Pensions: What's happening next? 2010 & beyond

2012

1 October 2012 - disclosure

Proposed date for shorter deadline to produce basic scheme information (to be reduced from two months to one month).

October - personal accounts - Deadline

Automatic enrolment for personal accounts introduced for some schemes.

6 April 2012 - protected rights - Relaxation

Protected rights to be abolished.

Probably 2012/13 levy (at the earliest) - PPF levy

Basis of levy calculation likely to change.

2011

Between tax years 2010/11 and 2015/16 - lifetime and annual allowances

Tax regime lifetime and annual allowances to be frozen.

6 April – return of surplus – Deadline

Trustees wishing to pass a resolution to protect their scheme's ability to return surplus must do so by this date (this applies where on or before 5 April 2006 the scheme contained this power and was not in wind-up).

6 April - contribution tax relief

Restrictions on pension contribution tax relief for high earners (note, interim restrictions were introduced on 22 April 2009).

5 April - A-Day Transitional Provisions - Deadline

Transitional provisions (extending continued application of old Inland Revenue limits) expire.

3 April - paternity leave and pay

Additional statutory paternity leave and pay will be available in respect of babies due/adoption placements from this date.

2010-2020

State Pension Age

State Pension Age to increase for women (phased) to age 65 (further increases for men and women planned for the future).

2010

23 September - employer related investments

Certain remaining exemptions from 5% cap on employer related investments to be removed.

Second half of 2010 - VAT

Wheels/NAPF VAT case likely to be heard.

5pm on 30 June - PPF 2010/11 levy - Deadline

Deadline for certification of full block transfers that have taken place up to and including 31 March 2010.

30 June – age discrimination/redundancy

Employment Appeal Tribunal hearing date scheduled (for Woodcock v Cumbria Primary Care Trust) about a redundant chief executive dismissed without proper consultation so that notice expired before he qualified for enhanced pension payments.

5pm on 30 June - PPF levy 2011/12 - Deadline

Deadline for final certification of full and partial block transfers that have taken place up to and including 31 March 2010.

15-18 June – converting scheme from defined benefit to defined contribution

Expected appeal dates for HR Trustees Ltd v German & Ors (IMG case).

24/25 May - age discrimination/redundancy

Court of Appeal hearing date scheduled (for Wooster v Mayor and Burgesses of the London Borough of Tower Hamlets) about whether minimising pension liabilities could justify less favourable treatment due to the employee's age, in the context of redundancy procedures.

Closes 5 May – DC investment governance - Consultation

Investment Governance Group consultation on DC investment governance draft guidance.

Closes 5 May – winding-up- Consultation

Pensions Regulator consultation on revisions to its winding-up guidance.

5pm on 9 April - PPF 2010/11 levy - Deadline

Deadline for certification of deficit reduction contributions.

6 April – trivial commutation and GMPs

£2,000 trivial commutation option now available in respect of guaranteed minimum pensions.

6 April - paternity leave and pay

Proposed date for introduction of legislation on additional statutory paternity leave and pay (for babies due/adoption placements from 3 April 2011).

6 April - earliest retirement age

Age 55 became earliest retirement age (subject to exemptions) allowed by HMRC for registered pension schemes.

6 April - financial support directions

Look-back period for financial support directions increased to 24 months (phased introduction of increase from 12 months to 24 months will start from 6 April 2009).

6 April - consultation by employers

Employers with defined benefit schemes now expressly required to consult affected members when proposing to change the scheme definition of pensionable earnings.

6 April - debt on employer

Limited debt on employer easements in respect of restructurings now available.

1 April – PPF

PPF now able to charge interest on levies paid late.

5pm on 31 March - PPF levy 2010/11 - Deadline

Deadline for certification/re-certification of contingent assets.

5pm on 31 March - PPF levy 2011/12– Deadline

Deadline for updating PPF-related Scheme Return information, including s179 valuations.

5pm on 30 March - PPF levy 2011/12 - Deadline

Deadline for 2011/12 levy for providing information to D&B on sponsoring employers' failure scores.

Closed 12 March – contribution tax relief – Consultation

HMRC consultation on draft clauses for members earning a relevant income of at least £130,000.

Closed 12 March - independent trustees - Consultation

Pensions Regulator consultation on tightening up requirements for inclusion on its independent trustee register.

8 March – PPF

PPF publish guidance for trustees and counterparties on PPF's power to modify and disclaim onerous contracts under section 161 Pensions Act 2004.

4 March – hybrid schemes

Judgment handed down for Bridge v Yates Court of Appeal hearing on winding up hybrid schemes.

Closed  March - contribution tax relief - Consultation

HMRC consultation on restricting tax relief for high earners.

Closed 1 March - internal controls - Consultation

Pensions Regulator consultation on revising internal controls guidance.

Closed 1 March - disclosure - Consultation

DWP follow-up consultation on disclosure, proposing opportunity for e-communications and reduction of basic scheme information deadline from two months to one month.

Closed 1 March - actuarial standards - Consultation

Board for Actuarial Standards consultation on dealing with 'Transformations' (such as transfers without consent, modifying benefits and buy-outs) via a new technical standard.

2 February – record-keeping – Consultation

Pensions Regulator consultation on its proposed tougher stance on poor record-keeping.

29 January – PPF Levy 2011/12

2011/12 PPF levy Policy statement on insolvency risk published.

29 January – notional earnings cap

Notional earnings cap for 2010/11 announced as £123,600.

28 January – equalisation and GMPs

Ministerial statement asserting GMPs should be equalised regardless of any comparator's existence.

Closed 15 January - PPF - Consultation

DWP consultation on miscellaneous changes to PPF compensation and about interest on levy payments made late.

7 January - personal accounts

Personal accounts rebranded as NEST (National Employment Savings Trust).

1 January - local government pension scheme

The Local Government Pension Scheme (Management and Investment of Funds) Regulations 2009 came into force.