The UK Pensions Regulator has announced an update to its approach in relation to regulatory easements. Trustees and employers are now expected to be in a better position to assess the longer term impact of Covid-19 on their businesses and schemes.
Dentons' Reward team are advising the Representative Beneficiaries of the Barnardo's Staff Pension Scheme ("the Scheme") in an application to the Supreme Court to decide whether the Scheme rules permit a switch from RPI to CPI for revaluation or indexation of pension payments.
Master Trusts are a popular way for employers to meet their auto-enrolment obligations. They are basically pension schemes providing money purchase benefits to non-associated employers.
The process for signing up is usually simple with standardised documents for new joiners, although they can need a brief legal check and explanation given that they are trust deeds so you should know what you're agreeing to. Master Trusts follow a 'pensions as a service' model, like a group personal pension, but are regulated as an occupational pension scheme rather than a personal pension as they are trust based.
Recent high profile insolvencies (e.g. Carillion and BHS) have seen widespread criticism of the Pensions Regulator ("TPR"). It stands charged with failure to use its intervention powers despite being aware of companies prioritising dividends over deficit recovery contributions, despite trustees urging it to intervene. By the time TPR took action it was too late.