Pensions newsround: The April 2024 Edition

As always, we encouraged active participation, inviting our audience to share insights – offering some practical hints and tips to take away with you. After the event, our pensions team filmed a discussion of the key themes from the event. You can watch this above.

Here’s a glimpse of what we discussed during this session:

1. General Code Implementation: The eagerly awaited General Code, recently laid before Parliament, took effect on 28 March.
2. New Scheme Funding Regime: The Government’s response to the consultation on the new scheme funding regime is out, accompanied by the draft Occupational Pension Schemes (Funding and Investment Strategy) Regulations 2024. Whilst we are still awaiting the final version of the Regulator’s funding code, the new funding regime is expected to apply to valuations from 22 September.
3. Validity of Scheme Amendments: The courts have been busy in 2024 looking at the validity of scheme amendments. Notable cases relating to Courage powers of amendment: Avon Cosmetics v Dalriada and Newell Trustees v Newell Rubbermaid UK Limited & Another.
4. Farewell to the Lifetime Allowance: In April, the lifetime allowance was abolished and we ran through some of the practical consequences of this significant change.