Welcome to your weekly update from the Allen & Overy Pensions team, covering all the latest legal and regulatory developments in the world of occupational pensions.

This week we cover topics including: the Finance Bill; a consultation on increasing the levy ceiling for the fraud compensation levy; and an update on projects by the Pensions Regulator.

  • Finance Bill: government closes NMPA ‘transfer window’
  • Fraud compensation: consultation on increasing the levy ceiling
  • Update on TPR projects
  • GMP conversion: Bill published
  • Latest HMRC newsletter
  • Sustainability update
  • New TPO factsheet: determinations

Finance Bill: government closes NMPA ‘transfer window’

Following the Autumn Budget, the Finance (No. 2) Bill has been published; pensions-related measures include:

  • changes to the mandatory scheme pays facility, to extend the period for a member to give notice to their scheme administrator where there has been a retrospective change in their pension input amount (clause 9);
  • the increase to normal minimum pension age (NMPA) from 2028 (clause 10);
  • changes in connection with the McCloud remedy for public service pension schemes (clause 11); and
  • changes to discovery assessments (including in relation to pensions charges) (clause 95).

Significant changes have been made to the proposals for implementing the proposed increase to NMPA from age 55 to age 57 in 2028, following the consultation on draft legislation. The government had originally planned to…

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