Guy Opperman reappointed as Pensions Minister 17 February 2020
Many experts in the pension industry have breathed a sigh of relief over the reappointment of Guy Opperman as pensions minister, after Sajid Javid sensationally resigned as Chancellor of the Exchequer following Boris Johnson’s cabinet reshuffle. Pension experts have confirmed that this is a positive and welcome piece of news as it ensures continuity within the government, particularly in the realm of pensions and the continued momentum of the Pensions Bill. Ensuring further consistency, Therese Coffey was also reappointed as secretary of state for pensions. Mr. Javid has been replaced by Rishi Sunak in the role of Chancellor, and there were also several other changes that saw business secretary, Andrea Leadsom, attorney general, Geoffrey Cox, Northern Ireland secretary, Julian Smith and Esther Mcvey, housing minister, lose their jobs.
Mr Opperman tweeted:
“Delighted to be re-appointed by the PM as minister for pensions and financial inclusion. We’ve already achieved a lot, but there is lots more to crack on with.
Top priorities are [getting] the Pension Schemes Bill through the House of Commons and continuing progress on ESG (Environmental, Social, and Governance).”
Financial Adviser confirmed that Mr Opperman’s intentions are for the Pension Schemes Bill to reach the House of Commons by Easter, and will introduce the long anticipated pension dashboards, give The Pensions Regulator (TPR) enhanced powers, establish collective defined benefit schemes and ensure that pension schemes are aware of climate risks and account for this.
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Recognised overseas pension schemes notification list 18 February 2020
The list of Recognised Overseas Pensions Schemes (ROPS) notifications has been updated.
The list is of schemes that have told HMRC they meet the conditions to be a ROPS and have asked to be included on the list.
There have been three scheme names added to the list, and three removed. No amendments have been cited in this update.
A very welcome change is that HMRC now list the updates, as follows.
Schemes added
Australia
Romaine Super Fund
Isle of Man
Ardonan Isle of Man SIPP Wilmott SIPP
Schemes removed
Gibraltar
ARIA IP Gibraltar QROPS Pension Scheme
The Chartered Institute of Payroll Professionals
Payroll: need to know
cipp.org.uk
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