The new Pension Schemes Act gives the Pensions Regulator increased power to prosecute on behalf of scheme members who have been left shortchanged by the actions of a variety of people involved in a business. Simon Kew gauges how businesses should respond to the changes.
Changing the defined contribution (DC) pension scheme might be something organisations are considering in the context of furlough or simply in the course of your ordinary business. Done well, change exercises can be a great opportunity to educate and engage employees about pension benefits. Helen Rowan identifies eight practical steps that HR teams should consider to make the pension change a success.
In Lord Chancellor and another v McCloud and others; Ministry of Justice v Mostyn and others; Secretary of State for the Home Department and others v Sargeant and others, the Court of Appeal held that the Government's view that "it felt right" to protect older workers with transitional provisions when making changes to pensions for judges and firefighters was insufficient to defend direct age discrimination claims.
The Supreme Court has overturned the Court of Appeal's decision and held that civil partners and same-sex spouses are entitled to pension benefits accrued before the introduction of civil partnerships on 5 December 2005.