Trustee Agenda Spring 2024
Welcome to our Spring Edition of Trustee Agenda.
2024 has started with a bang: three key developments have taken significant steps forwards and we focus on these in our first Trustee Agenda of the year.
Firstly, it has been confirmed that the lifetime allowance will be abolished from 6 April 2024 and the legislation to achieve this (no less than 100 pages of it!) has been published. We summarise the key changes and highlight the actions trustees should be taking now, including auditing scheme rules to identify whether any amendments are needed, communicating with members and liaising with administrators.
Secondly, the Pensions Regulator’s general code of practice has finally been laid before Parliament and is expected to come into force on 27 March 2024. Most of the expectations in the code are not new and simply replicate existing expectations in a new format. However, there are some new expectations to be aware of and these are highlighted in our article.
Last but not least, the new funding regime for defined benefit schemes has been finalised by the Government and, subject to Parliamentary approval, will apply to actuarial valuations with effective dates on or after 22 September 2024. We include a summary of the new requirements so that trustees can start getting to grips with the likely impact on the future funding of their scheme.
