Legislation for defined ambition (DA) pension schemes is expected to reach Parliament in 2015, allowing the necessary changes to take effect before contracting-out ends in 2016.
A consultation ‘Reshaping workplace pensions for future generations’ was published in November which looks to provide a way forward towards both reforming and reinvigorating workplace pensions. The Defined Ambition Industry Working Group was set up in the summer of 2012 to look at the market gap in relation to affordable pension guarantees and to provide the products consumers are seeking. Over the year this Group held extensive discussions with a wide range of providers and employers and the proposals contained within this consultation provide a way forward towards both reshaping and reinvigorating workplace pensions. They offer a range of new options that will be attractive to different employers and their employees – all part of a new framework that looks beyond the current regulatory extremes of defined benefit and defined contribution. According to a report by Professional Pensions a spokesman for the Department for Work and Pensions (DWP) said there was no firm timeline to publish a response to the consultation, but it will be made public “in due course" and “This will require some sort of legislative vehicle. We would be looking to see if this is in the Queens' Speech; if it is, we would expect this to be a bill in the next parliamentary session."
Countdown to end of Contracting-out
10 March 2014
HMRC has published the first in a series of bulletins to keep you updated about activities linked to the ending of contracting-out as a result of the introduction of Single-tier Pensions in April 2016. HMRC are still finalising their working assumptions and will use this series of bulletins to build up a comprehensive picture of how the changes will be implemented as the proposals on how to bring an end to contracting-out develop.
The following will be covered in this edition:
Background to the ending of contracting-out including an activity timeline The Scheme Reconciliation Service Scheme Contracted Out Number (SCON) Mandation Apparent Un-notified Terminations (AUTs).
Countdown Bulletin - Issue 1
Pensions Industry Stakeholder Forum
14 March 2014
HMRC has published the latest set of minutes from the Pensions Industry Stakeholder Forum.
This forum focuses on operational rather than policy issues and is the main route of engagement between HMRC and representative bodies.
The CIPP policy team sits at this forum and if you have any issues that you would like to put forward to the agenda of this forum, please email Samantha Mann .
CIPP Policy News Journal
08/04/2015, Page 370 of 521
Made with FlippingBook - Online magazine maker