Scheme Returns – Work begins: Scheme Returns are being issued with a deadline of 31st March and therefore Trustees should ensure that these are in progress.
PPF Levy – 2021/22 Rules: The PPF has issued the rules for 2021/22, including the ‘small scheme adjustment’ which will see the risk-based levy halved for schemes with PPF liabilities of under £20million and a tapered reduction for schemes with PPF liabilities between £20million and £50million. Trustees and their sponsors should confirm with their advisors as to whether it is still cost effective to recertify contingent assets/deficit reduction contributions and, if so, when work should be scheduled.
Pension Scams – Atkin has taken the ‘Pledge’: Atkin has taken the pledge and believe that this will provide additional reassurance to trustees and members that we will do our utmost to protect them from scams. If you have not already, we would recommend discussing this with your advisors.
Pension Scheme Act – Royal Assent given: We have previously flagged the key points of the Act, such as new powers for TPR, new criminal and civil sanctions and the requirement for trustees and sponsors to agree on a long-term funding strategy. There will also be new ‘notifiable events’ which employers will need to be mindful of before carrying out corporate transactions or refinancing. There will be new tests for TPR to issue a ‘contribution notice’ which will increase the circumstances in which such notices may be issued. It is important that you understand the implications of the Act and sponsors, in particular, should be aware of the potential implications for certain types of corporate activity.