Developments in Employee Benefits law and practice

16 July 2018

TPR 2018 Report and Accounts

The Annual Report and Accounts for the Pensions Regulator (TPR) outlines how TPR has performed against corporate priorities for 2017-18. This includes successfully implementing automatic enrolment, driving up standards of trusteeship and intervening more quickly when faced with underfunding or avoidance in defined benefit (DB) pension schemes.

The publication also includes examples of TPR’s work: how it has used certain powers for the first time as part of its tougher approach to schemes that do not act in the interests of members; its work around banking reform; and its programme to develop into a regulator fit for the evolving pensions landscape.

TPR achieved 18 of its 19 challenging key performance indicators.

http://www.thepensionsregulator.gov.uk/docs/annual-report-and-account-2017-2018.pdf

Ombudsman 2018 Report and Accounts

The Pensions Ombudsman (TPO) has published its Annual Report and Accounts 2017/18. The Report highlights the transformation that has taken place within The Pensions Ombudsman, including the merger of The Pensions Advisory Service (TPAS) dispute resolution team, against a back drop of an increase in cases accepted for investigation.

https://www.pensions-ombudsman.org.uk/wp-content/uploads/TPO-AR-2018-FINAL-ONLINE.pdf

PASA Governance Checklist

The Pensions Administration Standards Association (PASA) has created an administration governance checklist for trustees in response to the regulator's 21st century trustee initiative.

The checklist will help trustees to evidence and action appropriate levels of governance over their administration provider

http://www.pasa-uk.com/system/files/Trustee%20Administration%20Governance%20Guidance%20-%20Final.pdf

‘How the nation saves’ : NEST research

Vanguard have partnered with NEST (the National Employment Savings Trust) Insights to examine the investment behaviour of UK pension savers since the introduction of automatic enrolment. This is the largest study into retirement saving ever undertaken in the UK, incorporating over 11 billion data points.

Some of the findings are surprising, but the conclusion is positive: auto enrolment is succeeding in giving more investors the ability to save for their future.

'How the nation saves' : NEST research

https://www.vanguard.co.uk/documents/adv/literature/brochure-how-uk-saves.pdf

BREXIT White Paper

The UK government has published a white paper on the future UK-EU relationship setting out the government’s vision of the economic partnership and security partnership, and on issues areas such as data protection. The white paper also proposes institutional arrangements for the future UK-EU relationship.

https://www.gov.uk/government/publications/the-future-relationship-between-the-united-kingdom-and-the-european-union

Contact:

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

Stephen Williams, Senior Research Consultant | Email: stephen_williams@jltgroup.com