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The Chancellor’s Budget announcement of greater flexibility over retirement benefits has led to a major reinterpretation of what the word ‘pension’ means in a defined contribution context. Meanwhile, the Department for Work and Pensions (DWP) has been working on its own redefinition of pensions in a wider context, in the shape of the Pension Schemes Bill, which was laid before Parliament on 26 June 2014.
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In the latest issue of our Pensions Bulletin, we focus on journey plans and integrated risk management plans in the light of the Pensions Regulator's draft code of practice on DB funding. The Bulletin also looks at some other recent developments, including the impact of same sex marriage on occupational pension schemes and HMRC’s recent announcement on changes to its VAT policy.
In our latest Pensions Bulletin, we examine the increased regulatory focus on defined contribution (DC) schemes, with a new code of practice from the Pensions Regulator for trust-based DC schemes, a DWP call for evidence on minimum DC quality standards and a review of scheme charging structures by the Office of Fair Trading.
The Bulletin also looks at some other recent developments, including a recent European case on the recovery of VAT and the appointment of a new PPF insolvency risk provider.
In addition, the Pensions Bulletin flags key dates for your diary over the next quarter, including some Punter Southall events.