News on Pensions June 2016

Welcome to this month's News on Pensions. In this issue we discuss:

British Steel Pension Scheme: DWP consultation

We review the public consultation issued by The Department for Work and Pensions (DWP) on options for intervention in the case of the British Steel Pension Scheme (BSPS).  Tata Steel UK, the BSPS’s sponsoring employer, is being sold by its parent company, Tata Steel Limited.  However, the scheme’s large pension deficit is proving an obstacle to Tata Steel UK being sold as an ongoing concern.

TPR: 2016 funding statement

We discuss the details of the 2016 funding statement issued by TPR for trustees of defined benefit (DB) schemes, intended as a guide for schemes undertaking a valuation with an effective date between 22 September 2015 and 21 September 2016.

Tapered Annual Allowance

In light of recent changes to pension taxation, we are conducting a short survey of how businesses are managing the tapered annual allowance for their high earners.  The survey should take no more than five minutes to complete and, as a thank you for taking part, you will receive a full report of our findings and the opportunity to discuss the results with one of our consultants. Find out more in the newsletter.

News from TPR

We round-up the latest news from TPR, including:

• New actuarial factors
• PPF 7800 Index
• Common misconceptions about the PPF

Our news in brief update also features:

• TPR: DC schemes code of practice
• Capping early exit pension charges
• DWP: tracing lost pensions

To find out more, you can download the full briefing note below.