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ARTICLE · 15 APRIL 2024

The Pensions Brief: March 2024

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The General Code came into force on 28 March 2024 and the ten codes that it replaces have been revoked. For more information on the Code, please see our legal update.

United KingdomEmployment and HR
Jay Doraisamy
Jay Doraisamy
Andrew Block
Andrew Block
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Issues affecting all schemes

General Code – in force

The General Code came into force on 28 March 2024 and the ten codes that it replaces have been revoked. For more information on the Code, please see our legal update.

Action

Trustees should consider what changes they will need to make to their scheme's governance processes to comply with the effective system of governance requirements and the other matters in the Code.

New lump sum regime – regulations and guidance

Regulations came into force on 6 April 2024 that make a range of changes to the legislation governing the new lump sum regime, including:

  • Removal of the "permitted maximum" for a pension commencement excess lump sum.

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This Mayer Brown article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.

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