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For more information on any of these developments and the impact on your scheme, please speak to your usual TLT Pensions team contact.
What's coming up in pensions
As part of the pensions tax announcements at the Spring Budget, the Government stated that ‘open and closed public service pension schemes for a given workforce will be considered linked’ for the purposes of calculating Annual Allowance (AA) charges, allowing members to ‘offset any negative real growth… in legacy public service pension schemes against the [AA]’. Relevant legislation is due ‘later this year.’
The Government also announced at the Budget that it would ’work closely with industry and regulators to bring forward an ambitious package of measures by the autumn’ to unlock DC fund investment into ‘the UK’s innovative firms.’ As part of this, it plans to:
The Government’s implementation of the McCloud unlawful age discrimination remedy continues:
In response to Covid-19, legislation was created to allow NHS staff to return to (or increase their) work without negative effect on their pensions.
Further changes designed to help retain experienced NHS clinicians and remove barriers to returning to work from retirement (introducing partial retirement flexibilities and pensionable re-employment, among other things) came into force from 1 April, with more to come on 1 October this year: see the DHSC’s consultation response.
In addition, on 3 May, a new consultation was issued, on changes to the NHS Pension Scheme Regulations 2015 concerning uplifts to member contributions in 2023/24 in line with the ‘Agenda for Change’ pay award.
16 May 2023