Spring has sprung… according to the calendar, but someone forgot to tell the weather. The pensions industry has been a bit quicker to spring into action, even if for different reasons than we might have been expecting. After waiting for so long, we all expected TPR’s Single Code to bloom, only for its growth to be halted, ironically, by the Chancellor’s “Budget for Growth”. The Government produced an unexpected harvest of pension announcements from the Budget and via DWP, serving to stem the growth of the Single Code and instead propagate changes to private pensions, shaking up the industry landscape.
The consultations released, the calls for evidence announced, the changes to pension allowances – all these seeds are now sown, and we will all have to tend to them in the coming months. Though we always need to react to the prevailing climate and prepare best we can for future projects that will need our care.
So, we have plucked a selection of the finest picks from the last quarter in the pensions field and bunched them together with a selection of the topics that will be creeping up our agendas in the coming months. The harvest includes discussions on that Budget for Growth, as well as the multiple changes announced by DWP. An update from the DC (and CDC) pastures is included, alongside (what is becoming an evergreen topic) an update on the latest developments on the pensions dashboard. No update would be complete then without our perennial articles looking at the changes in the investment market over the last season, as well as our guide to those topics on the horizon that are coming up next.
As always, from everyone at Spence, we hope you enjoy reading the report.
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