Pensions news: page 5
- June 2022
Providers must offer Pension Wise appointments to customers accessing pensions
From June 2022 contract-based pension providers must refer customers to Pension Wise guidance, explain what it is and offer to book an appointment when customers access their pension savings.
Regulations 18C to 18E requiring referral of members to pensions guidance inserted
Regulations requiring pension scheme trustees to refer members and survivors to pensions guidance before transferring or accessing flexible benefits were inserted in Great Britain and Northern Ireland with effect from 1 June 2022.
Stronger Nudge rules come into force
Stronger Nudge rules took effect on 1 June 2022, requiring pension providers to offer guidance to people accessing defined contribution savings, with take-up monitored afterwards.
- April 2022
Flat fee charge protections inserted
Regulations in force from 6 April 2022 inserted new provisions into the 2015 charges and governance rules for occupational pension schemes, covering flat fee charges and related governance duties.
State Pension uprated by 3.1% under suspended triple lock
The State Pension rose by 3.1% on 6 April 2022 after the earnings element of the triple lock was suspended for a year, giving pensioners an annual boost of up to £289.
All members moved to the 2015 CARE scheme and final salary closed to accrual
The final salary sections of the NHS Pension Scheme in Scotland closed to further accrual on 1 April 2022, with all members moved into the 2015 career average scheme for future service.
Pension credit rates to rise from April 2022
Pension Credit rates rise from April 2022, with guarantee credit up to £182.60 a week for a single person and £278.70 for a couple, as official figures show £1.7 billion went unclaimed.
Prospective remedy regulations come into force and legacy schemes close to future accrual
Regulations bringing the first phase of the 2015 public service pension remedy into force took effect on 1 April 2022, moving all active members to reformed schemes and closing legacy schemes to future accrual.
Third instance of undelivered statutory communications identified and reported
The Pensions Regulator has reported that NOW: Pensions identified a third failure to deliver statutory member communications in April 2022, with 30,919 communications unsent, and that both operating entities were later fined.
Triple lock temporarily suspended for 2022/23
The triple lock on the State Pension was suspended for 2022/23, the only year it has not applied since it began in 2011/12, after volatile earnings growth following the coronavirus pandemic.
- March 2022
All active teachers now in career average scheme
The Teachers' Pension Scheme final salary section closed to new contributions on 31 March 2022, so from 1 April 2022 all active teachers build up pension in the career average scheme.
NAO publishes investigation into BSPS pension transfer advice and redress
The National Audit Office published a value for money investigation into the British Steel Pension Scheme on 18 March 2022, finding that 47% of the advice given to transferring members was unsuitable.
Consultation on draft Pensions Dashboards Regulations 2022 closes
The Department for Work and Pensions consultation on the draft Pensions Dashboards Regulations 2022 closed at 11:45pm on 13 March 2022, after running from 31 January 2022.
- January 2022
Consultation on draft Pensions Dashboards Regulations 2022 opens
The Department for Work and Pensions opened a consultation on 31 January 2022 on draft Pensions Dashboards Regulations, with responses due by 13 March 2022 and an indicative draft of the Regulations published alongside.