Atkin trustees, actuaries, consultants & administrators

Current Issues - March 2017

DWP Green Paper – No changes imminent: In its Green Paper entitled ‘Security and Sustainability in Defined Benefit Pension Schemes’, the DWP issued a host of questions concerning funding, benefits, corporate activity and consolidation of DB schemes. No definite proposals were put forward and the tone of the paper suggests that we perhaps should not expect too much in the way of change in the present Parliament. Responses to the Green Paper are required by 14 May 2017 and we will be submitting a formal response. If you would like us to make any points on your behalf then please contact us.

https://www.gov.uk/government/consultations/defined-benefit-pension-schemes-security-and-sustainability

The Budget – Some important news not related to Class 4 NICs: In order to discourage questionable transfers to overseas schemes, the Government has introduced a 25% charge for overseas transfers from 9 March. This will need to be deducted and paid by the Scheme and therefore you should check that your scheme administrators have updated their processes as appropriate.

Pension Scams – Further guidance for members and trustees: The Pensions Regulator has issued further help to pension scheme members and trustees to prevent them being the victim of scams. All are very helpful and can be found at: http://www.thepensionsregulator.gov.uk/individuals/ (pension scams link)

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We believe that Atkin & Co take the burden of administration away from the trustees and feel confident that the work is completed by competent and knowledgeable staff. We would recommend them as an excellent service provider.

Abigail Watts, Pitman Trustees