Last September, the Government launched a consultation on proposals to introduce two new notifiable events to require corporate sponsors of defined benefit (DB) pension schemes in the UK to give early notice of material corporate transactions and security arrangements to their scheme's trustees and the UK Pensions Regulator. They also planned to make changes to the existing notifiable event relating to a decision by a controlling entity to relinquish control of a DB scheme sponsor.
It had been expected that these new notifiable events would come into force on 6 April this year. However, the Government has still not issued a response to its consultation and the final amending regulations are still awaited. It is unclear what has caused this delay.
The proposed changes to the pensions notifiable events regime have been trailed for some time. Therefore, we still expect changes along the lines of those set out in the Government's consultation to be introduced. However, we cannot be certain when this will be.
For more details on the Government's proposals read our earlier blog.
If you would like to discuss how these proposals may impact your scheme or organisation please speak to your usual Herbert Smith Freehills’ adviser or contact one of our specialists.
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