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 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.
In our latest Pensions Bulletin, we examine two recent consultations from the Department for Work and Pensions which have thrown the spotlight on the gulf between defined benefit and defined contribution schemes and on the possibility of developing alternative ‘defined ambition’ designs to bridge the gap between them.
The Bulletin also looks at some other recent developments, including new disclosure of information regulations and guidance from the Pensions Regulator on asset-backed contributions.
We also flag key dates for your diary over the next quarter, including a breakfast briefing on 18 December on the Pensions Regulator’s consultation on a revised code of practice on defined benefit funding.
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.