Pensions

Recent Articles

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  05.09.2023

  Oman

  The New Oman Social Protection Fund Law - Key Changes

  The Sultanate of Oman as a welfare state has for long operated under the old Public Authority for Social Insurance (PASI) Law (Royal Decree 72/9). Recently however, Oman has enacted the novel Social Protection Fund Law (SPFL) (Royal Decree 52/2023) in an attempt to enhance its social welfare framework by creating a single and unified social protection fund that improves financing and provides a wide range of benefits to workers and their families. This article provides an overview of some of the key aspects of the new law and compares it with its repealed predecessor, by highlighting the key impacts...

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  08.08.2023

  United Kingdom

  Trustee Knowledge Update - May - July 2023

  Trustees of occupational pension schemes have a statutory duty to ensure that they have an adequate knowledge and understanding of the legal issues relevant to their scheme. They must also ensure that they are up to date with relevant changes in the law, which given the volume of pensions legislation and regulation and other demands on their time, can be difficult. With this in mind, our regular trustee knowledge update (“TKU”) is aimed specifically at pension scheme trustees, letting them know what has changed in the last quarter and how it might be relevant to them. It highlights...

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  16.06.2023

  United Kingdom

  Contracted out schemes - are your amendments valid?

  The High Court has handed down an important, and potentially problematic, judgment on the effectiveness of historic amendments to contracted-out DB pension schemes. Trustees will need to work with their advisers to consider the impact of this decision on their scheme.The backgroundUnder section 37 of the Pension Schemes Act 1993, the rules of a salary-related contracted-out scheme could not be altered in relation to “section 9(2B) rights” unless the actuary had confirmed in writing that the scheme would continue to satisfy the statutory standard. Section 9(2B) rights are rights attributable...

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  03.05.2023

  United Kingdom

  Trustee Knowledge Update - February - April 2023

  Trustees of occupational pension schemes have a statutory duty to ensure that they have an adequate knowledge and understanding of the legal issues relevant to their scheme.  They must also ensure that they are up to date with relevant changes in the law, which given the volume of pensions legislation and regulation and other demands on their time, can be difficult.With this in mind, our regular trustee knowledge update (“TKU”) is aimed specifically at pension scheme trustees, letting them know what has changed in the last quarter and how it might be relevant to them. It highlights...

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  15.03.2023

  United Kingdom

  Spring Budget 2023 – key tax policy an­nounce­ments

  Today’s Spring Budget speech focused on moving the UK economy into growth mode. With the increase in the main rate of corporation tax to 25% on the horizon and fast-approaching, the Chancellor turned to reliefs rather than rate cuts to demonstrate his commitment to incentivising investment in the UK. For most businesses, the “headline” announcement in this area will have been the introduction of a generous full-expensing regime for capital allowances, but other important measures include the permanent increase to the Annual Investment Allowance, reforms to Research & Development...

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  15.03.2023

  United Kingdom

  The end of the lifetime allowance

  In today’s Budget, the Chancellor of the Exchequer has announced dramatic pensions tax changes - increasing the annual allowance from £40,000 to £60,000, and scrapping the lifetime allowance entirely. The reforms are part of a bid to incentivise older earners to remain in the workplace. They promise to provide increased savings flexibility for many.What are the existing limits?Since April 2006 there have been limits on the amounts that can be taken from and paid into a registered pension scheme without incurring additional tax consequences. At present:an individual’s savings...

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