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Continuing our recent theme of highlighting changes for pensions introduced under the Pension Schemes Act 2021 (
PSA), here we discuss changes the PSA makes to the DB scheme funding regime. We also pick up on important aspects of the Pensions Regulator (
TPR) s new DB funding code. As for other areas, we expect further legislation to flesh out and clarify many areas. But highlights for employers of DB schemes (and of course scheme trustees) are worth noting now.
In brief, the PSA amends the scheme specific funding regime of Part 3 of the Pensions Act 2004. TPR s new DB funding code will bolster the regime too. Although it is unlikely that the revised regime will be introduced until early 2022, we are recommending that scheme trustees and sponsors start to reflect the principles in funding discussions.
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UK Parliament
Have your say on the Compensation (London Capital & Finance plc and Fraud Compensation Fund) Bill
9 June 2021 2021
Do you have relevant expertise and experience or a special interest in the Compensation (London Capital & Finance plc and Fraud Compensation Fund) Bill 2021-22, which is currently passing through Parliament?
If so, you can submit your views in writing to the House of Commons Public Bill Committee which is going to consider this Bill.
The first sitting of the Public Bill Committee is expected to be on Tuesday 15 June. Written evidence can now be sent in to the Public Bill Committee which will be set up when the Bill is re-presented to the House in the new Session. The Committee is scheduled to report by Thursday 17 June.
Pensions Authority seeks removal of Dolphin Trust investment trustee State’s pensions watchdog has lodged proceedings with the High Court seeking the removal of Wealth Options Trustees 9th June, 2021
The corporate headquarters of German Property Group, formerly called Dolphin Trust, which filed for bankruptcy last July, leaving more than 1,800 small-time Irish investors fearing they will never see their money returned. Picture: Getty
The Pensions Authority has lodged proceedings with the High Court seeking the removal of the trustee company that managed the bust Dolphin investment where thousands of Irish people have lost money.
The state’s pensions watchdog is seeking the removal of Wealth Options Trustees Limited (WOTL) as the trustee of the Dolphin Trust investment in Ireland under powers afforded to it by the Pensions Act 1990, several sources said.