Pensions

eAlerts Récentes

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  18/11/2024

  United Kingdom

  LTA abolition - tying up the loose ends

  More than 18 months on from the announcement of the abolition of the lifetime allowance (LTA), the amending legislation - including regulations correcting errors in the initial legislation - is now in place.When the Finance Act 2024 and accompanying regulations came into force on 6 April this year, HMRC identified that there were a number of corrections required (as described in our Law-Now here) and that there could be unintended tax consequences if certain actions were taken in the meantime. Regulations come into force today, with retrospective effect from 6 April 2024, which are designed...

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  05/11/2024

  United Kingdom

  Trustee Knowledge Update – August-October 2024

  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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  05/08/2024

  United Kingdom

  Trustee Knowledge Update - May - July 2024

  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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  26/07/2024

  United Kingdom

  Validity of past amendments to contracted-out schemes

  The Court of Appeal has handed down a significant judgment on the effectiveness of historic amendments to contracted-out defined benefits (“DB”) pension schemes, which upholds last year’s High Court ruling on the issue. Trustees, and potentially employers, will need to consider the impact of the decision.The backgroundUnder section 37 of the Pension Schemes Act 1993, the rules of a salary-related contracted-out scheme could only be altered in relation to “section 9(2B) rights” if the trustees informed the scheme actuary of the proposed changes and the actuary confirmed...

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  03/05/2024

  United Kingdom

  Trustee Knowledge Update - February - April 2024

  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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  05/04/2024

  United Kingdom

  LTA abolition – are you ready?

  Correct as of 10am, 23rd April. This article is being maintained.Tomorrow is “L Day”, when the Finance Act 2024 comes into force to abolish the Lifetime Allowance (LTA). However, many uncertainties remain around the effect of the legislation. Trustees should ensure administrators are aware of the latest position and ready to act accordingly.Background – a tangled webLTA abolition was announced, out of the blue, in the 2023 Spring Budget. Although sold as a dramatic simplification of the pensions tax regime, it was never going to be easy to unravel hundreds of legislative references...

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