Things to look out for in the next few months in the pensions sector:
- The Pensions Regulator expects its revised DC code of practice to be laid before Parliament in May 2016 and to come into force in July 2016.
- The Pensions Regulator is expected to introduce a new requirement that schemes must report their performance in processing transfers (including against possible benchmarks and new transfer targets).
- An EU data protection reform package, which would strengthen the rights of individuals in several areas, is expected to be formally adopted by the EU in early 2016.
- The Financial Assistance Scheme will close to new schemes from 1 September 2016. Trustees or advisors of schemes that may be qualifying schemes should notify FAS as soon as possible
- An appeal against the High Court’s decision in Horton v Henry is due to be heard. The High Court decided that it could not make an income payments order (IPO) in respect of a bankrupt’s pension which was not yet in payment even though the bankrupt might be entitled under rules of the scheme to draw the pension.
- An appeal against the High Court’s decision in Briggs v Gleeds is due to be heard. The High Court decided that a series of deeds of amendment executed over 20 years were invalid on the basis that they were defectively executed.