| The Shoosmiths pensions team has hosted a webinar for non-pensions professionals, trustees and company directors to provide an oversight of pensions issues likely to effect businesses over the next 12 months.
Topics covered included:
- Issues arising from employees having a number of pension arrangements and the solutions to this including pensions dashboards and consolidation of defined contribution arrangements;
- The up to date position regarding defined benefit superfunds including our view that it is unfortunate that specific legislation has yet to be put in place;
- The concerning rise in pension scams and what trustees can do to help stop them;
- Our views on the impact of Brexit on GDPR.
Although not covered in the webinar recording, we would also like to draw our clients’ attention to the following relevant issues:
- The auto enrolment earnings triggers have been set for 2021/22 as follows:
- the earnings trigger will remain fixed at £10,000;
- the lower end of the qualifying earnings band will remain at £6,240;
- the upper end of the qualifying earnings band will increase to £50,270.
- It is likely that the lower earnings limit will be removed at some point;
- The government is consulting on increasing normal minimum pension age including introducing tax protections for those entitled to retire at age 55;
- The Pension Schemes Act 20211 received Royal Assent on 11 February 2021 and we are intending to produce short podcasts of the various matters covered by this Act during the next few months, focusing on the new powers of the Pensions Regulator and impact for businesses and trustees.
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