Atkin trustees, actuaries, consultants & administrators

Current issues - July 2019

DB Transfers – PASA issues guidance: PASA (the Pensions Administration Standards Association) has issued part one of a planned two part guide on DB transfers. Trustees may want to check with their advisors whether or not they adhere to the principles set out in the guide.

PPF Levy – Insolvency scores finalised: Schemes and employers are advised to check their Levy Band and Levy Rates on the PPF Score portal.

Pension Scams – Four-step guide for members: ActionFraud lists 4 basic steps that pension scheme savers can use to protect themselves from scams. Trustees may want to consider sending details of the guide to their membership.

TPR Warning to Trustees – Improve or consolidate: TPR has launched a consultation on trusteeship and governance which asks whether there should be an accredited professional trustee on every board, whether sole trustees can run schemes appropriately, how barriers to consolidation can be removed and whether there should be a legal requirement for trustees to meet minimum standards of knowledge and understanding.

The consultation closes on 24th September and we intend to take part. If you have any comments/thoughts you would like us to share on your behalf then please get in touch.

Pensions Bill – Expected later in 2019: A new Pensions Bill is expected which will require trustees to focus on long-term strategy and lead to what TPR describes as ‘more efficient and effective regulation of funding.’ TPR will be consulting on a revised ‘Code of Practice’ on funding which they expect to give greater clarity on prudent technical provisions and appropriate Recovery Plans. TPR is possibly planning two routes to compliance 1) fast track, which will be a prescribed approach and 2) bespoke, which will be where schemes will have greater freedom but with greater oversight by TPR.

Given the potential consequences this might have for pension schemes, this should very much be on your radar.

 

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We believe that Atkin & Co take the burden of administration away from the trustees and feel confident that the work is completed by competent and knowledgeable staff. We would recommend them as an excellent service provider.

Abigail Watts, Pitman Trustees