Atkin trustees, actuaries, consultants & administrators

Current issues - January 2016

Increase in pension schemes affected by fraud: RSM have found that over 33% of pension schemes were hit by fraud over 2015 - more than double that in 2014. This highlights the importance of regularly reviewing procedures for preventing fraud.

High Court to rule on suspicious transfer: This may provide a decision that is helpful to schemes in dealing with ‘suspicious transfers’ in the future.

The End of Contracting-out: Only 2 months to go before ability to contract out ends and to register for HMRC’s Scheme Reconciliation Service.

PPF Levy 2016/17: The PPF expects the 2016/17 total levy to be 3% lower than the previous year although this will manifest itself differently depending on the circumstances of each scheme. Some adjustments that may impact insolvency risk include the ability to submit accounts for prior years, mortgage exclusion certifications will be automatically carried forward (except those on grounds of immateriality which still need to be submitted annually).

Pensions and Scottish Income Tax!: Although the Scottish Parliament now has the power to set their own rate of income tax, they have elected to mirror that of the rest of the UK – at least for now.

Integrated Risk Management: TPR has issued new guidance on what IRM may look like which represents an opportunity to reassess your pension schemes risks and formalise your risk management approach.

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We have worked with Atkin Trustees for many years on a wide range of cases and issues. They adopt a sensibly practical approach to trusteeship, focusing on outcomes for members. They’re also a nice bunch of people to work with.

Philip W Sutton, Partner, Squire Sanders (UK) LLP