Atkin trustees, actuaries, consultants & administrators

Current Issues - February 2016

Reduction in Lifetime Allowance – New Protections: The standard Lifetime Allowance will reduce to £1million with effect from 6th April 2016 and members can apply for protection to retain access to existing allowances.

Incentive Exercises – Revised Code of Practice: The voluntary code of practice on incentive exercises, such as enhanced transfer values and pension increase exchanges, has been updated. The main differences are that advice or guidance is not required below a ‘Proportionality Threshold’ and the Code is not intended to apply to pension scheme’s that are winding-up.

Auto Enrolment and cessation of contracting out: If your scheme satisfies auto-enrolment requirements via accrual in a contracted-out DB scheme, you will need to check that your scheme continues to meet the requirements of the statutory ‘test scheme’ following the cessation of contracting out in April.

Pensions Flexibility Trends: FCA analysis of retirements from contract-based DC arrangements between July and September 2015 reveals that 68% of pensions were fully cashed-in and 13% were used to purchase an annuity. Of the pensions that were fully cashed in over the quarter, 88 per cent are ‘small pot’ pensions Perhaps, worryingly, many members appear to be making these decision without obtaining regulated advice

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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