Alerts

Focusing on breaking news

• Data Protection: New Enforcement Powers!

  From 6 April 2010, the Information Commissioner will have the power to impose fines of up to £500,000 for "serious" breaches of the data protection principles. In this Alert, we set out the basics of data protection for pension scheme trustees and consider what trustees should be doing to ensure they are compliant with the Data Protection Act 1998.

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• PPF levy deadlines: Have you "Exchanged"?

  Important deadlines are fast approaching for schemes to submit information for both the 2010/11 and 2011/12 PPF levy years, including the need to certify / re-certify contingent assets. The PPF has also recently issued new guidance and standard form contingent asset documentation which trustees / employers will need to use if new arrangements are put in place.

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• Deregulation of disclosure requirements left out in the cold?

  The DWP has largely shelved plans to simplify the requirements on pension schemes to disclose information to members and other beneficiaries. It will, however, forge ahead with proposals to formalise procedures for electronic communications between pension schemes and their members from October 2010.

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• Changes to Normal Minimum Pension Age: HMRC guidance

  Normal minimum pension age (NMPA) is the earliest age at which a member’s pension benefits can be taken under a registered pension scheme without higher tax charges applying. In general, NMPA will increase from age 50 to 55 from 6 April 2010.

  Owing to uncertainties surrounding the actual cut-off point for taking advantage of the current NMPA of 50 for those without a protected pension age, HMRC has published a newsletter which addresses some practical considerations.

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• Pensions and the Pre-Budget Report

  The 2009 Pre-Budget Report was delivered on 9 December 2009 by the Chancellor, Alistair Darling. There are a number of key measures affecting pensions:

  • The Government is consulting on restrictions to pensions tax relief for high earners from April 2011.

  • In the interim, the “anti-forestalling” measures are extended to those with incomes of £130,000 or more.

  • National Insurance contributions will increase by 0.5%.

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• Lessons in TKU

  A new version of TPR’s code of practice on trustee knowledge and understanding was published on 30 November, having come into force on 26 November 2009. The revised code and scope guidance build on the lessons learned since the TKU code was first launched in April 2006, taking account of users’ experience to date, as well as developments in the pensions landscape.

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