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LTA-Day tax changes

6 April 2024 marked the end of the lifetime allowance (LTA). The original timeframe for making the required changes was extremely tight, with two sets of amending regulations coming into force as recently as November 2024.

With further updates to HMRC guidance still expected, checking pensions systems and processes to ensure they are up to speed remains a 2025 priority.

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.

Government plans for DB surplus

The Government is planning to make changes to allow “trapped surplus funds to be invested in the wider economy” by making it easier for trustees to return surplus to their sponsoring employers. Details of its surplus policy will be published this spring, as part of the DWP’s response to its February 2024 consultation on options for DB schemes.

digital-content

TPR’s Code of Practice on the two new tests (employer resources and employer insolvency) for imposing a Contribution Notice – Sackers’ response to consultation

Background TPR is consulting on changes to its Code of Practice 12 (“the Code”) and the accompa...

Guides

GMPE – Essential planning – the questions trustees need to ask – July 2021

Practical overviews of topical pensions issues, including checklists, action plans and timeline...

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LTA-Day tax changes

Death benefits and “unused DC pots” to become subject to IHT?

Government plans for DB surplus

WEBINAR : Quarterly Legal Update – July 2021

Sackers checklist – GMP equalisation: Essential planning – the questions trustees need to ask – July 2021

Permitted Charges within DC Pension Schemes – Sackers’ response to consultation

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PASA’s GMP conversion guidance

Pension Dashboards – call for input on staging – Sackers’ response to consultation

TPR’s Code of Practice on the two new tests (employer resources and employer insolvency) for imposing a Contribution Notice – Sackers’ response to consultation

GMPE – Essential planning – the questions trustees need to ask – July 2021

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