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Oct 10, 2024 | 
lexology.com | Penny Cogher |Harriet Fletcher
Penny Cogher and Harriet Fletcher explain recent pensions law developments:Lifetime Allowance: HMRC has confirmed, in Newsletter 162, that some corrective regulations will be coming “as soon as Parliamentary time allows” to address some of the technical problems with the Finance Act 2024 which abolished the Lifetime Allowance. We understand that the Lifetime Allowance will not be re-introduced.
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Jul 25, 2024 | 
lexology.com | Penny Cogher
“I think Bacon J came to the right conclusion in her impressive judgment and would dismiss the appeal.”Today, in one sentence, Nugee LJ and his colleagues in the Court of Appeal, Asplin LJ and Jackson LJ have given pension lawyers a very big headache. This is one which has been brewing for a while but that the pensions industry had been hoping to avoid.
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Jul 17, 2024 | 
lexology.com | Harriet Fletcher |Penny Cogher
In a short and focussed 12-minute speech, revealing the Labour Government’s plan to introduce forty bills over the next year, the King said his government's legislative programme would be "mission-led" and based upon the principles of "security, fairness and opportunity for all".
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Jul 3, 2024 | 
lexology.com | Penny Cogher |Michael White |Harriet Fletcher
New announcement from The Pensions Ombudsman (TPO) reinforces the need for individuals and schemes to engage with IDRPs seriously. TPO has announced that it will no longer consider complaints through its Early Resolution Service where the matter has not gone through all stages of the pension scheme’s IDRP, effective later this year. BackgroundTPO continues to derive its principal powers by statute and, in particular, Part X of the Pension Schemes Act 1993.
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Jun 19, 2024 | 
lexology.com | Penny Cogher |Harriet Fletcher
Rishi Sunak’s General Election announcement on Wednesday 22 May left very little time for Parliamentary Business to be completed before Parliament dissolved and purdah started.
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Apr 21, 2024 | 
lexology.com | Penny Cogher |Michael White
The High Court’s decision in Farley v Paymaster (1836) Ltd [2024] EWHC 383 (KB) has struck out the majority of claims brought by 474 police officers against the administrators of their pension scheme. The claims related to breaches of the General Data Protection Regulation and the Data Protection Act 2018 after annual benefit statements were sent to out of date addresses. Only 14 individual claims were upheld. BackgroundThe scheme administrator posted the statements in August 2019.
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Mar 13, 2024 | 
lexology.com | Penny Cogher |Harriet Fletcher
Key pointsOn 15 March 2023 (Budget Day), the Government announced the abolition of the lifetime allowance from 6 April 2024 and as a precursor, the removal of the lifetime allowance tax charge from 6 April 2023 onwards. This has created two different pension tax regimes:The New Regime, created by Finance Act 2024 – for pension taxation events that occur from 6 April 2024.
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Mar 9, 2024 | 
lexology.com | Penny Cogher
Occupational pension schemesTypesWhat are the main types of private pensions and retirement plans that are provided to a broad base of employees? Plan types available in the UK are defined benefit, defined contribution, and hybrid plans (in which the ‘pension risk’ is more fairly shared between a plan’s employer and employees on a career average or cash balance basis). The same plan can have both defined benefit and defined contribution sections.
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Mar 7, 2024 | 
lexology.com | Penny Cogher |Harriet Fletcher
Yesterday I set out my initial post budget thoughts Budget 2024: UK Defined Contribution Pension Changes (irwinmitchell.com)Today, I am going to look at the key points from the Chancellor’s speech and the accompanying “Budget Documents”, conveniently listed at Spring Budget 2024 - GOV.UK (www.gov.uk)As my colleague, Martin Jenkins predicted in January Pensions Law: What’s on the horizon for 2024?
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Mar 6, 2024 | 
lexology.com | Penny Cogher
During his Budget speech today, the Chancellor followed up on the announcement he trailed over the weekend that UK Defined Contribution (DC) pension funds must disclose how much of their funds they invest in UK equities and expanded this requirement to local authority pension funds.
