Welcome to the March 2016 issue of Compass
The March edition of our online monthly publication, Compass, is now available. Compass provides commentary and analysis of recent legislative and regulatory developments affecting pensions and employee benefits.
Welcome to the March 2016 edition of Compass.
The Chancellor George Osborne delivered his Budget on Wednesday 16 March 2016. Despite earlier speculation of changes to pensions tax relief, this did not materialise. However, the Budget was not uneventful from a long-term saving perspective. The Chancellor did announce the introduction of a new Lifetime ISA from 6 April 2017 for savers under the age of 40. This edition of Compass explores this announcement plus other relevant employee benefits issues, including changes to public sector pension discount rates, the planned restructure of public-service financial guidance providers (including TPAS and Pensions Wise) and the promise of the introduction of a pensions dashboard. In the long term it remains to be seen how the introduction of the new Lifetime ISA will interact with the existing pensions framework.
With just three weeks to go now until the cessation of contracting-out, we look at the latest key developments affecting schemes which are, or have previously been, contracted out on a defined benefit basis, including an update on GMP rectification exercises.
The Government has also published a response to the consultation on changes to various sets of regulations designed to ensure that the pension flexibilities introduced in April 2015 work as intended. These legislative changes will come into force on 6 April 2016.
In an important development on statutory transfer rights, the High Court has ruled that trustees do not have the power to block transfers to occupational pension schemes just because the member is not in receipt of ‘earnings’ from an employer connected to the proposed receiving scheme.
Elsewhere in Compass we cover:
- Banning member-borne commission.
- A new State Pension Age review and the results of a retirement income review commissioned by the Labour Party.
- Automatic Enrolment easements which come into effect from 6 April 2016.
- Calls from the Office of Tax Simplification for closer alignment of Income Tax and National Insurance.
- The latest on Public Sector Exit Payments Reform.
This month’s articles may be viewed from the list on the left side of this page.
If you have any questions regarding the topics covered, please email: firstname.lastname@example.org
Compass March Issue 2016
The March edition of our online monthly publication, Compass, is now available. Compass provides commentary and analysis of recent legislative and regulatory developments affecting pensions and employee benefits.Continue to all articles
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