A scheme has been ordered to pay over GBP50,000 by the Pensions Ombudsman (TPO) for failure to pay lump sum death benefits within a two-year window set out in the scheme’s rules: CAS-66581-S4T8. The rules provided that...more
The Autumn Budget announced that from 6 April 2027, the majority of death benefits paid from registered pension schemes (whether DB or DC) will form part of the deceased member’s estate for inheritance tax (“IHT”) purposes....more
The Autumn Budget contained the following key announcements affecting occupational pension schemes...more
Today's Budget brought some good news: Despite recent speculation, National Insurance contributions (NICs) will not be charged on employers’ pension contributions; and No changes were announced to members’ tax-free lump sums....more
What is happening? From 6 April 2024, the LTA will be abolished and a new regime for the taxation of lump sums and lump sum death benefits will be introduced. This is the most significant change to the UK pensions tax...more
Welcome to your weekly update from the Allen & Overy Pensions team, covering all the latest legal and regulatory developments in the world of workplace pensions. This week we cover the following topics: HMRC lifetime...more
As employers will be aware, the lifetime allowance (LTA) will be abolished from 6 April 2024. The LTA is the maximum amount of tax-relieved savings that an individual can build up in registered pension schemes over their...more
Welcome to your weekly update from the Allen & Overy Pensions team, covering all the latest legal and regulatory developments in the world of workplace pensions. This week we cover the following topics: TPO statement on...more
Welcome to your weekly update from the Allen & Overy Pensions team, covering all the latest legal and regulatory developments in the world of workplace pensions. This week we cover the following topics: PLSA updated...more
The COVID19 crisis has changed the landscape for pension scheme trustees. This note discusses the potential impacts and actions trustees should consider taking in relation to the following areas. ...more