Insight
Pensions: what's new this week - August 19, 2024
Increase in NMPA from April 2028: new PASA guidance
The Pensions Administration Standards Association (PASA) has published a short guide on preparing for the increase in the Normal Minimum Pension Age (NMPA) in 2028, to age 57. The guide reminds administrators and trustees of the rules relating to members with a protected pension age or PPA (that is, the right to retire earlier than NMPA), and how these differ from the previous PPA regime. It also includes a checklist of documents to review and other actions.
HMRC has previously said that regulations will be brought forward to deal with transitional issues linked to the increase in NMPA – for example, where a member with no PPA has reached age 55 but not age 57 by April 6 2028, and that schemes will have full details in plenty of time before the increase in NMPA comes into effect.
New podcast series from our insurance team
Our Insurance team has launched a new podcast series which may be of interest. The first podcast discusses matching adjustment reforms that came into effect on June 30 2024, providing more flexibility for insurers to invest in long-term productive assets such as infrastructure. The second podcast looks at the requirement for enhanced governance, in the form of an attestation regime which has been introduced alongside these changes.
Click here for links to the podcasts and transcripts
Save the date: Pensions Academy Online, September, 17 and 19 2024
Our next Pensions Academy Online webinars will take place on Tuesday September 17 and Thursday September 19 2024. Each webinar begins at 9:30 AM and will last approximately one hour. Join us for:
- Legal update – Tuesday September 17 2024: we’ll round up all the latest developments and outline what’s coming in the new Pension Schemes Bill and wider pensions review, as well as highlighting some significant decisions from the Pensions Ombudsman and the Court of Appeal.
- Dilemmas for DB Trustees – Thursday September 19 2024: in this session we will look at the challenges and choices on the agendas of DB trustee boards – asset allocation and changes to surplus rules; run-on or endgame; buy-in, buy-out or consolidate?
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