|New pension SORP
Just a reminder that the new SORP is effective for accounting periods starting on or after 1st January 2015.
|DC Governance standards
Many defined contribution pension schemes will have to meet new governance standards.
|Pensions taxation reform
Radical changes to pension taxation were proposed in the Summer Budget.
|Autumn statement – Auto enrolment
George Osborne recently announced that the planned auto enrolment increase in the statutory minimum pension contribution that employers have to give their staff has been delayed by six months.
HMRC have now revised its view on VAT and DB pension scheme management costs. As a result of the PPG judgement there are now circumstances where employers may be able to claim additional VAT input in relation to pension schemes where they were not previously able to do so.
|Tapered annual allowance
With the introduction of the tapered annual allowance from 6 April 2016 as well as the transitional rules, the existing requirement for scheme administrators to send an annual allowance pension statement to anyone whose pension savings exceed the annual allowance in that scheme may no longer be appropriate.
Following the announcement that the lifetime allowance for pension savings will be reduced from £1.25 million to £1 million from 6 April 2016, two protection regimes will be introduced which will have the same conditions as the previous fixed and individual protection regimes for individuals who want to rely on them.
|Pension liberation message
Pension liberation and pension scams continue to put pension savings at risk. Promoters are using sophisticated liberation models to encourage taxpayers to access their pension savings early or transfer their hard-earned savings into scam pension schemes with little or no return on their investment.