Alerts

Focusing on breaking news

• Pension input periods

  With A-Day (6 April 2006) came the introduction of the "annual allowance". Broadly, the annual allowance limits the amount of pension savings that can be made on a tax advantageous basis in relation to an individual in any tax year. It is assessed by reference to the scheme's "pension input period" (PIP) ending in that tax year. Trustees can nominate a PIP which need not correspond to the tax year and can, instead, fit in with the scheme year. As the end of the current tax year is fast approaching, in this Alert we look at what trustees who have not yet nominated a PIP need to consider.

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• The two reviews - double trouble from the DWP?

  Two reviews announced in the Pensions White Paper of May last year are finally set to make progress this Spring. Consultation papers were published recently by the Department for Work and Pensions (DWP) relating to the "Deregulatory Review of Private Pensions" and the "Review of Pensions Institutions". So with the articulated lorry of pensions reform set to hurtle along once again, in this Alert we take a quick tour around the two reviews to see what we can expect from both.

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• The 2007/08 levies lowdown

  Occupational pension schemes are now subject to a dizzying array of levies. With various Pension Protection Fund (PPF) deadlines looming, we highlight the key information in respect of each levy and set out what can be expected for the year 2007/08.

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• "Inducements" - TPR guidance published

  Reacting to the growing number of employers offering defined benefit (DB) scheme members inducements (or incentives) to transfer out or accept a reduction in benefits, the Pensions Regulator (TPR) has published guidance aimed at employers, trustees and sceheme members. Whilst recognising that employers may have "business and commerical" reasons for putting forward inducements, TPR's interest lies in fulfilling its statutory objective of protecting members' benefits. The purpose of the guidance is therefore to help all parties identify and understand the implications of inducements.

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• Transfer news - trustees to take charge

  With just over 10 days remaining in the January transfer window (and perhaps in an attempt to knock David Beckham off the front page) the Government has made the most significant "move" of 2007 so far. As least in occupational pension scheme (if not footballing) terms. Following consultation in June 2006 on "Approaches to the Calculation of Pensions Transfer Values", the Government published its response on 18 January.

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• Pensions saving gets "personal"

  Following the publication of the Pensions White Paper back in May this year, last week saw the publication of the Government's White Paper on personal accounts. It provides some long-awaited detail on how these accounts will operate without disturbing the current system for private pension provision.

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