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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We should like to record our complete satisfaction when working with Atkin & Co. We have always relied on your sound advice and found working together has been a partnership which we have greatly enjoyed. Your staff are friendly, efficient and do an excellent job. Contact with you is dealt with promptly and courteously with the minimum of fuss, work is always expertly and professionally completed and we are very pleased with the result.

Reg, Independent Trustee client