Forfeiture of benefits – Axminster case: The Trustees of the Axminster Carpets DB scheme asked the Court to provide a decision on the treatment of benefits not claimed six years after they were due. More details of the case can be found in the newsletter, although the case highlighted that, in dealing with arrears due to members, Trustees should consider legal advice on their specific scheme rules.
GMP Equalisation Conversion – PASA publishes guidance: Useful guidance which provides examples of the issues some schemes have faced and how they dealt with them. Schemes should make sure that GMP equalisation is carried out in a proportionate and practical way, ensuring that they understand the reasons and cost/benefit for conversion before starting down this road.
Increase to Minimum Pension Age – Protections: HM Treasury has issued information on the new protections for individuals when the normal minimum pension age (NMPA) increases from 55 to 57 on 6th April 2028. This is likely to interact with a scheme’s rules and may need legal advice following the introduction of the NMPA legislation.
HMRC Online – Log-in to avoid your details being deleted: HMRC has started to delete the online credentials of administrators and practitioners who have not signed in for 3 years, Schemes should check who has access and make sure that they have logged in recently.
TPR Annual Funding Statement – Analysis: TPR believes that many schemes undertaking valuations at 31 March 2021 will have improved funding levels and deficits compared to those reported at 31 March 2018. TPR’s modelling indicates that 1/3rd of schemes will be able to retain their deficit reduction contributions at the same level, however, some will need to increase DRCs to keep the same Recovery Plan end date.