6 April 2016 is yet another milestone date for the taxation of pensions. It will see a further reduction in the lifetime allowance (from £1.25 million to £1 million), following hot on the heels of earlier reductions in April 2012 and 2014.
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October 2015 marked the third anniversary of the formal introduction of the new employer duties. In this note, we review developments over the last year and look forward to what we can expect in the future.
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On 21 September 2015, the Board of the Pension Protection Fund (PPF) published a consultation document on possible changes to the 2016/17 levy. Only minor changes are proposed and the consultation closes on 22 October 2015.
These are turbulent times for investment returns and pension scheme deficits. In this quarter’s bulletin, we provide focus on end-of-September accounting assumptions for sponsors’ annual disclosures at 30 September 2015. There are also plenty of other considerations for sponsors before the year is out and this bulletin highlights many of these issues.
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In August 2015, the Pensions Regulator published new guidance entitled “Assessing and monitoring the employer covenant”. In this insight, we consider the key messages of the new guidance and what it means for trustees and sponsoring employers.