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.
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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.
In December 2015 the Pensions Regulator (TPR) published its long-awaited guidance on what Integrated Risk Management (IRM) may look like and how trustees should go about putting it in place. The guidance effectively expands the material on IRM provided in Code of Practice 3: Funding of defined benefits, which has been effective since July 2014.
2015 was one of the busiest years ever for pensions, with the introduction of the new pensions freedoms in April 2015 creating particular challenges for the trustees of both defined benefit and defined contribution schemes. A look ahead at some of the key dates in trustees’ calendars shows that there will certainly be no slowing of the pace in 2016. In addition, there are a few possible developments that we may see in 2016 that could have the potential to blow existing pensions planning completely out of the water.
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