SPP welcomes plans for simpler pension transfers but warns they are
unlikely to work as intended in practice and so suggests a range of practical solutions.
Tags: legislation, pension, Pension Transfers, Pensions, Transfers,
This SPP response urges HMRC to amend draft legislation designed to protect pension savers from unintended annual allowance tax charges following Guaranteed Minimum Pension (GMP) conversion.
Tags: administration, GMP, GMP conversion, legislation, pension, Pensions,
Structural deficiencies, soaring housing costs, and shifting work patterns mean millions of UK workers are heading towards an inadequate retirement unless the government enacts significant reforms.
To help solve the crisis, in this response, the SPP have outlined a series of bold interventions that policymakers should consider in order to dramatically boost pension saving and pull forgotten workers into the savings net.
This response sets out SPP's views on the operation of TUPE in relation to pension rights.
The SPP believes the current framework generally provides strong protection for employees while identifying a small number of areas where legislative clarification and simplification could improve outcomes for both employers and employees.
Tags: legislation, policy, SPP, UK pension schemes,
This guide brings together practical insights to support pensions professionals navigating the early years of their career. It explores the key components of early career development in the pensions industry, from navigating professional exams and building both technical knowledge and soft skills, to establishing a strong professional reputation and managing progression.
Tags: careers, guidance, Pensions, profession,
This response to HMRC's technical consultation on the implementation of inheritance tax on pensions from April 2027, highlights a range of operational, legal and practical concerns that we believe must be addressed before the new regime is introduced.
Tags: HMRC, IHT, inheritance tax, Pensions, SPP, Tax, unused pension pots,
This consultation response sets out key considerations for the government’s 'Make Work Pay' plan. It emphasises that improving take-home pay should go hand in hand with strengthening long-term
financial security.
The SPP supports the overall direction of proposed changes to Technical Actuarial Standard 310 (TAS 310) covering actuarial work for collective defined contribution (CDC) pensions.
However, it is important that the standards remain principles-based and proportionate, allowing actuaries to exercise professional judgement while ensuring that key issues such as cross-subsidies, assumptions and scheme sustainability are clearly communicated.
This SPP response sets out its support for aligning the 2015 CARE scheme revaluation date of 1 April, with the start of the tax year (6 April) for the purposes of revaluing active members pensions.
This is because it will align the revaluation date with the tax year, simplify administration, improve consistency between tax and pension calculations, and remove an unnecessary misalignment in the current framework.
However, it will have administrative and communication implications and we therefore recommend its implementation be delayed until 2028/29.
This SPP response to the FCA consultation on ESG ratings welcomes their objective of enhancing transparency and providing robust reliable ratings and minimum disclosures for ESG rating providers.
However, the SPP warn of possible practical challenges that will require further consideration including the impact on smaller providers, access to data as well as legal and governance concerns.
Tags: environmental, ESG, FCA, governance, pension, Pensions, regulation, social, SPP,
The SPP backs the FCA & TPR’s proposed Value for Money framework
but calls for improvements.
This response sets out SPP's views on proposals designed to ensure that trusteeship, governance and administration standards keep pace with the evolving pensions landscape.
The SPP response emphasises that the UK’s current trusteeship framework is working well for the vast majority of members, delivering secure benefits and governance standards that are proportionate to scheme size and complexity.