Clive Weber and Katie Whitford of Wedlake Bell evaluate the government's new offences for defined benefit negligence, testing them out on past scandals such as BHS and Carillion.
A straitjacket for overseas transfers
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March 20, 2017
From the blog: Gone are the days of UK scheme members moving to sunnier climes and transferring pension benefits to wherever in the world best suited.
In his Spring Budget, the chancellor announced a heavy tax on transfers to non-UK pension schemes.
A charge of 25 per cent is imposed unless the transfer fits within HM Revenue & Customs’ narrow new rules.
Are the select committee’s DB recommendations workable?
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January 30, 2017
From the blog: The Work and Pension Committee’s defined benefit report is exceptionally well written, but are any of its main recommendations actually workable?
Broadly speaking, some are eminently workable, others are problematic, and the remainder are probably pipe dreams.
Pressure on parliamentary time will increase due to Brexit, so pension reforms needing only policy changes through the Pensions Regulator or Pension Protection Fund, and regulations rather than new acts of parliament, may stand a better chance of success.