Wide reaching changes will be made, ranging from DB surplus and superfunds through to DC VFM, automatic consolidation, “megafunds” and new retirement solutions. The proposed Virgin Media remedy is also a notable recent addition. But, with Royal Assent not due until 2026 and detailed regulations to follow, some proposals will be a relatively slow burn.
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...
