I am a 53-year-old man who has worked since leaving school. I belonged to a company pension which required me to be contracted out for 18 years. How will this affect my state pension?
Friday, January 22, 2021
It has been a long and tortuous process, but the pension schemes bill has finally completed its passage through parliament and we just await the formality of Royal Assent before we have the Pension Schemes Act 2021 (the Act). Well done to Pensions Minister, Guy Opperman, for (almost) achieving his goal to pass this legislation in 2020 – not an easy task when parliament has been diverted by COVID-19 and Brexit.
I will start with a few comments on the most publicised aspects of the Act, i.e. the new powers given to The Pensions Regulator (TPR) to impose criminal penalties and fines, and anticipated requirements relating to notifications about corporate sales and debt security.
The DWP says my partner is no longer entitled to widow s pension. The decision flies directly in the teeth of our understanding of the entitlement, which was that our cohabitation did not impact it.
My dad passed away in November. He was entitled to the fuel payment, and his confirmation letter was received, but I have now closed all bank accounts to get the finances sorted.
DB/hybrid scheme return: TPR asks schemes to download past returns
The Pensions Regulator (TPR) has published new information on next year’s scheme return for DB and hybrid schemes, including an example scheme return form (an updated version of the checklist for schemes has not yet been published). TPR is encouraging schemes to download copies of previous scheme returns, as these may not be available after 31 December 2020 due to TPR system updates.
TPR suggests that schemes should allow more time to prepare for completing the return. Depending on system updates, DB-only schemes may be asked to provide a website link to the published statement of investment principles, and their assessment of the employer covenant (and where it would sit within TPR’s grading system).