Atkin trustees, actuaries, consultants & administrators

Current Issues - June 2015

TPR Annual Funding Statement 2015: a summary of our thoughts on the 2015 funding statement and a bit of detail as to how the Pension Regulator intends to review schemes' funding arrangements in the current environment.

Repayment of scheme surplus: although a scheme surplus may seem a long way off, do not get caught out - if the Rules allow the surplus to be distributed to the employer you will need to pass a resolution (including giving the members' and employer 3 months’ notice) to retain this power.

PPF and last man standing schemes: to be taken into account for PPF levy purposes you will need to obtain legal advice that the Rules do not contain a requirement or discretion to segregate the scheme if one of the employers leaves.

Transfers to overseas pension schemes: can only be to a QROPS, however being on the HMRC list of QROPS is not enough so extra care should be taken

GMP reconciliation: HMRC have confirmed that they will not be extending their deadline from April 2016, so if you have not already started this process it would be sensible to do so.

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With our previous advisors we very rarely went to them for consultation advice, as we had little faith in them. We tended to use solicitors, and to that extent the cost to the Company has been significantly reduced, and we are very happy with Atkin & Co’s approach and guidance here. We are all more than happy with our move to Atkin & Co.

Paul, Administration and Actuarial client