Trustees beware – Changes to UK insolvency regime are now in force

The Corporate Insolvency and Governance Act 2020, which contains the most far-reaching reforms to UK insolvency law in over 30 years, received Royal Assent and came into force at the end of last week. The Act has been introduced on an emergency basis in an attempt to ensure that otherwise financially viable companies survive during … Read more

New rules for Coronavirus Job Retention Scheme apply from today

The Coronavirus Job Retention Scheme (CJRS) opened for claims on 20 April 2020. The scheme, which was originally due to end on 31 May, will remain in place and be available to employers in all sectors through to the end of October 2020. However, a number of changes will apply from today (1 July 2020). … Read more

HSF Pensions Round Up – 26 June 2020

Here is a round-up of the COVID-19 and non-COVID-19 related pensions briefings and blogs that we have published recently. Together with links to some of the firm’s COVID-19 webinars which we think will be of general interest. To limit the number of emails that we send to you at this time we have not sent … Read more

Pensions Regulator opens door for schemes to transfer to DB consolidators

In a significant step for the pensions de-risking market, the Pensions Regulator has published guidance for DB consolidators (referred to in the guidance as “superfunds”) on the regulatory regime that will apply to them until a longer-term regulatory framework is put in place by the Government. The Regulator has also published guidance for trustees and sponsors who are considering a transfer … Read more

Pressure points: Regulator updates Covid-19 guidance for DB scheme trustees and sponsors

On 16 June, the Pensions Regulator updated its DB scheme funding and investment: COVID-19 guidance for trustees to reflect the Regulator’s evolving approach to issues such as requests to defer deficit contributions and monitoring employer covenants and in response to developments since the guidance was first published. Since the original guidance issued in April, the … Read more

FCA pushes ahead with plans to improve DB transfer market

On 5 June, the FCA published Policy Statement 20/6 outlining its plans to improve the DB transfer market, including among other things, banning contingent charging in all but a few circumstances and introducing an abridged advice process. The Statement highlights the feedback received from consultation CP19/25, and details the FCA’s final rules and guidance. The … Read more

COVID-19: Pressure points: Key pensions-related guidance (UK)

A plethora of guidance is being produced to help employers and trustees deal with the issues arising from the spread of COVID-19 and the measures that have been introduced to limit this. The table below (which we will update as new guidance is issued) provides links to the key pensions-related COVID-19 guidance issued to date … Read more