The Pensions Regulator is expected to introduce a new requirement that schemes must report their performance in processing transfers (including against possible benchmarks and new transfer targets).
The Finance Act 2016 has become law. Its provisions include the reduction in the lifetime allowance from £1.25m to £1m along with two forms of protection from the lifetime allowance charge: fixed protection 2016 and individual protection 2016. It also introduces amendments to support taking DC pension benefits flexibly and various other amendments (for example, to allow a trivial commutation lump sum to be paid in respect of a DC scheme pension that is in payment).
Publication of the Court of Appeal’s judgment in the appeal against the High Court’s decision in Horton v Henry. The High Court decided that it could not make an income payments order (IPO) in respect of a bankrupt’s pension which was not yet in payment even though the bankrupt might be entitled under rules of the scheme to draw the pension
An appeal against the High Court’s decision in Briggs v Gleeds is due to be heard in October 2016. The High Court decided that a series of deeds of amendment executed over 20 years were invalid on the basis that they were defectively executed.
An appeal against the High Court’s decision in Buckinghamshire v Barnardo’s is expected to be heard in October 2016. The High Court ruled that scheme rules did not give the trustees the power to switch from RPI to CPI for revaluing deferred pensions and increasing pensions in payment whilst RPI remained an officially published index.
A High Court case in which British Airways is challenging a discretionary increase to benefits awarded by the trustees of the BA Pension Scheme. The discretionary increase was awarded following a switch from RPI to CPI for the purposes of revaluing deferred benefits and increasing pensions in payment, and is payable in addition to the CPI increase.
Announcements on various pensions initiatives in the Chancellor’s Autumn Statement on 23 November 2016. There is already speculation that “a single rate of tax relief could be far too attractive for chancellor Philip Hammond to not consider introducing through his Autumn Statement”.