Autumn Budget 2021 – Money off Prosecco and a little more into pensions

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

Government to legislate next year to increase normal minimum pension age

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

Pensions Planner – June 2021

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

Chancellor extends support and outlines plans to build future economy

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

Government confirms plans to increase minimum pension age to 57

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

M&A, restructuring, re-financing and dividends likely to be hit by new pensions offences and regulatory sanctions

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

New and evolving pension risks in 2021

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