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Introduction As a result of the introduction of auto-enrolment, there will be many new members of pension arrangements who have not chosen to join and who are not engaged with the arrangement.  The Pensions Regulator (TPR) is concerned, therefore, that these arrangements should be of appropriate quality.  Hence it is putting in place a régime […]

These regulations provide for a new way of reporting directors’ remuneration in company accounts with effect from 1 October 2013 (for financial years ending on or after 30 September 2013).  This will require separate reporting on remuneration policy and implementation.  The policy section will be subject to a binding shareholder vote at up to 3-yearly […]

On 10 June, HMRC and HM Treasury published a consultation on the detail of a system of Individual Protection from the LIfetime Allowance (LTA) charge for those affected by the reduction in the LTA from £1.5 million to £1.25 million in April 2014, specifically those whose pensions savings are already over, or close to, £1.25 […]

The Pensions Bill, dealing mainly with the introduction of the single-tier State Pension and the increase in State Pension Age to 67, is making its way through Parliament.  Its next stage is the report stage prior to the third reading in the Commons.  Since our commentary on the draft Bill, some months ago, further provisions […]

Compensation paid by the PPF is subject to a cap (currently £31,380 per annum) for scheme members who are below normal pension age at the date their scheme enters the PPF. The cap was introduced in order to protect the PPF against senior executives awarding themselves large pensions and then triggering insolvency: the cap would […]

With effect from 20 May 2013, the UK Takeover Code provides that trustees of defined benefit pension schemes whose sponsoring company is the subject of a takeover bid are entitled to: receive information about the bidder’s plans for the scheme and publicise to the target company’s shareholders their views on how the takeover will affect […]

Summary Automatic transfers will take place between money purchase schemes. A pot will be eligible for automatic transfer: either once all contributions have ceased and the individual has left employment or once all contributions have ceased for a prescribed period, aslong as the pot was created after a certain date and ifit is less than £10,000 […]

The DWP is consulting on changes to the Disclosure of Information Regulations in order to harmonise, simplify and consolidate the requirements. The changes are set out in the draft Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013, which are expected to come into force in October 2013. Introduction The amendment of the regulations […]

On 14 January, the Department for Work and Pensions (DWP) published its White Paper outlining proposals to reform the State Pension into a single-tier benefit. It announced that the new single-tier pension would not be introduced before April 2017 and will apply only to people who reach State Pension Age (SPA) from that date. Those who […]

From April 2013: the Government has confirmed that the top rate of Income Tax will be reduced from 50% to 45%. From April 2014: the Personal Allowance for Income Tax will reach the Lib Dems’ target of £10,000.  It will be increased in subsequent years in line with Consumer Price inflation; businesses will be entitled […]