Related insights: Employment and Pensions

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GMP equalisation – transfers out

24 Nov 2020
Judgment in the supplementary Lloyds Bank case was handed down on 20 November 2020, providing some clarification as to the actions which must be taken by trustees of defined benefit pension schemes to address unequal guaranteed minimum pensions (GMP) where that GMP was transferred between occupational pension schemes.

Updated guidance on the extended furlough scheme – more questions than answers

16 Nov 2020
On 10 November HMRC published its updated guidance on the Coronavirus Job Retention Scheme, consisting of 12 documents. Eagerly awaited by employment lawyers - who hoped it would answer all our questions on how the extended scheme will work – it sadly raises yet more queries and fails to provide the certainty that employers so badly need right now in order to plan for the future.
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PPF Levy Consultation 2021/22 – method in the madness?

03 Nov 2020
In a world that looks very different than it did this time last year and with future economic uncertainty being all too real many people may be concerned about what the practical implications of COVID-19 will mean for the next Pension Protection Fund (PPF) levy year. The PPF's recently published levy consultation suggests that, for the 2021/22 levy year at least, any such fears may be somewhat unfounded.
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The Pension Schemes Bill 2019-21: the latest position

02 Nov 2020
After progressing through parliament for most of 2020, the Pension Schemes Bill is reaching the final stages of review before becoming law. The committee stage is due to end on 5 November, following which the Bill is expected to come into force by the end of the year. We have summarised the key changes which will be introduced by the Bill.

Court of Appeal to examine SIPP provider case

22 Oct 2020
In May, we wrote about the High Court judgment in Adams v Options SIPP UK LLP which offered SIPP providers some comfort that, in circumstances where a loss is suffered by a member and the SIPP provider is acting on an execution only basis, they will not usually be liable for any loss suffered by the investor on investments made through the SIPP, including investments introduced to the member by unregulated providers.

Jobs Support Scheme announced – further help for employers

24 Sep 2020
Earlier today (24 September), the Chancellor made a statement in the House of Commons regarding a new Jobs Support Scheme, which forms part of his wider Winter Economy Plan. Designed to protect viable jobs as we move into the difficult winter period, the scheme will mainly assist SMEs. Unlike its predecessor - the Coronavirus Job Retention Scheme – this scheme comes with several conditions.
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Does the cap fit? Limit on exit payments in the public sector inches closer

30 Jul 2020
The Government has been considering a cap of £95,000 on public sector exit payments since 2015. We have had no news on this for over a year since HM Treasury launched a consultation on draft Regulations in April 2019. However, the Treasury has published its response to that consultation and we are now much closer to a cap being implemented.