One of the key Brexit casualties is the Pensions Bill, the Department for Work and Pensions was hoping to introduce this year. The Pensions Bill was meant to introduce a number of changes, however they can still push ahead with many of their regulatory changes despite Brexit:
- November 2019 sees the introduction of new ‘wake-up’ packs. From then providers will send a one-page summary together with a page of retirement risk warnings to clients at age 50, with more detailed packs, alongside the one-pager, following every five years thereafter until the pension pot is fully crystallised.
- The thorny subject of defined benefit transfers continues to attract attention from regulators and politicians. A joint FCA/TPR template to encourage schemes to provide transfer information on a consistent basis is due imminently. While this is helpful, it won’t be compulsory so it is likely good schemes will adopt it while laggards are much less likely to do so. Any improvement will be incremental, but it is a move in the right direction. As is the growing focus on transfer turnaround times. Increasing use of technology shows transfers can be paid relatively quickly, and now we need a greater breadth of schemes and administrators stepping up to the plate.
- There are a host of other developments taking place, including the ongoing increase in state pension age to 66, the FCA considering charges in non-workplace pension schemes and the introduction of the new guidance body, the Money and Pension Service. As well as much media discussion around how the horribly complex tapered annual allowance affects members of the NHS pension scheme and other high earners