Pension liberation: new restriction on transfer rights
Following on from the Autumn Statement, the DWP and HM Treasury
have issued consultation looking at three aspects of pension
liberation scams. The consultation covers:
limiting the right to statutory
making it harder to establish
fraudulent schemes; and
a ban on cold calling.
A key issue for trustees is the tension between a member's
statutory right to transfer and their obligation to ensure the
transfer is made to a legitimate pension arrangement.
PPF levy: conditions for 2017 confirmed
The PPF has published its levy determination for 2017-18. The
levy rules are largely unchanged from last year. There are some
minor adjustments for employers who have moved to new accounting
standard FRS 102 (to avoid an artificial movement in their
insolvency risk rating).
GMP equalisation: getting nearer to a solution
The issue of whether schemes have to equalise GMPs for men and
women, and if so, how, has been rumbling along for nearly 20 years.
In January 2010 the then Government announced that schemes should
be equalising GMPs accrued since May 1990 but the complex proposals
were challenged by many in the pensions industry. The DWP has how
issued further consultation on various contracting-out issues
including GMP equalisation.
Pensions: plenty to look forward to in 2017
After the rollercoaster ride of 2016, what does 2017 have in
store for the world of pensions? Here are some areas where we
anticipate developments this year.
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