Guy Opperman, Minister for Pensions, said:
“This is a historic day for UK pensions, and I’m thrilled that after more than 12 months, amidst all the challenges we’ve faced, the Bill has now received Royal Assent.
This Act makes our pensions safer, better and greener, as we look to build back better from the pandemic. Its passage will reassure savers that they can, and will, have a retirement they deserve.”
The Pensions Regulator (TPR) will be granted extended powers to protect pension savers under the Act and will be able to issue civil penalties up to a maximum of £1 million. Three new criminal offences have also been introduced. Bosses who run pension schemes into the ground, or who steal from pots for their own financial gain, can be sentenced to up to seven years in prison, which it is hoped will deter employers from making rash or immoral decisions in relation to pension schemes. The Act also discusses the long-awaited pensions dashboards, which will provide savers with the option of seeing all of their pension pots on one single platform, and allow them to explore how much they can expect to receive each month during retirement. It will also help them to discover ways in which they can potentially improve their retirement prospects.
Under the Act, pensions must play their part in the transition to a net zero future, via climate risk reporting, and amendments to requirements around pension scheme funding to improve financial sustainability.
Additionally, a new style of pension scheme is legislated for under the Act – Collective Defined Contributions (CDCs), which are typically designed in conjunction with trade unions, and have the potential to increase returns for millions of savers, as well as being more sustainable for both workers and employers.
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Recognised overseas pension schemes notification list 17 February 2021
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 ten scheme names added to the list, and none removed. No amendments have been cited in this update.
A very welcome change is that HMRC now lists the updates, as follows.
Schemes added
Australia
Brimar SMSF Super Fund Goldhill Superannuation Fund J A O’Sullivan Super Fund KM Greig Super Fund Manchap Super Phillips QROPS Fund The Jackie and Gary Giles Super Fund Tierney Super Fund
Jersey
The Alexander Forbes Offshore Staff Pension Scheme The Brooks Macdonald Occupational Pension Scheme
The Chartered Institute of Payroll Professionals
Payroll: need to know
cipp.org.uk
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