LCP’s Post

Following recent news that The Pensions Regulator are contacting schemes to understand what data actions they are taking, the Department for Work and Pensions (DWP) has reaffirmed its support for pensions dashboards in a written ministerial statement. While a public launch date is still uncertain, steps are being taken to deliver the benefits of dashboards as soon as possible. As connection deadlines near, schemes must prepare to meet their dates and ensure readiness for member access. David Rich, EPMI, Head of Data Propositions said: "As the first connection date approaches, ensuring the integrity and accuracy of a schemes data has never been more important. We're working with our customers on an ongoing basis to ensure that when the public have access to pensions dashboards, that they're well prepared." Our pensions dashboards hub is full of resources to help schemes continue their preparations. Visit it here: https://lnkd.in/enMDBK4y

IMPORTANT NEWS ❗ The Pensions Regulator is set to release the much-anticipated new Funding Code for defined benefit pension schemes. It is widely predicted that this new DB Funding Code will bring significant changes to how these schemes are managed in the future. If you would like to gain some insights into the impacts and the necessary steps you should take, then join their webinar on Tuesday 6th August. Sign up using the link below! https://lnkd.in/esBrVNZm #TheActuaryGroup #DBFundingCode #PensionSchemes

The Pensions Regulator has just published the long-awaited new Funding Code for defined benefit pension schemes. Join this webinar to help you understand the impacts and the steps that you should take. https://lnkd.in/esBrVNZm

Yesterday, the Department for Work and Pensions (DWP) published guidance setting out a staged timetable for connection to the Pensions Dashboards today. The Pensions Dashboards Programme (PDP) are back on track and the countdown to connection has begun! In this update, Pensions Dashboards Lead John Dale explains the new staging profile for connecting to pensions dashboards, what schemes need to do now to start preparing and how Heywood can help. Read the update here: https://lnkd.in/gDyxwhRu

Following the removal of the Lifetime Allowance framework from pensions tax legislation on 6 April 2024, trustees and employers should be taking a closer look at their scheme rules to see if any updates need to be made.   Commenting in Professional Pensions, partner Beth Brown discusses what pensions schemes may need to think about.   Read more by following the link below.   #UKpensions #LifetimeAllowance

📣 ✉ PRESS RELEASE: Trafalgar House Pensions Administration Trust and Confidence Index shows most important factor for building trust in pensions with public is better communication You can find the full press release below 🔽🔽🔽 https://lnkd.in/es2vXU3C #pensions #pensionadmin #pensionscheme #trustandconfidence #pressrelease

Pensions Update: Digital service for Statements of Strategy On 23 September 2024, the Pensions Regulator (Regulator) announced it is establishing a digital service to allow trustees of DB schemes to submit statements of strategy under the revised DB funding regime. The regime applies to DB schemes with effective valuation dates on or after 22 September 2024. Trustees will normally be required to submit their statement of strategy to the Regulator as soon as reasonably practicable after preparing or revising their funding and investment strategy. However, as the Regulator is requiring digital submission, and as the new service will not be available until spring 2025, the Regulator will not expect statements to be submitted until the service is up and running. The Regulator also confirmed in a press release that trustees subject to the revised regime should use the new DB funding code of practice, albeit that the code is not expected formally to come into force until late November 2024. Schemes with effective valuation dates before 22 September 2024 should continue to use the 2014 DB code and submit documents in line with existing practice.  For further information and support about the revised funding regime please get in touch with our pensions team at Foot Anstey . #pensions #pensionslaw #pensionsupdate #pensionsregulator #dbfunding #legalupdate #law #digitial #funding

Join us for Pensions Academy Online - an update on topical issues for pension schemes and the people that run them. We will be running sessions on 5 and 7 March 2024. Each session will start at 9:30am and last for an hour. You can sign up for either or both of the sessions here: https://lnkd.in/eRt3Jy3n Legal update: a year of change - Helen Powell, Francesca Parnell and Myles Cormack There’s been a stop/start feel to pensions developments over the last few years but now it’s all go! With the General Code due to go live at the end of March, big changes to pensions taxation in April and the DB Funding Code on the way, we won’t be short of things to talk about. Join Francesca, Myles and me for a guide to what’s changing in 2024. Not just IDR? Trustee involvement in disputes and litigation – Andy Cork and Jason Shaw Trustees may find themselves involved in various forms of dispute or litigation. As well as the usual scheme dispute resolution procedures and the Pensions Ombudsman, we’re seeing an increase in members bringing complaints outside the normal channels. Andy and Jason will look at some of the common ways trustees might be involved in litigation, including county court litigation with members, and also consider the recent developments in recouping overpaid pensions and how trustees might now handle disputes about recovering overpayments.

🗞 Breaking news! We have a Funding Code! 🎉 Looking forward to this session next week exploring what it means for schemes and sponsors. Huge well done to Emma Moore, Asif Yusuf, Victoria Heard & Shelley Fryer for all their preparation so far - promises to be a brilliant webinar. Sign up using the link below. #LifeAtAon #AonUnited #Pensions #FundingCode #BreakingNews

BREAKING! The new DB Funding Code is here!! The new Code will likely represent a shift in the way schemes will be run in the future. Join us at our webinar next Tuesday 6th August at 2pm at which we'll be discussing the potential impacts and the steps that DB pension schemes should take. https://lnkd.in/df8GR-XQ #Aon #betterdecisions #pensions #investments #fundingstrategy #covenantassessment