workplace-calendarKey dates in the next 12 months for the workplace savings world

11 March 2020

UK Budget 2020

The UK Budget has been scheduled for 11 March 2020 (after the Scottish Budget which will be published on 6 February 2020). From a pension scheme perspective this creates some challenges with key data required for 2020/21 pension literature (e.g. income tax rates, tax relief bands) and processes (e.g. auto-enrolment earnings threshold, qualifying earnings band) unlikely to be confirmed until then.

There is speculation that the government could use its strong majority to push through other surprise changes. This could include more radical changes to pensions tax relief, limiting tax free lump sums, making the minimum auto-enrolment contributions compulsory (with no opt out option and potentially no tax relief) and/or reforming the annual and lifetime allowance rules.

6 April 2020

Lifetime allowance (LTA) will increase in line with CPI 

The standard LTA increases in April each year by the increase in the consumer prices index (CPI) to September of the previous year. It is expected that the LTA will increase from £1,055,000 to £1,073,000 for the 2020/21 tax year. However, as the LTA for each tax year must be specified in Regulations, we will need to wait for these to be published for confirmation that this figure is correct.


1 October 2020

Trustees to disclose policy on arrangements with asset managers 

Trustees must have a policy covering specified information in respect of the arrangements they have with their asset managers and must include the policy in their statement of investment principles (SIP). The specified information includes, for example, how the trustees monitor portfolio turnover costs incurred by the asset manager.

Trustee Implementation statement for defined contribution (DC) schemes 

Trustees of DC schemes must produce an annual implementation statement stating the extent to which they have followed the scheme’s SIP during the scheme year and explaining any changes made to the SIP during that year. The implementation statement must be made available on a website free of charge.Further information can be found in our article on the new requirements for trust-based schemes.

6 October 2020

State Pension age increases to 66 

Since 6 May 2019 State Pension age has been incrementally increasing and will be age 66 from 6 October 2020. This affects anyone born between 6 October 1954 and 5 April 1960.

Posted by Christine Wilson

Topics: Workplace Savings, Pensions


Ask The Experts

Want to get in touch?
Just fill out the form below and we will be in touch shortly.


Next Generation Savings

Changing Workplace Savings Behaviour for the Better



We provide consultancy services to employers and trustees on contract-based and trust-based schemes, including master trusts. Our proposition encompasses governance, investment, administration and communications.



Establishing and governing the ideal workplace pensions and savings for your employees can be complex and time consuming. That’s where we come in.


Engagement & Education

We use innovative communication channels and modern technologies to help educate, engage and inspire employees across a range of financial topics.


Find out more


With greater choice and freedom in how and when individuals are able to access their pension fund, there is now an even greater need for early education and advanced planning. Find out how we help.



Our investment research division analyses and rates over 18,000 DC investment funds. The insight we have enables us to support your investment objectives, making sure they're on track to deliver.


Health & Risk

Our health & risk service provides tailored combinations of cover and cost to exactly match each employer's requirements, helping you get best value for your benefits spend.