Clifford Chance

UK Pensions update - December 2023

14 December 2023

In this edition, we take a look at the raft of pensions announcements arising from the Chancellor's Autumn Statement. We also cover a recent Court of Appeal ruling on the Pensions Ombudsman's status, key recent determinations by the Pensions Ombudsman and updates on a number of other recent developments.

We've prepared an audio podcast which discusses the headline points and generally accompanies our update newsletter. Listen to the podcast here.

The content of this podcast does not constitute legal advice and should not be relied upon as such. Specific legal advice about your specific circumstances should always be sought separately before taking any action.

In this edition we cover:

1. The Autumn Statement 2023;
2. The Court of Appeal's ruling regarding the status of the Pensions Ombudsman;
3. An Ombudsman case dealing with a complaint regarding the return of surplus;
4. The Ombudsman's determination on the meaning of "overseas investments" for the puropses of transfers;
5. The Taskforce on Social Factors draft guide which has been published for consultation;
6. Retained EU law regulations made to codify principles established under case law;
7. Updated guidance from the Pensions Regulator on regulated apportionment arrangements;
8. The Pension Protection Fund's consultation on the levy rules for 2024/2025;
9. Progress on the UK-US data protection bridge; and
10. HM Treasury's call for evidence on the pension fund clearing exemption.

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