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 transfers;
- 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. Read more
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). Read more
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. Read more
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. Read more
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.