The consultation will run until the 14 April 2013 and views are being sought from pension industry professionals, pension schemes, trustees, industry, pension scheme members and member representative organisations, but we would be interested in views from any source.
Follow this link for the consultation which can be downloaded at the DWP website.
PENSION SAVINGS ANNUAL ALLOWANCE CALCULATOR
20 February 2013
The online pension savings calculator has been updated in response to customer feedback.
The calculator has been changed so that it now works out the carry forward amount when the pension input amount is known. A separate calculator has been created to work out the pension input amount when this isn't known. The calculator can be found at the HMRC website.
THE PENSIONS REGULATOR RECORD KEEPING REVIEW
1 March 2013
In 2010 The Pensions Regulator (TPR) published guidance on record-keeping. This included record-keeping targets for pension schemes in respect of ‘common’ data like member names, addresses and dates of birth.
The deadline for meeting these targets was 31 December 2012.
The TPR will select over 200 schemes for the review which will start in early March and will involve information being requested from the schemes about their record-keeping.
The schemes chosen will be a mixture of old, new, DB, DC, contract and trust-based schemes and contact will be made via the administrators, although trustees will be informed that the review is taking place. Being selected does not necessarily mean that TPR expect there to be problems with a scheme’s records. However, if they find breaches of legislation during the review they may consider taking enforcement action.
To ensure TPR has up-to-date contact information for your scheme, including the details of your chair of trustees and administrator, you can review your information via Exchange .
TPR OBJECTIVE WILL ALLOW EMPLOYERS TO CUT CONTRIBUTIONS
22 March 2013
The Pensions Regulator’s new objective to consider employers’ growth prospects is expected to allow struggling companies to cut back on contributions.
Reports Professional Pensions
Chancellor George Osborne announced in the Budget this week that TPR would be equipped with a fresh objective to consider the sustainable growth of employers, in a bid to free-up private sector investment that is being channelled into pension deficits.
Experts believe the move will ease funding pressure on sponsoring employers with defined benefit schemes by giving them a stronger hand in negotiations with trustees.
CIPP Policy News Journal
12/04/2013, Page 278 of 362
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