, actuaries, consultants & administrators

Current Issues - July 2017

Same-sex survivor rights: The Supreme Court has found that same-sex couples must now be treated equally with heterosexual couples in terms of survivor pension rights in respect of all of their pensionable service. Any schemes that relied on the exemption in the Equality Act 2010 will need to review whether their rules should be changed and how to notify members. Trustees should consider past payments or benefits secured via insurance policies where pre-December 2005 service was excluded from the calculations.

TPR warning to companies over dividends: TPR is concerned that there has been a significant increase in dividends paid by employers without a similar increase to pension contributions. It has restated that it will intervene to make sure pension schemes are not treated unfairly when compared to company shareholders.

Freedom and choice – FCA gets cold feet: The FCA is considering the introduction of new measures to protect individuals which might include additional protection for consumers who enter into drawdown without advice and tools to help consumers make good choices.

TPR fines Trustees for compliance failures: TPR is getting tougher, including issuing fines, with trustees who fail to comply with regulations. If Trustees are in a situation where they believe that they might not be able to meet a statutory requirement or deadline, they should engage with the TPR at the earliest stage possible.

 

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We used Atkin Trustees as part of a wind up of our scheme. With the help and support of Richard Bryant we were able to move forward a process that had become stalled - his expert guidance was invaluable to me and the other Trustee involved. The whole process was handled in a practical and timely manner, and I felt at last we had access to expert Trustee experience and knowledge to guide us through the many obstacles that we faced. It was a pleasure working with Richard.

Len, Independent Trustee client