On 29 November 2013, the DWP launched a consultation on The Occupational Pensions Schemes (Miscellaneous Amendments) Regulations 2014 which contains amendments to existing regulations in order to simplify the administration of pension schemes. Amendments are proposed to the following regulations:
- The Occupational Pension Schemes (Scheme Administration) Regulations 1996 - to simplify the process of appointing an auditor for multi-employer schemes with at least 500 participating employers;
- The Occupational Pension Schemes (Discharge of Liability) Regulations 1997 - to clarify when a trustee discharge may be obtained when securing benefits by way of an insurance policy or annuity contract, and the circumstances in which the secured amount can be commuted to a lump sum; and
- The Occupational Pension Schemes (Employer Debt) Regulations 2005 - to correct a statutory reference in Regulation 10 which concerns actions to be taken in the event of criminal fraud.
The consultation period will be open until 10 January 2014 and the consultation papers can be accessed here.