Atkin trustees, actuaries, consultants & administrators

Current Issues - November 2017

Scheme Return – New requirements for 2018: TPR has confirmed that they will be asking schemes to confirm when common and conditional data were last reviewed as part of the Scheme Returns to be submitted early next year. Trustees will also need to confirm what the ‘data scores’ were. Where tPR have concerns about their data targets being met they may choose to engage with the Trustees. Therefore it will be sensible to review, with your advisors, when data issues were last discussed and whether work needs to be carried prior to the Scheme Return falling due. In particular, schemes may want to check what has been done with their conditional data, which may have not been reviewed previously.

PPF Levy – Easier for small schemes to certify Deficit Reduction Contributions (“DRCs”): The PPF has confirmed that closed schemes with liabilities below £10million can base DRCs on their Recovery Plan. Schemes will not have to get the Scheme Actuary to certify the value of DRCs unless it is for more than £1million.

Reclaiming VAT on pension costs – As you were!: HMRC has stated that pension schemes and sponsors can continue with their existing methods of reclaiming VAT.

Budget 2017 – Quiet on the Pensions Front: The Chancellor did not announce any major proposals for pensions.

Bank of England raise interest rates 0.5%: This is only a reversal of the cut made last year to reduce the risk of recession resulting from Brexit vote. Rates are still expected to remain at very low levels for the immediate future.

 

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Atkin & Co have acted as our Pension Scheme advisors and Actuaries for over 5 years. We consider them to be extremely experienced and knowledgeable in the field of pensions and in our view are one of very few pensions specialists in the UK that can understand the the intricate workings of the more complex pension schemes. They have done some excellent work for us in connection with our pension scheme over the years.

Andrew, Independent Trustee Client