“Wisdom oft times consists of knowing what to do next.”
The words of Herbert Hoover. A man who could have sympathised with the current UK government, in terms of the struggles that the Covid-19 pandemic has thrust upon the country’s finances. As 31st president of the United States, he was in the Oval Office only a matter of months before the US stock market crashed, bringing about the onset of the Great Depression of 1929, which dominated his one term in office.
While we would not be so bold as to claim wisdom (or that wisdom will be secured just by reading our latest update!), Hoover’s words do embrace a truth that preparing for what we are to do next is inherently wise. With so many issues out of our control at the moment, taking time to reflect on recent events and then examine what we know lies ahead of us, can only serve to enhance our preparedness, and ideally, help us to make some wise decisions going forward
With that aspiration in mind, Spence have compiled this report, reviewing some of the key events in our industry from the last quarter and highlighting any actions that trustees and sponsors of pension schemes may need to take in the near future. Like the Great Depression did for Hoover’s presidency, the Covid-19 pandemic inevitably dominates the report once again, with articles addressing new Covid-19 guidance issued by both PASA and The Pension Regulator.
Yet as a “circuit break” from the pandemic – to use the parlance of our times – the report also addresses other important developments. We examine the measures now available to struggling firms via the recently enacted Corporate Insolvency & Governance Act 2020, summarise the noteworthy judgments from the courts in Safeway v Newton and HMRC v Parry, look toward the future pensions landscape with the Regulator’s DB superfund guidance, and discuss a long mooted consultation on pensions tax relief. As always, we end our report by looking ahead to the future events waiting for us, so that we can (wisely) say, we know what to do next.
As always, we hope that this quarterly report can be of assistance. From everyone at Spence, we hope you continue to stay safe and enjoy the read.
You can read the download the Q3 quarterly update here or click on the image to the right.