Schemes have been urged to move quickly to prepare for forthcoming changes to pension tax legislation, with the new ‘uncrystallised funds pension lump sum’ expected to prove popular among members.
Xerox Final Salary Pension Scheme is planning a resolution allowing it to continue to make repayments to its sponsor, but legal experts are split on whether such a move is necessary or will even be effective.
Pension scheme managers and industry experts are focusing on tax and cross-border funding requirements as challenges that could arise out of next month’s Scottish independence vote, regardless of the outcome.
The Pensions Regulator’s unprecedented £184m settlement for the members of the Lehman Brothers pension scheme is its biggest trophy in a growing anti-avoidance campaign, with the number of investigations trebling since last year.
Local authority schemes have raised concerns over whether incoming pensions boards can be combined with their existing section 101 committees, one of the options in the government’s consultation on governance in the Local Government Pension Scheme.
Three-quarters of hybrid scheme trustees spend more time on their defined benefit offerings than defined contribution, sparking concerns that they are failing to respond to the shift to DC.
Employers have been encouraged to assess whether they can switch from the retail prices index to the consumer price index to reduce their liabilities, after a High Court ruling last week.
Any other business: The western world is divided on the power of regulation to move it forward. For UK pension schemes, early, frank engagement with the Pensions Regulator is seen as key to a smooth ride.
Trustees and employers offering money purchase benefits may face increased member communication and valuation requirements as a result of the government’s new statutory definition.
The pensions ombudsman has said it should be publishing determinations on pension liberation cases within the next few weeks, with trustees hoping the reports will help them on difficult transfer decisions.
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