IRRV Alert - week ending 26th February 2021 (PART 1)
News
Consultations
Reports
Automatic enrolment: alternative quality requirements for defined benefit and hybrid schemes being used as a workplace pension (25 February 2021)
Consultation outcome
Automatic enrolment: alternative quality requirements for defined benefit and hybrid schemes being used as a workplace pension
Published 22 September 2020
Last updated 25 February 2021 — see all updates
From:
Department for Work and Pensions
Applies to:
Wales, England, and Scotland
This consultation has concluded
Download the full outcome
Automatic enrolment: alternative quality requirements for defined benefit and hybrid schemes being used as a workplace pension
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Detail of outcome
This document sets out the government’s response to the consultation to review the regulations made under powers in the Pensions Act 2008. The Act introduced the alternative quality requirements for pension schemes being used for automatic enrolment into workplace pensions. There are 2 statutory reviews set out in the legislation which must take place at no more than three-yearly intervals and the last review was carried out in 2017.
The consultation received responses from 6 organisations and a single response from a member of the public.
The Secretary of State has concluded that the alternative quality requirements for UK defined benefit schemes should continue in place without changes at the current time.
The Secretary of State has also concluded that the test in section 28(2A) of the Pensions Act 2008 continues to be satisfied.
The overall objective of the alternative quality requirements to act as simplified quality tests for relevant pension schemes is being met.
The next statutory review will take place in 2023.
Original consultation
Summary
This call for evidence invites views on the alternative quality requirement test for defined benefit and hybrid schemes.
This consultation ran from
midday on 22 September 2020 to 11:45pm on 21 October 2020
Consultation description
The call for evidence is aimed at:
- employers
- employee representatives
- pension industry professionals
- scheme administrators
- actuaries
- independent financial advisers
- employee benefit consultants
- any other interested parties
The call for evidence applies to England, Wales and Scotland.
This call for evidence follows the 2017 call for evidence automatic enrolment: defined benefit alternative quality requirements and provisions for seafarers and offshore workers.
Documents
Automatic enrolment: alternative quality requirements for defined benefit and hybrid schemes being used as a workplace pension
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Published 22 September 2020
Last updated 25 February 2021 + show all updates