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
The Government is pressing ahead with its proposal to include most unused pension funds and death benefits in the value of a person’s estate for inheritance tax purposes from 6 April 2027. But all death in service benefits will be excluded. HMRC will provide guidance to help the industry prepare for the change.
Introduction The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (“the Regulations”) came into force on...
