21 October 2011 The Allen & Overy team (well, Däna Burstow and me) were in Manchester this week for the annual National Association of Pension Funds jamboree. Very impressive it was too – the greatest number of delegates, the most exhibitors and probably the highest calibre of speakers we have ever had at the NAPF. I’ve listened to Lord Hutton, Stephanie Flanders (Economics Editor of the BBC), Alistair Darling, László Andor (European Commissioner for Employment) and both the minister and shadow minister for Pensions. And there’s still Sir Matthew Pinsent to come! Read the rest of this entry »
Scheme pays: act now to avoid complaints later?
11 October 2011 Helen Powell
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’. Read the rest of this entry »
Do you know who your “statutory” employers are?
23 September 2011 Däna Burstow
If you are filling out your scheme return from November 2011 you will need to answer the question “who is your statutory employer?”
Pension estoppel claims – do they work?
30 August 2011 Gareth Soanes
Perceived wisdom dictates that so-called “estoppel” claims don’t work in a pensions context. Recent cases – both High Court and Pensions Ombudsman – do at least suggest though that, as is often the case, it is worth challenging perceived wisdom now and then. Read the rest of this entry »
Equalisation of guaranteed minimum pensions: a blessing or a curse?
24 August 2011 Jason Shaw
GMP equalisation has long been the ‘elephant in the room’. Whether guaranteed minimum pensions should be equal for men and women, when the State pension they replace is not, is an issue that has, for one reason or another, remained unresolved in the 20 years since the Barber decision. That, however, looks set to change. Following Angela Eagle’s announcement in January of last year, the DWP is expecting, probably this autumn, to publish new draft legislation on the issue of GMP equalisation.
