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As we have previously reported, the Budget on March 15, 2023, announced the abolition of the lifetime allowance from the start of the 2024 to 2025 tax year.

The May 30, 2024 pension schemes newsletter introduces an online tool for savers to apply for a transitional tax-free amount certificate, highlights reporting reminders for administrators, and seeks participants for developing HMRC's new lifetime allowance protection service.

On January 30, 2024, HM Treasury published the Securitisation Regulations 2024. The explanatory memorandum to the Regulations...

On July 9, 2024, Ireland enacted the Automatic Enrolment Retirement Savings System Act. Starting in 2025, employees and employers will each contribute 1.5% of gross earnings, with a 2% state top-up. Contributions will increase triennially, reaching 6% from employees and employers, plus 2% from the State by 2034. This scheme is more ambitious than the UK's, aiming to bolster retirement savings.

On November 16, 2023, the NEST Corporation launched a consultation on two proposed amendments to the National Employment Savings Trust (NEST) scheme rules.

Nest has launched its "Nest Pensions" mobile app for iOS, providing members with access to pension details, contribution breakdowns, and personal management features, with Android support and enhancements forthcoming.

Delivered on November 6, 2023, the King's Speech failed to make any mention of pensions, although there had been suggestions that a new Pensions Bill...

PASA's Data Working Group has published guidance for DB schemes in relation to the correct administration procedures in the calculation of scheme benefits.

The PPF has published its response to the DWP's February 2024 consultation on options for DB schemes, which included the possible creation of a public-sector consolidator.

The PPF has published its proposed changes to the assumptions used when valuing a scheme after employer insolvency.

On January 25, 2024, HMRC published the latest edition of its Pension schemes newsletter. This issue includes several Q&As clarifying issues relating to the abolition of the lifetime allowance.

The Pensions Dashboards Programme's 10th update outlines progress with 20 volunteer participants on connection testing and the MoneyHelper dashboard's service assessment ahead of public release.

The Pensions Dashboards Programme has published updated reporting standards, outlining data requirements for providers, ensuring security, performance tracking, and regulatory compliance for pensions dashboards.

The Regulator has published a blog post in which it stresses the importance of trustees and scheme managers working together to "progress dashboards quickly and efficiently".

The Pensions Ombudsman's chief operating officer, Robert Loughlin, has published a blog highlighting plans for tackling its historical caseload and reducing waiting times.

The Pensions Ombudsman receives many complaints from members who have received incorrect pension information from their scheme, such as an incorrect benefit statement...

The Pensions Ombudsman plans to reduce its case backlog within three years, with improvements in 12-18 months. Key changes include tighter Resolution Team conditions, expedited determinations, and refining thresholds for accepting complaints to enhance efficiency and decision-making.