Developments in Employee Benefits law and practice

20 May 2019

The Pensions Regulator (TPR)

Automatic enrolment declaration of compliance report
TPR has published its monthly report on automatic enrolment. According to the latest report, 1,489,815 employers confirmed that they had met their duties by completing their declaration of compliance between July 2012 and the end of April 2019. Also, 10,069,000 eligible jobholders were automatically enrolled into an automatic enrolment pension scheme during the same period

The Pensions Regulator: Tailored Review
DWP undertook this review to ensure that The Pensions Regulator remains fit for purpose, well governed and properly accountable for what it does. 

The recommendations in the Tailored Review are not as far-reaching or controversial as the proposals for strengthening TPR’s powers in the Government consultation on Protecting Defined Benefit Pension Schemes. Nevertheless, the suggestion that TPR should have a rule making ability (Recommendation 1), instead of relying on legislative changes for how it conducts its regulatory functions, is interesting. Also, Recommendations 5 (more Brexit guidance), 11 (review of codes of practice) and 12 (better methods of gathering data) will, if implemented, be welcomed by those involved with workplace pensions.

A JLT Let’s Talk on the review is available.

TPR Corporate Plan
The plan for 2019 – 2022 outlines how as part of TPR’s more proactive and targeted approach hundreds more schemes will be contacted in the coming year.

Compliance and Enforcement Bulletin May 2019
The Compliance and Enforcement Bulletin details information about cases and positive outcomes in the last quarter, both as a result of working with schemes to comply with the law and from using enforcement powers.

Countdown Bulletin May 2019

HMRC have published their Contracting-Out Countdown Bulletin covering the HMRC Financial Reconciliation and deliverables.

Brexit update

The Government will bring the Withdrawal Agreement Bill to Parliament in the week commencing 3 June. An agreement with the Labour party has not been reached. However, the new timetable is intended to allow sufficient time to pass the Bill and allow the UK to leave the EU before summer recess.

 

Contact:

John W. Wilson LLB(Hons) FPMI ACII, Head of Research| Email: john_wilson@jltgroup.com