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Try it nowPension news round-up
A round-up of the latest developments that may affect your pension…
New protection for pension savers
Pension savers will soon benefit from greater protection, thanks to a new Pension Schemes Bill.
The bill will extend the sanctions that can be delivered by The Pensions Regulator (TPR), including larger financial penalties and new criminal charges to deter companies that abuse the pension system.
It will also tighten the rules around transfers, offering more protection from pension scams, which often exploit the transfer process.
The Pension Schemes Bill is now in the final stages of passing through Parliament and is expected to be in law shortly.
Once approved, the bill will also mean that workplace pension schemes have to consider climate change in their operations and investment decisions and report back to members on how that’s been done. We will keep you updated as this moves forward.
Minimum Pension Age to rise
The Government plans to increase the minimum age for accessing pension savings, from 55 to 57. This is expected to come into force from 2028.
It will tie in with an increase to the State Pension age, which will rise from 66 to 67. State Pension age is then likely to remain ten years above the minimum pension age moving forward.
It is unclear whether these changes will affect existing members, but we will let you know as soon as we can. In the meantime you can check your State Pension age at https://www.gov.uk/state-pension-age
Pensioners living in the EU
The UK officially left the EU on 1 January 2021.
If you’re a British citizen living abroad, then this departure should have little impact on your pension income. UK law still allows workplace pensions to be paid overseas, and the Government currently does not expect that to change.
However, some UK banks have started closing accounts belonging to British people who now live in the EU. Please check with your bank to find out if this affects you and let us know of any changes as soon as possible to make sure you can continue getting your pension.
Matt Riley
Manager
Matt joined Zedra Governance Limited (formerly PTL) in January 2008 having previously worked for Mercer Limited, Hazell Carr and Prudential.
As a Manager for the company's Birmingham Office, Matt’s responsibilities include working closely with Client Directors and individually liaising with Employers, Trustees and Members to ensure the smooth running of their pension schemes. Matt’s current portfolio of clients covers ongoing, paid-up and winding-up schemes. In addition, Matt has experience of schemes that have transferred or are in the process of transferring to the Pension Protection Fund and Financial Assistance Scheme. Matt also works closely with clients in relation to risk registers and internal controls.
Matt particularly enjoys resolving issues in a fair and pragmatic way ensuring that the right result is reached for the member or employer.
Sam Burden
Client Director
Sam Burden joined Zedra Governance (formerly PTL) in 2022. He is an Accredited Professional Pension Trustee (AMAPPT) and an Associate of the Pensions Management Institute (APMI)
Sam has more than 25 years’ experience in the pensions industry gained with WTW, KPMG, and Standard Life working with a wide range of pension schemes and sponsoring employers. His trustee appointments include DB, DC and hybrid pension schemes and he has experience of handling a broad range of projects relating to the management of pension schemes.
Beyond his pensions experience Sam is a former Birmingham City Councillor where he chaired the audit committee and a current charity trustee.
Payam Kazemian
Client Director
Payam Kazemian joined Zedra Governance Limited (formerly PTL Governance Limited) in 2021. He is an Accredited Professional Pension Trustee (AMAPPT) and an Associate of the Pensions Management Institute (APMI).
Payam has more than 17 years of experience in the pensions industry. Through his current role as a professional trustee, as well as previously as a pension’s de-risking and investment structuring expert at financial institutions including Goldman Sachs and Deutsche Bank, he has had overall responsibility for creating investment, de-risking, journey planning, and governance solutions for a wide range of UK DB pension schemes. He currently holds a number of board positions (as Chair of Trustees) and sole trustee in his professional trustee capacity. Payam has been involved with a number of pensions projects including pensions buy-in, pensions buy-out, GMP equalisation, investment strategy reviews, and dialogue with the pensions regulator. Payam looks to create and believes in a collaborative relationship between the sponsor, the trustee, and all other parties involved as this results in best member outcomes and helps deliver pragmatic solutions for scheme. Aside from his pensions experience, Payam holds a Ph.D. in Materials Science from the University of Cambridge.
