UK - Pickering's proposals will not be enshrined into law for about four years, pension lawyers and consultants believe.
A last-minute revision of the already delayed member nominated trustees interim regulations is set to extend opt-out periods by four years – one year more than was specified in earlier drafts.
Lawyers and consultants believe this change is a “clear” indication of the government’s timetable for Pickering’s recommendations.
CMS Cameron McKenna partner Mark Atkinson said the Department for Work and Pensions has taken “deliberate steps” to amend the latest draft of the MNT regulations, which are more than three months overdue. “The government is covering its own back, making sure it is biding enough time with these interim regulations. Everyone will be shooting for the new regulations if they are in a complicated format.”
Atkinson added: “The DWP doesn’t want to have to issue another set of interim regulations while it’s waiting for the full MNT regulations to be finalised.” Society of Pension Consultants secretary John Mortimer agreed that any move to alter the draft regulations at such a late stage was indicative of the government’s intentions for introducing the final set of “post-Pickering” regulations.
“Unless there is some obscure technical reason, this is the best indication yet of the timescale the government is working to on Pickering,” he said.
The secretary of state for work and pensions has told MPs clawback and avoidance measures could be imposed for the people responsible for driving Carillion over the cliff.
Occupational pension provision has continued to grow in value, but there remains large variance in incomes across the pensioner age group, according to latest government data.
Defined benefit (DB) schemes could have an aggregate surplus by 2021 under Pension Protection Fund (PPF) projections, its strategic plan for 2018 to 2021 reveals.
Investment consultants are failing to recommend products that outperform net of fees, the Competition and Markets Authority (CMA) has said as its investigation into the market continues.