Alerts

Focusing on breaking news

• "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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• Scheme abandonment: Discussion paper and guidance issued

  Prompted by concerns over employers walking away from their underfunded defined benefit (DB) pension schemes, the Pensions Regulator (TPR) has issued a discussion paper on scheme abandonment, together with draft guidance on the issue for pension scheme trustees.

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• Finance Bill - tidings of comfort and joy?

  Last week the Chancellor, Gordon Brown, delivered his Pre-Budget Report which alluded to further tax simplification changes being on their way. HM Revenue & Customs (HMRC) have now published a Technical Note heralding the tax changes which will mainly form part of the Finance Bill 2007. Of particular note is the proposal to allow ill-health pensions to be reduced once in payment. In this Alert we look briefly at some of the helpful proposals put forward by the Technical Note and the dates on which we can expect them to come to fruition.

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• Another Pensions Bill has landed!

  Hot on the heels (relatively speaking) of the publication of the White Paper on State Pension reform in May this year, the Pensions Bill was published last week. While there are a couple of pleasant suprises for occupational pension schemes, for the most part the proposals set out in the White Paper have been followed and the changes are therefore focussed on State benefits.

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