Aries monitors every development in new and proposed legislation and official guidance. Clients are kept up to date via the website, email alerts and tweets. Aries serves as a one-stop source of intelligence on everything that is going on and coming up. Aries doesn't miss anything of significance.
Here is a selection from our most recent headlines. You can get the fuller details by sending us an email - just click here to fire one off.
Pensions Minister Guy Opperman this autumn
promised a formal consultation on Collective Defined Contribution (CDC), and so it has come to pass with an announcement
in the House of Commons. The DWP-led consultation paper
has been published online
and runs until 16 January 2019. It sets out the Government's vision for this new form of occupational pension scheme: policy intention then rather than draft legislation.
This does not herald an alteration of
illegal and encouraging people to put the phone down if they believe they are receiving an illegal pensions cold call.
A number of respondents suggested the ban should have a wider scope, covering cold calls related to retail investments and saving. The Government does not consider this to be proportionate at the moment. However, the ban will apply if pensions are discussed, whether or not pensions is the primary purpose of the cold call.
Following on from its promise to consider the CJEU ruling
in the Hampshire
case, the Pensions Protection Fund (PPF) has now released a statement
on how the ruling will be implemented.
The ruling states that pension scheme members should receive at least 50% of the value of their accrued old age benefits if their employer becomes insolvent. This affects a small number of PPF and Financial Assistance Scheme (FAS) members who are currently receiving
Not wanting to steal the Budget thunder
, HMRC has today published Pension Schemes Newsletter 104
. It reiterates the Budget announcement that the standard lifetime allowance for 2019/20 will be £ 1,055,000
, although we await regulations (FA 2004 s.218 (2D)
The PSN heralds the publication of official statistics on flexible payments from pensions for the period 1 July 2018 to 30 September 2018. In advance, HMRC notes that in this quarter alone it has
processed: 10,580 P55 forms; 5,604 P53Z forms; and 2,169 P50Z forms. The total value of overpaid tax repaid was £38,252,931.
There are also statistics on applications to register new pension schemes from 6 April 2018 to 30 September 2018: 923 total applications, 21% down on the same period last year. More than half of those applications remain outstanding; 8% of those considered have been refused. HMRC reminds scheme administrators to