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 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.
This response sets out SPP's views on TPR's draft code of practice that will amend the existing CDC code which applies to single and connected employer CDC schemes (‘single-employer CDC schemes’).
Whilst expressing support for TPR’s intention to move towards a single code of practice, the SPP provides a number of comments intended to improve the code of practice and support its effective implementation.
Tags: CDC, pension, Pension Schemes, policy, SPP,
Like the FCA, the SPP wants a pension market that helps consumers> However, our response cautions that regulators must be wary of adding additional costs and complexity.
Tags: Consumer Duty, digital tools, DWP, FCA, pension, Pensions, regulated, regulation, SPP,
The SPP has worked closely with the PPF and a range of stakeholders to help ensure the Pension Schemes Bill introduced the necessary flexibility for the PPF to reduce its levy to zero, so we are naturally pleased this is happening.
Whilst this consultation response highlights our support for a reduced levy, we have also taken the opportunity to highlight a number of issues to help improve administrative aspects of the regime.
Tags: DB Schemes, levy, pension, Pension Protection Fund, Pensions, PPF,
The SPP recognises that a sustainable LGPS is in the best interests of scheme members, employers and local taxpayers and so has provided a range of technical comments that should prove helpful in ensuring that government policy intentions are met and that unintended consequences are minimised.