Clive Weber
- Consultant
- Pensions & Employee Benefits
Other Bill Changes
Some other changes in the Bill not featured in the preceding parts of this Pensions Compass:
Pensions Ombudsman and Recovery of Overpayments
The Bill gives the PO power (like those of a competent court) to facilitate scheme trustees recovering scheme overpayments where the PO decides an overpayment dispute in a favour of scheme. Trustees. This will avoid scheme trustees, who have succeeded before the Pensions Ombudsman, having to take separate Court proceedings to enforce payment.
Flexibility over PPF levy amount
PPF to be given more flexibility in setting the annual PPF levy, so that the levy can be reduced to a low amount or even to nil.
Pensions Dashboards
Pensions Dashboards to be allowed to contain detailed information concerning the PPF and FAS and to be required to display certain such information.
Missing Legislation
Virgin Media
On 5 June 2025 the Government announced it would introduce legislation to ”give affected pension schemes the ability to obtain written actuarial confirmation that historic benefit changes meet the necessary standards”
The promised new legislation is not included in the Pension Schemes Bill. We await more information about its content and timing. Nonetheless, this is potentially a helpful development.
Missing regulations: Regulations relating to (1) GMP Conversion; and (2) Notifiable Events.
Amending Regulations: No news from Government on content or timing.
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