Alerts

Focusing on breaking news

• GMP equalisation: the DWP calls time!

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• Contingent assets 2012/13: is your guarantor good for the money?

  The PPF has strengthened the certification requirements for Type A contingent assets in response to concerns that, under the previous arrangements, some guarantors did not have the financial resources to meet their guarantee obligations.

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• Government consults on transfers and small pension pots

  On 15 December 2011, the DWP published plans aimed at ensuring that "money saved into a pension stays in a pension".

  With a view to supporting the commencement of automatic enrolment in 2012, the Government wants to address two of the key barriers to accumulating "big fat pension pots": short service refunds from DC schemes and the complex pension transfer system.

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• Flexible Apportionment Arrangements

  Generally, if a company exits an underfunded multi-employer DB scheme, its share of the deficit (if any) becomes a debt due to the trustees (the “employer debt”). To assist with the management of employer debts, regulations will come into force on 27 January 2012 introducing a new Flexible Apportionment Arrangement (FAA). The FAA is the latest in a long line of attempts to allow greater flexibility for corporate activity, while maintaining sufficient protection for scheme members.

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• Finance Bill 2012

  On 6 December 2011, the Government published the draft Finance Bill 2012. The Bill includes the changes to asset backed contributions announced in the Autumn Statement on 29 November 2011 as well as a number of other measures for occupational and personal pension schemes.

   

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• Autumn Statement 2011

  The Autumn Statement was delivered on 29 November 2011. Against the backdrop of the continuing economic crisis, the Chancellor, George Osborne, announced a number of measures aimed at maintaining economic stability and enabling the Government to meet its fiscal targets.

  Of particular interest to occupational DB pension schemes are the proposed changes to the tax rules relating to employer asset-backed contributions (ABCs).

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