Welcome to the October 2016 issue of Compass

20 October 2016

The October 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.

A consultation has been published by the Government looking at potentially changing the definition of financial advice so that the concept of advice is restricted to instances where a specific product recommendation is made. If the definition is relaxed then this may lead to guidance becoming more easily accessible for pension scheme members.

Next we consider the consultation on HMRC’s requirements for advice in respect of safeguarded pension benefits when a member is looking to transfer them overseas. We also take a look at the impact of tax rule changes brought in by the Finance Act 2016 and HMRC’s latest newsletter which includes details on its Annual Allowance calculators.

In our review of recent court cases, we cover three cases which could have a significant impact on their respective areas:

Horton v Henry – Appeal court decision on whether a trustee in bankruptcy can access pension benefits.
British Gas Trading Ltd v Lock – Appeal court judgment on whether results based commission should be included within holiday pay.
Sippchoice v HMRC – Appeal against a tax tribunal’s decision to prevent HMRC imposing tax charges against the scheme administrator where a pension scam was uncovered.

Elsewhere in Compass we cover:

•The FCA consultation on transaction cost disclosure in workplace pensions
•A summary of our comments to the Pensions Authority (Ireland) reform and simplification consultation
•An update on recent TPR updates
•A PPF consultation on levy changes for 2017/18

Next month’s edition of Compass will include commentary on the Autumn Statement 2016 which will be delivered on 23 November.

If you have any questions regarding the topics covered, please email:  cebtechnicalteam@capita.co.uk

Compass October Issue 2016

The October 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.

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