The Pension Schemes Bill covers a lot of ground with measures relating to DB surplus and DB superfunds, as well as VFM, small pot consolidation, “megafunds” and new “retirement income solutions” on the DC side. However, with Royal Assent not expected until 2026, and detailed regulations to follow, there’s a long way to go.
Corporate trustees – new requirements for identity verification
The Economic Crime and Corporate Transparency Act 2023 introduces reforms to the corporate registration framework in the UK. This includes new requirements for company directors and other individuals to verify their identity.
Death benefits and “unused DC pots” to become subject to IHT?
At the Autumn Budget, the Chancellor, Rachel Reeves, announced that most authorised death benefits, including DB lump sum death benefits, will become subject to inheritance tax (“IHT”) from April 2027. From the same date, “unspent” DC pots will fall within individual’s estates for the purposes of calculating their IHT liability.
Introduction The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (“the Regulations”) came into force on...
