Alerts

Focusing on breaking news

• Abolition of DC contracting out: consultation on implementing legislation

  On 28 July 2010, the DWP published a consultation on draft regulations in connection with the proposed abolition of DC contracting-out. The draft regulations are designed to implement certain consequential amendments to give effect to the abolition provisions contained in both the Pensions Act 2007 and Pensions Act 2008. 

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• Restricting pensions tax relief: The Coalition’s alternative approach

  In the Coalition Government’s emergency Budget on 23 June 2010, the Chancellor, George Osborne, announced a review of the former Labour administration’s plans to restrict tax relief on pension savings for high earners. Having already initiated an informal consultation, the Treasury has now published a discussion paper on a possible alternative approach which would see the AA reduced to a level between £30,000 - £45,000.

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• TPR issues draft guidance on transfer incentives

  Concerned by their increase in popularity, TPR has issued for consultation draft guidance on transfer incentives. It builds on the 2007 guidance on Inducement Offers and aims to strengthen TPR`s position.

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• Pension Increases – the change from RPI to CPI

  In June`s Emergency Budget the Coalition Government announced it intended to use the Consumer Prices Index (CPI) rather than the Retail Prices Index (RPI) as the measure for applying increases (both in deferment and to pensions in payment) to public sector pensions from April 2011.

  Steve Webb, the Pensions Minister, has now announced that this change will also apply to private sector occupational pension schemes.

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• Public Sector Pension Schemes

  Public sector pensions are firmly in the spotlight this summer, with the Hutton Commission charged by the Government with reviewing public sector pension provision.

  In this alert we focus on two other recent developments – the announcement in the Coalition Government’s first Budget on 22 June 2010 that public sector pensions will increase in line with CPI (rather than RPI), and the publication on 7 July 2010 of a report by the independent Public Sector Pension Commission on options for reforming public sector pension arrangements.

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• Employer Debt and Multi-Employer Schemes

  As part of its series of guidance on employer support, TPR has published draft guidance on multi-employer DB schemes and employer departures. 

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