At first glance there does not appear to be any huge changes to the framework of most SME pension offerings this time (and certainly no new attack on the tax-reliefs inherent in most pension plans which is good news).
I have just received a helpful summary note from the DWP, so rather than recreate the wheel, here is the text from that email in full:
“Single-tier pension - As mentioned in our newsletter yesterday, the chancellor confirmed the implementation of the single-tier pension from April 2016
The Pensions Regulator (New Statutory Objective) - The Pension Regulator will be given a new statutory objective. The new objective will ensure an employer’s need for sustainable growth is considered during scheme funding negotiations and is properly reflected in trustees’ dealings with the employer. The exact wording of the new objective will be set out in legislation which we expect to publish later in this year. TPR will now begin work to revise its Code of Practice on funding Defined Benefit Scheme. This will allow TPR to support trustees and employers to make use of the full flexibility of the Scheme Specific Funding regime in their negotiations.
Smoothing - As you will be aware DWP issued a call for evidence on asset and liability smoothing earlier this year. The responses to this call for evidence did not reveal a strong case for changing legislation to permit smoothing, the Government will therefore not be pursing this measure.”
None of which is game changing for most employers, but I thought I should at least pass this one.
Best regards
Steve
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