Welcome to the March 2017 issue of Compass
The Chancellor, Philip Hammond, delivered his first Spring Budget speech on 8 March 2017. There were few major surprises affecting employee benefits as the majority of announcements were made in the Autumn Statement last November.
The one announcement that did come out of the blue was the introduction of the overseas transfer charge which will apply to a saver’s pension benefits when they are transferred outside of the UK in specific circumstances. However, where savers are transferring benefits to a country in which they are resident then the charge is unlikely to apply. Whilst unexpected, this change comes off the back of previously announced changes to tighten up the overseas pension regime.
Other than the Spring Budget, it has been a busy month as various bodies have published consultation responses on topics including the Money Purchase Annual Allowance, the definition of financial advice, GMP Equalisation and FCA handbook changes for LISA.
The Pensions Regulator (TPR) has taken the opportunity to emphasise their preference that Master Trusts have obtained master trust assurance when they come to apply for authorisation in 2018 once the provisions of the Pension Schemes Bill, currently before Parliament, come into force. This is in keeping with the Regulator’s aim of protecting pension savers and building confidence in the pensions industry.
Elsewhere in Compass we cover:
Updates from the FCA and TPR on pension scam activity
Amendments to the PPF compensation cap to account for long service
An update on the case of British Gas v Lock – holiday pay for results-based commission
Opportunities for tax advantages where savers are looking at accessing regulated financial advice
Changes to the general levy and the PPF levy for schemes with no substantive sponsor
If you have any questions regarding the topics covered, please email: firstname.lastname@example.org.
Compass March Issue 2017
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.Read more