Pension Profile - November 2017

  • Integrated Risk Management (IRM)

    Managing risk is an integral part of running a quality scheme and achieving good pension scheme governance. The Pensions Regulator code of practice outlines an integrated approach to three key risk areas.
  • Defined benefit to defined contribution transfers

    The freedom of choice reforms published in 2015, offered for the first time flexibility in the way individuals aged 55 and over can access their defined contribution (DC) pension savings.
  • Cyber security and GDPR

    Pension trustees are data controllers and therefore responsible for protecting the schemes personal data. Cyber security prevention should be embedded into the internal control processes.
  • SORP 2015

    The Financial Reporting Council (FRC)have issued FRED 67 for consultation. The consultation ran until June 2017 with a final standard expected in December 2017. Following the triennial review we are expecting a review of the Pensions SORP to dove tail with this.
  • Lifetime Allowance 2018/2019

    The lifetime allowance set by HM Revenue& Customs (HMRC) on the total value of pension benefits that an individual can receive without incurring an additional tax charge is currently £1million for the tax year 2017/2018.

    ‘IORP II’, as it is known, was finalised in January 2017 and implementation is required by January 2019. It focuses on the governance of pension schemes and their communications with members. The revision is extensive with the number of articles rising from 24 to 67.
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