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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Working as a graduate for an intimate company like Atkin & Co has provided me with the opportunity to apply my numerate skills in a practical way, the confidence to develop my own techniques to tackle challenges and the skills to communicate with a wide range of people from Senior Directors to members of pension schemes. Atkin & Co is certainly a company that I hope to achieve great success with.

Graduate Trainee, Atkin & Co