As was the case for last year’s Autumn Statement, there were relatively few significant announcements affecting pensions in today’s Spring Budget. It remains to be seen whether there will be any fireworks at the forthcoming Autumn Budget.
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On 20 February 2017, the Department for Work and Pensions (DWP) published its Green Paper entitled ‘Security and Sustainability in Defined Benefit Pension Schemes’. As befits its status as a Green Paper, this is a paper that is long on questions and short on firm recommendations about the future of defined benefit (DB) pensions. The DWP’s aim is to ‘encourage an informed debate on what if anything Government may need to do’.
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On 28 November 2016, the Department for Work and Pensions (DWP) started consulting on a possible new methodology for equalising guaranteed minimum pensions (GMPs). In this note we consider the possible implications.
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On 15 December 2016, the Board of the Pension Protection Fund (PPF) published the Determination setting out how the 2017/18 levy will be calculated. This confirms that the majority of the proposals in the September consultation will be adopted.