Capita Hartshead will be exhibiting at the Financial Times UK Leadership of Pensions Summit, which takes place on Tuesday 27 November at the Radisson Edwardian in London. Attendance at the event is complementary and we would be delighted to see you there.
As an acknowledgement of our expertise in administration and the wider pensions arena, Capita Hartshead has been invited to present at the 2007 Professional Pensions Show to be held at ExCel London on 21 and 22 November. Speakers from the business will appear three times on the agenda across the two-day conference.
HM Revenue & Customs’ (HMRC) latest Pensions Tax Simplification Newsletter includes provisions set out in the Finance Act 2007, clarification on the assignment of annuities, reporting of overpayments made in error, and a reminder for scheme administrators regarding mandatory electronic filing.
Welcome to March’s edition of Pensions Express, Capita Hartshead’s monthly online news service.
This month, we take a look at the draft Financial Assistance Scheme regulations and the recent Sea Containers litigation - as well as all the usual news and views from across the industry.
The Financial Assistance Scheme (FAS) was set up by the Government to provide financial assistance in retirement to those whose final salary pension schemes were under-funded and commenced winding up between 1 January 1997 and 5 April 2005. A scheme qualifies for FAS if the employer cannot make up the shortfall in liability because it is insolvent or no longer exists.
The Department for Work & Pensions (DWP) has recently consulted on proposed changes to the Occupational Pension Schemes (Employer Debt) Regulations 2005, which deal with the issue of employer pension debts where a participating employer exits an under-funded multi-employer final salary scheme. These debts are referred to as section 75 debts under the Pensions Act 1995.
When an individual is asked if they would like to become a trustee of an occupational pension scheme, their first thought is usually that there is a lot of responsibility attaching to this role. There is also a concern about being personally liable to financial penalties if a course of action or decision taken by the trustees is held to be negligent at a future date.
In the changing post A-Day pensions landscape, Capita Hartshead remains focused on delivering excellence in pensions administration. The role of the pensions administrator has developed from that of a record keeper, with trustees and companies increasingly asking their administrator to take on more scheme management tasks and deliver more strategic advice regarding the scheme.