Despite the recent legislative void, Ferdy Lovett predicts increased activity ahead
- A proposed Pensions Bill and new powers for the regulator.
- New governance requirements, including those required to be implemented by pension schemes to satisfy the latest EU Pensions Directive.
- The implications of probably the most significant pensions case in decades.
When Parliamentary time finally allows, the Pensions Bill is set to arm the Pensions Regulator (TPR) with hefty new powers and is scheduled to pave the way for a plethora of changes outlined below.
- Fresh additions to the ‘notifiable events regime’, the early warning system designed to alert TPR of possible calls on the pensions lifeboat, the Pension Protection Fund. For example, TPR will need to be notified of the sale of a ‘material proportion’ of the business or assets of a sponsoring employer which has funding responsibility for at least 20% of the scheme’s liabilities. The granting of security on a debt to give it priority over a pension scheme will likewise need to be notified.
- Despite concerns that it could delay transactions and deter buyers,
