Atkin trustees, actuaries, consultants & administrators

Current issues - February 2019

Greater powers for TPR – the Government’s view: The Government has proposed that TPR is given powers to enable it to be more proactive, obtain information more quickly, gain redress when things go wrong and deter/punish those who it believes have engaged in ‘reckless behaviour’. This includes a new criminal offence, punishable by an unlimited fine and/or up to 7 years’ in prison to deter and punish reckless behavior. Legislation will be required to make these changes and there is no confirmed timescale as yet.

Pension dashboards will be compulsory: The Pensions Minister has confirmed that pension schemes will have to provide data to enable the pension’s dashboard to operate. Data requirements and timescales for the introduction of the dashboard are not yet known but pension schemes should be prepared to deal with this additional requirement.

PPF levy deadlines are fast approaching: Asset-backed contribution certificates and scheme returns must be submitted by 31st March. Contingent asset documents must be delivered to the PPF by 1st April. Deficit reduction contribution certificates must be submitted by 30th April.

Is your DC scheme a Master Trust?: TPR has issued a warning to schemes providing DC benefits where there are a number of unconnected employers. Hybrid schemes or those with any form of DC underpin should take special care as the requirements on Master Trusts are onerous and there is no right to appeal.

Automatic Enrolment - Reminder: From 6th April, the overall minimum contributions will increase from 5% to 8% of qualifying earnings. Minimum employer contributions will rise from 2% to 3%.

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I have worked on a number of schemes with Atkin Trustees Limited and with Richard Bryant in particular. I found them to be a very organised team who focus on achieving practical and cost efficient solutions.

Michael M Jones, Partner, Charles Russell LLP