UK Pensions newsletter – July 2022 | Hogan Lovells – JDSupra – JD Supra

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Welcome to Hogan Lovells UK pension team’s July 2022 newsletter.
An unusual case in the Employment Tribunal has raised the potential for claims for age discrimination in respect of service before 1 December 2006 (when age discrimination legislation was introduced), where the discriminatory practice does not come within a specified exemption.
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Legislation requires some pensions in payment (usually contracted-out benefits and benefits accrued after 6 April 1997) to be increased in payment, and some scheme rules also provide for increases on benefits earned before 6 April 1997. However, it is also relatively common for schemes to contain a power to provide additional (discretionary) pension increases. In a period of higher inflation, scheme members may start asking questions about whether the trustees or employer have a power to grant additional increases.
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The latest publication in the ongoing campaign against pension fraud is a joint guide to reporting pension scams, issued jointly by the Pensions Regulator (tPR), the Financial Conduct Authority (FCA) and ActionFraud. The guide can be accessed via a link in a recent tPR blog.
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At the end of April 2022, HM Treasury published its much-anticipated consultation paper on reforming aspects of the UK’s Solvency II regime, which governs the capital resources insurers must have to back the risks they insure. The reforms are of interest to UK pensions, especially sponsoring employers and trustees of defined benefit (DB) pension schemes, as changes to the capital requirements may impact favourably on the availability and cost of annuities.
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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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