Pensions have been a hot topic in legal circles this week, with several developments occurring that have significant implications for those in the sector.
One particularly noteworthy development this week involves a recent public service discrimination remedy, specifically regarding its knock-on impact on private sector schemes. The UK tax authority, HMRC has notably published guidance for private sector schemes affected by the Government’s remedy for age discrimination in public service pension schemes. This remedy, known amongst professionals as the ‘McCloud remedy’, is poised to significantly alter the landscape of age discrimination law as it pertains to pension schemes and thus bears close watching for all those invested in pensions law.
Alongside this notable development in age discrimination law, there has also been noteworthy progress in the field of Pensions Dashboards. A new blog post this week has further elucidated these developments, and pensions professionals would be well-advised to keep an eye on these unfolding events.
This swiftly evolving legal landscape for pensions more broadly, and for these two issues specifically, underscores the need for corporate legal professionals to stay abreast of developments in pensions law. Both the McCloud remedy and the development of Pensions Dashboards bear the potential to dramatically impact the development of pensions law reform and are thus of paramount importance to those in the legal profession and beyond.
The impact of these developments willmore than likely be felt not just in the legal sector, but also in the private sector where they will have important implications for human resources departments, pensions advisors, and beyond.