Atkin trustees, actuaries, consultants & administrators

Current Issues - July 2018

TPR hits Trustees with £25,000 fine: Although this was applied in unusual circumstances (failure to complete the 2012 and 2015 actuarial valuations), TPR has said they “are monitoring valuation due dates more regularly and this fine shows we will take tough action sooner to put things right where breaches occur.” This follows a pattern of the TPR taking a stronger line over governance, particularly in the case of smaller schemes.

Pension Tax Relief – Government to review: Another attempt to kick start a review of how tax relief is applied to pensions, however given the significant of the numbers involved and the potential political fall out, the suspicion has to be that, if any changes are made, they will be a long time in coming. Although, saying that, the introduction of freedom and choice to DC schemes came out of nowhere.

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Special mention must go to the team who have an infectious enthusiasm for getting the job done; without exception. All are flexible, approachable and their almost tangible motivation means much pride is obviously taken in everything done. It is this attention to detail that has helped further reduce costs and burden and brought about increased levels of efficiency that no tender could establish.

Lee, Administration and Actuarial client