The Pension Schemes Bill 2016 – published on 20 October
– includes new regulatory requirements for master trusts.
These provisions, which cover authorisation, supervision and
winding up, have come about largely because of Government and
Pensions Regulator concern to protect member benefits if a master
trust were to fail.
Bridging pensions: aligning your benefits
Many schemes include provision for reducing the scheme pension
when a member reaches state retirement age. The usual intention of
a bridging pension is to provide a consistent income before and
after the state retirement pension comes into payment. With the
changes in state pension age for both men and women and the
introduction of the new state pension from 6 April 2016, many
scheme rules may not now operate as intended.
Bankruptcy: pension rights protected
The pension flexibilities introduced in April 2015 have
complicated the already thorny issue of the treatment of pension
rights on bankruptcy. We now have the decision of the Court of
Appeal in Horton v Henry which clarifies the position to
Pensions round-up: VAT, annuities and exit charges
There have been a few developments in recent weeks which are
worth noting including the extension of current practice on VAT,
the abandonment of the secondary annuity market and a proposed
charge cap on exit fees.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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