It’s been a busy year, as Pensions Expert editor Nick Reeve discovers as he unveils a retirement policy-themed advent calendar.
I haven’t got an advent calendar this year, but if I were to come up with a pensions-themed one, I could potentially come up with a fresh piece of legislation for every day until Christmas.
That is, of course, an exaggeration – but only slightly. I’ve found 24 notable events triggered by legislators, policymakers, and regulators since the start of this year. I bet you could think of a hatful more! Keep this in your inbox and open a new link each day to reminisce about a rather busy year…
Day 1: Inheritance tax rule changes – this almost went under the radar at last year’s Budget, but trying to work out how to put it into practice has been a constant headache for policymakers this year.
Day 2: A zero Pension Protection Fund (PPF) levy – undoubtedly good news for defined benefit funds. Don’t spend the savings all at once!
Day 3: The Pensions Regulator unveiled its ‘prudential’ regulation approach in response to the overarching aim to have “fewer, larger schemes”.
Day 4: Changes to the UK Stewardship Code drew criticism from the Association of Member Nominated Trustees.
Day 5: With government finances under pressure, there has been growing scrutiny of the state pension’s triple lock.
Day 6: Having deemed them “systemically important” in 2024, TPR confirmed further scrutiny of professional trustees.
Day 7: Superfund guidance was introduced by TPR ahead of a legislative framework contained in the Pension Schemes Bill.
Day 8: Superfunds not enough for you? Try megafunds! DC master trusts given a £25bn asset target as part of value-for-money reforms.
Day 9: Buy UK this Christmas through the Mansion House Accord!
Day 10: But don’t let the government force you.
Day 11: Reintroducing… the Pensions Commission, tasked with solving the UK’s retirement income adequacy problems. Easy, eh?
Day 12: Spare a thought for hard-working staff at the ACCESS and Brunel LGPS pools, as well as their partner funds, who were ordered to rip it all up and start again.
Day 13: After years of campaigning, the government has promised indexation for pre-97 PPF and Financial Assistance Scheme compensation.
Day 14: More good news for DB schemes, as the PPF administration levy is to be scrapped.
Day 15: Sigh… Salary sacrifice.
Day 16: Who says DB is dead? Surplus release rules are imminent, which could give new life to well-funded schemes.
Day 17: The latest state pension age review is underway.
Day 18: Haven’t DB funds had a good year? Amendments to the Pension Schemes Bill promise to address issues arising from the Virgin Media case.
Day 19: Pensions UK has led initial work on a small pots consolidation regime.
Day 20: Who needs annuities when you can have guided retirement?
Day 21: A “major step forward” with the introduction of draft CDC rules.
Day 22: Targeted support aims to bridge the advice gap.
Day 23: As Pensions Expert reported earlier this year, TPR is working on a Pension Reform Bill.
Day 24: And finally, as we learned this week, the government plans to introduce fiduciary duty “statutory guidance”.
If you do open them all at once, don’t complain to me about a stomachache.
Nick Reeve is editor of Pensions Expert.
