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Introduction In November 2011, Steve Webb, the Pensions Minister, confirmed his intention to “crack down” on bad practice in relation to incentive exercises (“IEs”). To achieve this, he tasked an industry working...
Background We note that the Government’s intended policy on CARE schemes is to allow them to be used as qualifying schemes for the purposes of automatic enrolment, so long as they provide for the accrued rights to benefits under the...
Introduction TPR has today published the first in what is to be a series of annual statements on scheme funding. Aimed at providing guidance for trustees of DB schemes who are going through the valuation process, the statement sets out...
Background Three options are proposed in on the DWP’s consultation on “Meeting future workplace pension challenges: improving transfers and dealing with small pension pots”: minor changes to the current system to make...
Introduction With the standard LTA reducing to £1.5 million from 6 April 2012, individuals with existing pension savings need to consider whether to apply to HMRC for “Fixed Protection”. However, care needs to be taken to...
Introduction Generally, if a company exits an underfunded multi-employer DB scheme, its share of the deficit (if any) becomes a debt due to the trustees (the “employer debt”). To assist with the management of employer...
Introduction The Autumn Statement was delivered on 29 November 2011.1 Against the backdrop of the continuing economic crisis, the Chancellor, George Osborne, announced a number of measures aimed at maintaining economic stability and...
