News Archive
May 2009
Welcome to the first new-look Pensions Express
May 2009 Ruth KeronWelcome to the brand new Pensions Express! We hope you like the new format, which has been designed to be attractive and easy to use, as well as informative.
Budget 2009: Will new tax charges bite for high earners?
May 2009 Andrew ShortFollowing our previous Pensions Express article on the Budget 2009, this article sets out further detail on how to assess whether an individual will be subject to the Special Annual Allowance, based on the draft guidance. The guidance is taken from the Finance Bill, so further revisions are possible as there will be a public consultation prior to the Bill receiving Royal Assent.
Capita Hartshead receives ‘outstanding’ accolade
May 2009 Clive WickendenCapita Hartshead’s service standards recognised as ‘Outstanding’!!, having been awarded two stars in a recent Investors in Customers (IIC) assessment.
Consultation on framework of the Personal Accounts Scheme
May 2009 Rachel McAllisterThe Department for Work and Pensions (DWP), in conjunction with the Personal Accounts Delivery Authority (PADA), has published for consultation the legal framework for the Personal Accounts Scheme. The Personal Accounts Scheme is part of the Government’s pension reform programme to encourage retirement saving and is scheduled to go live in 2012. The consultation covers the following draft legislation and rules: The draft Pension Scheme Order 2009; The draft Transfer Values (Disapplication) Regulations 2009; and The draft Scheme Rules.
DWP consultation on valuation guidance for FAS qualifying schemes
May 2009 Amy RobertsThe Department for Work and Pensions (DWP) has published a consultation on draft guidance relating to the method and assumptions to be used when undertaking valuations for relevant Financial Assistance Scheme (FAS) qualifying schemes. The guidance has been prepared by the Government Actuary’s Department (GAD).
Legislative Update
May 2009 Rachel McAllisterA number of Statutory Instruments have been laid, coming into force on or shortly before the start of the new tax year. Contracting Out Legislation The Occupational Pension Schemes (Contracting-out) (Amendment) Regulations 2009, also known as the GMP Conversion Regulations, came into force on 6 April 2009. These Regulations allow Guaranteed Minimum Pensions (GMPs) to be converted to ordinary scheme benefits. However, the continuing requirement to provide survivor benefits, the lack of any official guidance on the issue of equalisation, and the costs involved in this process will probably prevent trustees from pursuing this option.>
TPR News
May 2009 Amy RobertsThe Pensions Regulator has issued two statements, both responding to the current economic downturn. Three year business plan - equipped and ready for the downturn In the first of the statements, the Regulator announced the publication of its Corporate Plan for 2009 to 2012, with the aim of delivering its statutory objectives and business strategy. The Regulator focuses on the theme of continuous improvement in order to provide better and more efficient services for less. In particular it references its online ‘Exchange’ system, which allows information to be submitted online rather than via traditional paper-based methods.
