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.
View the briefing note
In the latest issue of our Pensions Bulletin, we look at the changing pensions environment, focusing on transitional regulations on the definition of money purchase, the arrival of the Pensions Act 2014 onto the statute books and a consultation on regulations relating to the abolition of defined benefit contracting out.
The Bulletin also looks at some other recent developments, including the first enforcement report for non-compliance with the employer duties legislation, the IBM case and a draft Statement of Recommended Practice on company accounts.