Spring Trustee Quarterly Pensions Review Welcome to our Spring 2009 trustee quarterly review. In this edition we review: a worrying judgment on equalisation; Pensions Act 2008 changes being brought into force; the Pensions Regulator’s (tPR) consultation on the “material detriment” test under the moral hazard legislation; tPR statement to employers on the impact of current economic conditions; proposed inclusion of investment strategy in calculating the PPF’s risk based levy; limited consultation on changes to the employer debt regulations; limited consultation on the treatment of surpluses; the draft Occupational, Personal and Stakeholder Pensions (Miscellaneous Amendments) Regulations; GMP conversion; and further flexible retirement consultation;