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New DWP Pensions Legislation: Consultation Plan 2007/08
by Ian Neale 17/08/2007
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Below is a list of forthcoming draft regulations and consultations that are planned by DWP in the current financial year (2007/08) on occupational and personal pensions.
| Regulation / Subject Matter | Proposed date to issue draft | Proposed date consultation period will end | Proposed date for when consultation in force |
| OPS (Employer Debt)(Amd) Regs 2007 | 6 August 2007 | 30 September 2007 | 15 December 2007 |
| Internal Dispute Resolution | August 2007 | November 2007 | April 2008 |
| PPF Pens Comp. Cap Order 2008 | N/A | N/A | April 2008 |
| OPS (Levy Ceiling) Order 2008 | N/A | N/A | April 2008 |
| OPS (Levy Ceiling - Earnings % Increase) Order 2008 | N/A | N/A | November 2007 |
| Gen & Comp Levy Pen Scms Regs 2008 | December 2007 | February 2008 | April 2008 |
| OPS (Levies)(Amnd) Regs 2008 | 22 October 2007 | 17 December 2007 | April 2008 |
| Multi E'ers Scheme (Modifcn) Regs | TBC | TBC | April 2008 |
| PPF Miscellaneous Regs | 22 October 2007 | 17 December 2007 | TBC |
| PPF Amendt to Entry Rules Regs | 22 October 2007 | 17 December 2007 | TBC |
| Regs on GMP Conversion (from 2007 Pensions Act) | Summer 2007 | Autumn/Winter 07 | April 2009 |
| The GMP Increase Order | N/A | N/A | April 2008 |
Exemption from s.253 PA 2004
(Non-European scheme to be trust with UK-resident trustee) | 27 August 2007 | October 2007 | November 2007 ? |
| SIPPs & Protected Rights | September 2007 | December 2007 | October 2008 |
| Sch 5 SSA 1989 Commencement Order (! - re equal treatment) | | | 24 August 2007 |
| Calcn of pension transfer values | 6 July 2007 | 17 August 2007 | 6 April 2008 |
| Annual Revaluation Order | November 2007 | | 1 January 2008 |
| Cross-Border Regs (extn to EEA countries) | 31 July 2007 | 24 September 2007 | 15 November 2007 |
| Flexible retirement and pension provision | 16 September 2007 | 25 November 2007 | TBC |
In addition, discussions with the industry about Personal Accounts are continuing in the wake of the publication in June 2007 of the summary of consultation responses to the White Paper (Personal accounts: a new way to save).
This autumn the Government also intends to produce a response to the deregulation review, "outlining decisions for further action". The Deregulatory Review report was produced by external reviewers Chris Lewin and Ed Sweeney. They were asked in their terms of reference to seek consensus on the balance between member protection and encouraging employer provision of pensions (see earlier Aries article).
Their key recommendations for changes to the current legislation are:
- changes which might make it easier for employers to get back surplus funds in their own pension schemes (Aries comment: recent fretting about 'trapped surpluses' will surely be muted by stock market events of the last few days);
- a move towards less detailed and prescriptive legislation, starting with simpler rules on what schemes must tell members;
- changes to the circumstances in which an employer leaving a multi-employer scheme has to make a payment to the scheme;
- making it easier for schemes to change their own rules to take advantage of changes to legislation; and
- concentrating the requirement for trustee expertise at board level rather than on individual trustees.
The reviewers have said that no changes should be made to legislation which would adversely affect pension rights already built up, or pensions already in payment.
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