HM Revenue and Customs has extended the deadline for the issue of final reconciliation data cuts due to the coronavirus outbreak.
In its latest bulletin, the tax agency said it had been planning to provide a timeline for the issue of final data cuts by the end of March but had pushed it back in order to reprioritise its work at the current time.
It noted it was still working on the issue but the work would take longer - adding it was now aiming to publish a final timeline by the end of April 2020.
Commenting on the bulletin, Hymans Robertson head of GMP equalisation Matt Davis said: "Right now the pensions industry is focusing on the core requirement of continuing to pay pensions despite the challenging circumstances.
"It is helpful to get this update from HMRC, and a month of postponement on GMP data is not a pressing concern for most schemes at present. As pension schemes test business continuity plans and get used to new ways of working, schemes will review the scheduling of ongoing projects and set new timescales based on their specific circumstances."
The Pension Regulator’s (TPR) strengthened powers under the Pension Schemes Bill could lead to a revival of its clearance process, according to advisers and lawyers.
The long-debated Pension Schemes Bill has received parliamentary approval, guaranteeing its place on the statute book.
Some £20.1bn of defined benefit (DB) pensions were advised to transfer between 2018 and 2020, while £10.2bn were recommended not to transfer, Financial Conduct Authority (FCA) data reveals.
Pension trustees will have much more involvement in business discussions and corporates will need to think more about pensions when the watchdog’s increased powers come into force, LCP says.
Mediation has been under-utilised historically as a means of dispute resolution in this area. Mark Blyth and Geoff Egerton think this is going to change.