Aries has already posted alerts on several sets of Pensions Act Draft Regs: ie on LPI, TUPE, the Pensions Regulator and Independent Trustees. We've also commented on the first draft Code of Practice (on reporting breaches of the law).

However, this is not all that has been 'released'. While some draft Regs are being posted on the web for all to see, on others DWP is conducting a restricted consultation. This is making it hard for the industry to keep track of what's going on and of course to find out at the earliest stage exactly what will have to be implemented. This article summarises what else we know about at the moment.

Pension Sharing on Divorce & Transfer Values Regs

A restricted consultation (closing today) on changes to SI 1996/1847, SI 2000/1052; SI 2000/1053; and SI 2000/1054, concerning the circumstances in which cash equivalents can be reduced where a scheme is underfunded and the winding-up provisions are used to calculate this reduction.

The changes are consequential to the new priority order in ss. 73, 73A and 73B of the Pensions Act 1995 which were introduced by s.270 of the Pensions Act 2004. The changes will apply to transfer value calculations where the guarantee date is on or after 6 April 2005, unless the scheme had commenced winding up before that date. Similarly the amendments will apply to cash equivalent calculations for pension sharing on divorce purposes where proceedings commence on or after 6 April 2005.

Internal Dispute Resolution Procedures and Pensions Ombudsman (Disclosure) Regs

A public consultation, closing on 6 March 2005, on a new set of dispute resolution regs under the new ss.50, 50A and 50B Pensions Act 1995, introduced by s.273 Pensions Act 2004. The new primary legislation contains much of the detail of the existing SI 1996/1270, which will be revoked and replaced by the proposed new Regs. The new process will be much simpler (although apparently trustees will be allowed to retain the present two-stage procedure if they wish), and is designed to come into force on 23 September 2005.

A Code of Practice explaining what shall be considered a "reasonable time" for trustees to make their decision in a dispute will be issued by the Pensions Regulator.

A separate draft SI adds the Financial Ombudsman Service to the list of persons to whom the Pensions Ombudsman may disclose information.

Code of Practice on the Notifiable Events Framework

The DWP is also consulting on the second of what will eventually be at least ten Codes of Practice. The document outlines a proposed duty to notify The Pensions Regulator of seven specified scheme-related events (which trustees / managers must report), and nine employer-related events (which employers must report). Some of these will only be required to be reported in certain circumstances, however.

This duty will apply to all defined-benefit schemes which pay the Pension Protection Fund (PPF) Levy and to employers who sponsor such schemes. The notifiable events framework is expected to commence by May 2005. Responses are due by 4 March 2005.