Atkin trustees, actuaries, consultants & administrators

Current issues - March 2020

COVID-19 – TPR Statement:  TPR expects trustees to have appropriate monitoring  and contingency planning in place, and to have a ‘business continuity plan’ to ensure the operations of the scheme are not compromised.   TPR will be setting out its position for March and April 2020 valuations in their annual funding statement, which is due to be published after Easter.  Given the volatility in markets, Trustees may also want to consider the timing of a March/April valuation and whether it is still appropriate to issue transfer values. 

Budget 2020:  The Budget was light on pensions announcements, but those of note include an increase in the  threshold for the Tapered Annual Allowance (TAA).  This maintains the Annual Allowance at £40,000 for those earning up to £190,000 and will help many high earners, particularly NHS staff. Unfortunately for those earning above £300,000 the annual allowance reduces from £10,000 to £4,000.

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