Atkin trustees, actuaries, consultants & administrators

Current Issues - March 2016

The Budget: After much speculation about another potential pensions bombshell there was nothing in the Budget about big changes to pension tax relief. Commentators have speculated that the Government did not want to detract from the focus on the EU referendum or open up further divisions.

However, the Chancellor obviously has not given up on the idea of significant changes to the pensions tax regime in the future as indicated by the introduction of a new Lifetime ISA for the under 40s.

A boost for pensioner scammers?: In a ruling that will effectively undermine efforts of Trustees and administrators to protect members from pension liberation scams, the High Court said that it was sufficient to have earnings from any source in order to qualify for a statutory transfer.

Corporate Trustees: With effect from 6th April 2016, corporate Trustees must set up a ‘persons with significant control’ (PSC) register which will need to be provided to Companies House as part of the annual ‘Confirmation Statement’.

Sale of annuities: The Government has announced that tax restrictions on selling annuities will be removed from 6th April 2017. This will open up an option for pensioners with annuity contracts to assign future income streams to a third party in return for a taxable lump-sum.

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