The Society’s committees have been working on a number of Scottish Parliament and UK Parliament Bills and consultations, including the Policing and Crime Bill, non-compete clauses and the CMA’s Report on the Legal Services Market.
Key areas are highlighted below. For more information see the law reform section of the website.
Occupational Pension Schemes
The Pensions Law Committee has responded to a UK Government consultation on plans to cap early exit charges in occupational pension schemes that contain flexible benefits.
The pensions freedoms introduced in April 2015 gave people with defined contribution pensions more options and flexibility about how they fund their retirement. Early exit charges can deter people from exercising these freedoms.
We generally agree with the government’s approach to adopt a cap on early exit charges. However, we’ve warned that there may be some confusion on what constitutes an exit charge, specifically in an occupational pension scheme.