Atkin trustees, actuaries, consultants & administrators

Current issues - November 2019

TPR General Levy – Increases due: The DWP is consulting on various options to increase the general levy charged to occupational pension schemes. For most schemes this is the lower of the two levies they receive during the year and the expectation is that will be higher from 2020.

GMP Equalisation – HRMC Update: HMRC aims to publish guidance specific to GMP equalisation on the tax issues for ‘dual-record’ methods of equalisation only. They have stated that the tax issues related to GMP conversion are proving to be more complicated and that they continue to explore these.

General Election – Impact on legislation: The dissolution of Parliament meant that the Pensions Schemes Bill was dropped. It is likely to return at some point after the election as it seemed to have cross-party support although I imagine that the new Government will have other priorities for 2020.

TPR Guidance on ‘Employer Events’: TPR has issued guidance for trustees in communicating with members when there are certain employer events that may cause concern to members. TPR expects trustees to have risk management controls in place to identify the employer events that could adversely impact on members’ benefits and refers to the need for communication, record-keeping and information sharing. In light of this, it would be sensible for Trustees to discuss with the Company how they can be notified of these events ahead of time to ensure that they can take appropriate actions.

 
 

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It is always a pleasure to deal with Atkin Trustees. They have a professional team that has a good grasp of the practical aspects as well as the theoretical. We look forward to continuing to work with them in the future.

Alex McGill, Blake Lapthorn