Hybrid schemes are likely to make up the majority of schemes affected by the changes, the DWP said.
Trustees of hybrid schemes, or arrangements with the above features, will therefore have to review whether its benefits fall within section 29 of the legislation.
The consultation is open until 12 December.
Defined contribution pension schemes – new code and guidance
25 November 2013
Millions of workers are becoming new members of defined contribution (DC) schemes as the UK’s employers fulfil their automatic enrolment duties.
The required standards of conduct for defined contribution (DC) schemes have been outlined in a new Code of practice and guidance published by The Pensions Regulator.
Members lose out if a DC scheme performs poorly. So it's vital that the people responsible for these schemes make sure that they are effectively governed, durable and offer value for money. The code of practice provides practical guidance to trustees on the requirements of DC law and sets out the standards of conduct that we expect of them. Failure to meet these standards could lead to enforcement action, which may be uncovered via whistleblowing, our thematic reviews, or other investigative work. We expect trustees to be able to demonstrate that their scheme complies with these standards, so it's important that they review their scheme now to ensure that it's up to scratch. While their advisers and service providers should actively help them meet the standards of governance and administration that we have set out today.
The new code, along with our guidance, the Trustee toolkit and other learning materials, can help trustees ensure that their scheme maximises good outcomes for their members.
Find out more about how the code and accompanying guidance affects you.
Change to the Pension Schemes Services fax number
28 November 2013
The fax number for Pension Schemes Services (PSS) has changed. If you need to send a fax to PSS please send it to 03000 564 568.
The PSS contact details on the internet and their forms and letters are being updated as they change to the new number. In the meantime to make sure your fax is received, please send it to the number above as the fax number you have on any correspondence from PSS may now be out of date
Guidance on the taxation of unauthorised transfers to pension schemes included on the QROPS list
29 November 2013
CIPP Policy News Journal
16/04/2014, Page 439 of 519
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