It sounded like a simple enough idea in principle: the new, lower, annual allowance for pension saving could lead to hefty tax charges for some members – substantially in excess of their actual income for the year – relating to increases in pension benefits which won’t translate into cash in hand for years or possibly decades to come. Some members might not be able to pay that tax bill, so the neat solution devised by the Treasury was to allow members to require their pension scheme to meet the annual allowance tax charge instead of paying it personally, with a corresponding deduction from pension – the facility known as ’scheme pays’. (more…)
Archive for the ‘Trustees’ Category
Scheme pays: act now to avoid complaints later?
Tuesday, 11 October 2011Do you know who your “statutory” employers are?
Friday, 23 September 2011If you are filling out your scheme return from November 2011 you will need to answer the question “who is your statutory employer?”
Is a corporate pension scheme trustee a commercial organisation for the purpose of the Bribery Act 2010?
Wednesday, 22 June 2011Last week Stephen looked at whether he could still take his pension trustee clients to Wimbledon as a result of the Bribery Act 2010 ( The Bribery Act 2010: can I still take my pension trustee clients to Wimbledon?!). However, there’s another aspect of the new Act that interests me and that’s the “section 7 offence” that catches commercial organisations who fail to prevent bribery by those associated with them. If a corporate pension scheme trustee is deemed to be a commercial organisation then it would also need to be concerned about the activities of those performing services for or on its behalf (such as investment managers, custodians, administrators etc). (more…)
The Bribery Act 2010: can I still take my pension trustee clients to Wimbledon?!
Friday, 17 June 2011The Bribery Act 2010 bites from 1 July 2011. Wimbledon’s 20 June to 3 July – so as long as it’s not the semis or finals I’ll definitely be fine – phew. But would I actually be in trouble for the semis/finals? – “You cannot be serious?!” (à la Mr McEnroe) I hear you say. Well you’re right, because fortunately Ken Clarke explicitly stated “Rest assured – no one wants to stop firms getting to know their clients by taking them to events like Wimbledon” in the Ministry of Justice’s Bribery Act guidance – Ken’s clearly a tennis fan as well – good lad. So what’s the deal with the Bribery Act then for pension scheme trustees? In short – it’s all about internal controls and keeping registers…
When is a decision not a decision?
Friday, 25 March 2011When it’s ajar… errr. Anyway, moving on to pensions law – when can trustees’ decisions be set aside? I’m talking about the so-called rule in Hastings Bass, which we now know isn’t the rule in Hastings Bass at all ….
