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HMRC has issued further guidance on the tax implications of implementing GMP equalisation. The guidance is helpful and pragmatic. It outlines several options for making a top-up payment to correct historic transfer values. It also helps clarify the impact of GMP conversion for annual and lifetime allowance purposes for pensioners. However, it does not resolve … Read more
As expected, today’s Budget was pretty quiet from a pensions perspective. While many of the headlines are likely to be reserved for the changes to alcohol duty which will see the prices of Prosecco, draught beer and cider and most wines reduced, as far as pensions are concerned the headline announcements are: An increase in … Read more
The government has confirmed it plans to legislate to increase the normal minimum pension age from age 55 to age 57 from 6 April 2028 in the next Finance Bill. The legislation will include a protection regime for savers who already have an unqualified right to access their benefits before age 57. Following the recent … Read more
Our latest Pensions Planner is here. The Planner and our handy timeline will help you keep up to date with the latest developments in pensions law and practice and help you identify the key pensions issues that your scheme or organisation needs to address in the coming months. The latest edition covers: The Pensions Regulator’s … Read more
At the time, the 2014 referendum was seen as a “once-in-a-generation opportunity” to settle the question: “Should Scotland be an independent country?”. The No-vote won by 55% to 45%. However, with one week until the 2021 Scottish Parliament election next Thursday, 6 May, the debate around a second referendum is firmly back on the political … Read more
As expected, today’s Budget focused on: maintaining support for businesses and individuals during the remainder of the Covid-19 pandemic, starting the work of containing the ballooning national deficit, and laying the foundations for the future economy (with plans announced to promote green growth, change the economic geography of the country and to ensure we are … Read more
The Government has confirmed that it plans to increase the minimum pension age at which benefits under registered pension schemes can generally be accessed, without a tax penalty, from age 55 to age 57 from 6 April 2028. In a consultation paper which outlines how the Government intends to implement this, it has set out … Read more
The Pension Schemes Act 2021 finally received Royal Assent yesterday, paving the way for the most significant reform of the regulatory regime for defined benefit (DB) pension schemes since its introduction in 2006. The Act introduces new criminal offences and new regulatory powers for the Pensions Regulator that could: significantly impact corporate activity, including M&A … Read more
2020 was undoubtedly an unprecedented year, dominated of course by the impact of Covid-19 and here in the UK, by the preparations for Brexit. The year may (finally) be over, however, these themes are likely to continue to dominate the agenda in 2021. Nevertheless, with vaccines being rolled out and a Brexit deal agreed, there … Read more
