Pensions: what's new this week - October 16, 2023

Public service discrimination remedy – guidance on knock-on impact for private sector schemes

HMRC has published guidance for private sector schemes affected by the government’s remedy for age discrimination in public service pension schemes (the McCloud remedy). If an individual is affected by the McCloud remedy and has had a benefit crystallisation event in a private sector scheme, this could result in an increased or decreased lifetime allowance charge. In some circumstances this could be quite complex – for example where a member has been paid a lifetime allowance excess lump sum and all or part of that lump sum is no longer ‘excess’. The guidance explains that schemes may need to process benefit crystallisation events again for affected members and how to pay, discharge or request a refund of the LTA charge where relevant.

Read the guidance.

Pensions Dashboards – new blog post

The Pensions Dashboards Programme has published a new blog post addressing common questions on dashboards, including information on forthcoming engagement with industry on the staging timeline and other matters.

Read the blog post.