This quarter has seen the release of our scheme funding survey and new guide for employers. Employers have a key input into covenant, investment and funding issues and they may not have realised their influence and the alternatives that are available to the status quo. Armed with some new ideas, employers can be proactive and confident when engaging with trustees.
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6 April 2006 (‘A-Day’) saw the introduction of a new ‘simplified’ tax regime for pensions as well as a number of other important developments. Ten years on, 6 April 2016 looks likely to be an equally significant date.
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Until just under two weeks ago, virtually everyone was expecting a major announcement on pensions tax relief in the Budget. In the end, the Chancellor turned out to have marched his troops up to the top of the hill only to march them (most of the way) back down again. However, he has kept alive the concept of the pensions ISA in the idea of a new Lifetime ISA which will operate alongside existing registered pension schemes.
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Aside from the drama of the launch of the EU Referendum campaigns, the last few weeks have also seen two key European pensions developments. On 25 January 2016, the European Parliament voted on amendments to the revised IORP (Institutions for Occupational Retirement Provision) Directive, whilst the following day EIOPA (the European Insurance and Occupational Pensions Authority) published the results of its first stress tests into pensions. This briefing note looks at where these developments leave European pensions policy.
In February 2016, the Incentive Exercises Monitoring Board released a revised version of their Code of Good Practice. We take a closer look at the implications of giving wider choices to defined benefit (DB) members as a way of managing costs and risks.
The Chancellor has promised to give his response to the consultation on possible fundamental changes to the tax system in his Budget speech on 16 March. While we do not yet know what he will propose, there is widespread speculation that he may be planning to announce a system under which pensions are subject to a uniform rate of tax relief.
On 17 December 2015, the Board of the Pension Protection Fund (PPF) published final details of how the 2016/17 levy will be calculated.