Pensions Breakfast Briefing

Walker Morris LLP, 33 Wellington Street, LS1 4DL
Tuesday 3 March 2020
8:00am  Registration opens and breakfast served
8:30am  Seminar begins
9:45am  Approximate seminar end time

”Parkinson”: the chat show with a pensions twist

It will soon be three years since the Pension Schemes Act 2017 (dealing with master trusts) received Royal Assent. In pensions terms three years is quite a long time not to have had any primary legislation. Of course, it is not true to say that nothing has happened on the pensions legal and regulatory front in the last three years. But 2020 promises to be quite a bumper year for changes to pensions law and regulation.

The main driver for change is likely to be the Pension Schemes Bill which was reintroduced into Parliament on 7 January 2020 in virtually identical form to that which was originally introduced in December 2019 just before the election. This Bill will make the promised changes to strengthen the Pensions Regulator’s powers including the criminalisation of certain actions as well as the ability to impose unlimited fines. It will also make changes to the statutory scheme funding regime. The Bill will also provide the frameworks for the new collective defined contribution schemes and the pensions dashboard.

GMP equalisation issues continue to be in the spotlight. Trustees continue to grapple with their GMP equalisation project despite the fact that HMRC has still not published any details as to how the pensions tax regime takes GMP equalisation into account. Also there is the expected hearing in the High Court in April/May looking at historic transfers out. Wider pensions tax matters may be back on HMRC’s agenda for the March Budget as a result of senior NHS clinicians being caught by the tapered annual allowance.

It is, therefore, a good time to take stock of the latest pensions developments, but with our usual Walker Morris twist. We will present “”Parkinson”: the chat show with a pensions twist”. Join us for a topical debate chaired by our own Michael Parkinson substitute in which our “guests” will discuss topics such as:

  • The Pensions Schemes Bill:
    • Will the new criminal offences really drive a change in corporate behaviour or will trustees in extremis still be reliant on Regulator intervention?
    • Will the new scheme funding approach result in better funded defined benefit pension schemes?
    • How many employers will actually adopt CDC schemes?
  • Latest on GMP equalisation – fun and games from our recent experience
  • What is the future for pensions tax relief?

As always please come prepared for an interactive discussion from which you will take away some practical hints and tips.

To book your place please email events@walkermorris.co.uk

 

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