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Q2 2024 outlook for pension scheme trustees and employers

Q2 2024 outlook for pension scheme trustees and employers

05 Apr 2024

What you need to know

  • The long-awaited general code of practice from The Pensions Regulator (TPR) came into force on 28 March 2024.
  • TPR’s revised funding code of practice is expected to be available in June 2024. Some aspects of the new funding regime, for example the definition of significant maturity, will be clarified within the code.
  • TPR’s consultation on the form and content of the statement of strategy closes on 16 April 2024. Views are sought from trustees and advisors on the proposed approach.
  • The Department for Work and Pensions (DWP) is running a consultation on options for defined benefit schemes, closing on 19 April 2024. The consultation covers surplus extraction and establishing a public sector consolidator.
  • The Financial Conduct Authority (FCA) is expected to open a consultation on a new framework for assessing value for money (VFM) for DC pensions.
  • TPR is undergoing an organisational restructure in anticipation of a more consolidated pension scheme market in future years. Temporary heads of new regulatory function areas will be appointed from April 2024.
  • The appeal in the Virgin Media case regarding section 37 liabilities will be heard in June 2024. We expect the outcome will be available in late summer/autumn 2024.
  • The Lifetime Allowance (LTA) will be abolished from 6 April 2024 and will be replaced by the new Lump Sum Allowance and Lump Sum and Death Benefit Allowance.

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