Things to look out for in the next few months
- New charge cap measures for defined contribution (DC) schemes used for automatic enrolment purposes and new governance standards for all DC schemes are due to take effect from 6 April 2015.
- Revised earnings thresholds for automatic enrolment purposes are due to take effect on 6 April 2015 (the earnings trigger remains at £10,000).
- The DWP consultation on changes to the Investment Regulations following the recommendations made by the Law Commission in its report, Fiduciary Duties of Investment Intermediaries, closes on 24 April 2015.
- A decision is expected in the case of Bradbury v BBC where the Pensions Ombudsman decided that imposing a cap on pensionable pay by means of a contractual arrangement did not breach implied duties of good faith.
- The appeal of the 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 the rules of the scheme to draw the pension.