LTA abolition: What do schemes need to know? The abolition of the lifetime allowance (LTA) finally came into force last week (6 April) after a year of preparation, anticipation and work from schemes. The changes are anything but straightforward – with HMRC issuing not only a deluge of updates and guidance over the past year, but also last minute advice at the beginning of this month that certain members should delay certain benefits payments because of legislative errors. In her latest article, Jasmine Urquhart asks the industry what are the most important things schemes, trustees and administrators should focus on going forward. Check out Jasmine Urquhart's article here 👇 https://incm.pub/4d8vYUG Thanks to all who contributed to this piece - Broadstone's David Brooks; Scottish Widows' Robert Cochran; Hymans Robertson's Susan Waites; Sackers' Claire Carey and Katie Whitford; Fieldfisher's David Gallagher; and Arc Pensions Law's Beth Brown #pensions #LTA
Professional Pensions’ Post
More Relevant Posts
-
Lifetime Allowance Abolition for pensions seemed on the face of it a simple straightforward and easy to understand change and a real positive for pension savings in the long term. As usual the detail that sits behind this change is anything but simple. This article from Professional Pensions is a really helpful read to get your head around the change and some key things to think about. Well done to all the contributors including our own Pensions expert Robert Cochran Scottish Widows
LTA abolition: What do schemes need to know? The abolition of the lifetime allowance (LTA) finally came into force last week (6 April) after a year of preparation, anticipation and work from schemes. The changes are anything but straightforward – with HMRC issuing not only a deluge of updates and guidance over the past year, but also last minute advice at the beginning of this month that certain members should delay certain benefits payments because of legislative errors. In her latest article, Jasmine Urquhart asks the industry what are the most important things schemes, trustees and administrators should focus on going forward. Check out Jasmine Urquhart's article here 👇 https://incm.pub/4d8vYUG Thanks to all who contributed to this piece - Broadstone's David Brooks; Scottish Widows' Robert Cochran; Hymans Robertson's Susan Waites; Sackers' Claire Carey and Katie Whitford; Fieldfisher's David Gallagher; and Arc Pensions Law's Beth Brown #pensions #LTA
To view or add a comment, sign in
-
-
Changes to the pension division rules of the Family Law Act and Regulations coming into force January 1, 2025 (including new prescribed forms). Our blog has more details...
On January 1, 2025, amendments to the B.C. Family Law Act will go into effect, including changes to the Division of Pensions Regulation. Meghan Popp and Saheena Tegally discuss these changes to the Regulation and their effect on your pension plan in their latest blog: https://bit.ly/46N7e1w
To view or add a comment, sign in
-
-
Co-Founder and Senior Consulting Actuary at Actuaries for Lawyers. Member of the Pension Advisory Group
A few pensions highlights in todays Labour Party manifesto but not sure there is anything particularly new. Retaining the Triple Lock on State Pensions is the big one. Consolidation of Workplace pensions to get better value. Increase investment in the UK. Improve security in retirement. Return surplus from the Mineworkers #Pension Scheme (don't know much about this!). Overall no real exciting new ideas but I guess politically playing safe is the imperative when you are so far ahead in the polls. Lets hope there is a little more vision for #pensions when a new government is elected. If you do need help with the pensions valuation or division aspects of #divorce settlement, Actuaries for Lawyers is always here to help. #familylaw
To view or add a comment, sign in
-
-
Lots of interesting articles covered here.
🔊We have all of your latest #LGPS news and insights covered in our October edition of 𝗖𝘂𝗿𝗿𝗲𝗻𝘁 𝗜𝘀𝘀𝘂𝗲𝘀 𝗶𝗻 𝘁𝗵𝗲 𝗟𝗚𝗣𝗦! 𝗦𝘄𝗶𝗽𝗲 𝗯𝗲𝗹𝗼𝘄 𝗳𝗼𝗿 𝗮 𝘀𝘂𝗺𝗺𝗮𝗿𝘆 𝗼𝗳 𝘄𝗵𝗮𝘁'𝘀 𝗯𝗲𝗲𝗻 𝗰𝗼𝘃𝗲𝗿𝗲𝗱 𝘁𝗵𝗶𝘀 𝗺𝗼𝗻𝘁𝗵, including a look at the UK Governments recent pensions review, our views on what productive finance is and a look at the Scheme Advisory Board's recent guidance for administering authorities. Read the full publication here: https://okt.to/MBzrDo Catherine McFadyen Robert Bilton Robbie McInroy Iain Campbell Chris Varley Richard Warden Andrew McKerns Alan Johnson Ian Colvin Susan Black Laura McInroy
To view or add a comment, sign in
-
Will States Go Bankrupt? With many states operating 10s of billions, and even 100s of billions in the red, how will they continue to pay out promises like pensions for retirees? California’s unfunded pension liability is over $2 Trillion in the hole 😳 Won’t this mean higher taxes across the board for everyone? How will services like the fire department be affected? States are unable to print money so will they ultimately require a federal bailout? Isn’t this a tax on all of us? What if you were able to pay zero income taxes in retirement and governments had no access to your lifelong savings? Wouldn’t this be important to know? Reach out to learn more. https://lnkd.in/emapftPH #statepension #pensions #retirementincome #retirementincomeplanning #incometaxes #governmentspending #governmentspendingisoutofcontrol #biggovernmentsucks #taxationistheft #taxationwithoutrepresentation
To view or add a comment, sign in
-
Today marks two weeks until the second deadline under the Secondary Pensions Law. From 1st October 2024, all employers with between 11 and 25 employees as at 30th June 2024 will need to have set up their pension scheme and enrolled their Designated Employees. There are penalties for employers who do not comply with the legislation and those failing in their duties could be liable to fines or imprisonment (or both). What action you need to take will depend on the contents of the contracts of employment given to your employees. If you need any further information or legal advice in relation to Secondary Pensions and your obligations in the next two weeks, please contact our team Alison Antill and Charlotte Tomlinson, who will be delighted to assist. #secondarypensions #deadline #disputeresolution #law #legalservices #legaladvice #lawfirm #guernsey #pensions #employment #employmentlaw #employmentcontract
To view or add a comment, sign in
-
-
Whilst the law states that “The values of all pensions need to be considered when you get divorced, including state pensions and pensions set up before the relationship began”, this is an area often overlooked by divorcing couples and that results in conflict and acts as a barrier to resolution. That is why we emphasise the importance of considering pensions as part of the assets of a marriage, following the steps the court process takes and instructing Pensions on Divorce Experts (PODEs). Take a moment to watch this video from The University Manchester. https://bit.ly/4beB2Wq #pensions #assets #divorceassets #mediation #familylaw
To view or add a comment, sign in
-
-
Last week the Court of Appeal adjourned the substantive hearing in Manolete Partners v White; which raises important issues for enforcement of judgment debts. The question for the Court is whether s91(2) of the Pensions Act 1993 prevents the Court from requiring a judgment debtor to exercise a right to draw down money from an occupational pension scheme so that those monies can be made available to pay the judgment debt? The appeal - brought by Mr White - was described by the Court of Appeal as “seriously arguable” and of wider potential importance to occupational pensions generally. Link here: https://lnkd.in/e3x82atY The outcome will be signficant and the insolvency interplay arising out of the decision in Henry v Horton will be interesting; especially in cases of Fraud and dishonesty.
To view or add a comment, sign in
-
Check out the latest episode of Family Law Live!
Listen to our latest episode of Family Law Live: PAG2 – what solicitors need to know about the updated Pensions Advisory Group Report. Our members Chloe Kenvin and Rhys Taylor were joined by Hero Lomas and Tamsin Caine to discuss the latest developments in the Pensions Advisory Group Report. Listen here: https://lnkd.in/eFsgGuuA
To view or add a comment, sign in
-
-
In this article from Professional Pensions, Trafalgar House highlights an important ethical question regarding pension schemes charging members for divorce-related pension sharing processes. With PLSA guidance showing an increase in the recommended range of fees for divorce pension sharing this year, we believe it's time for schemes to take a closer look at their approach. Our Client Director, Daniel Taylor, points out that while pension sharing can involve complex calculations and legal processes, other equally complex exercises like partial transfers don't carry these additional costs for members. As Daniel says: "Passing these fees onto members, especially during an incredibly stressful time and in the midst of a cost-of-living crisis, raises questions of fairness. Some schemes have already waived these fees, but it's time for others to reconsider their position. Are they truly comfortable with imposing another financial burden on members?" Read more in Professional Pensions here: https://lnkd.in/dN376vnn #Pensions #PensionScheme #Trustee #PensionFunds #FinancialServices #PensionsUK #FinalSalary #DBPension #DCPension #ProfessionalTrustee #PensionTrustee
To view or add a comment, sign in
Simplifying Pensions for People
6moGreat article Jasmine Urquhart It's a complicated old business this simplifying pension tax rules....