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The "higher revaluation percentage" figure corresponds to either the rise in prices or 5% pa compound, whichever is the lower, over the whole of each period of deferment. This is the minimum increase which must be applied for a preserved pension based on pensionable service carried out before 6 April 2009.
The Pensions Act 2008 reduced the 5% 'cap' to 2.5% compound per annum for pension based on service from 6 April 2009, though schemes may continue
Having previously endorsed work done
by the industry to develop an approach to simpler annual benefit statements, the Government has commenced a consultation
seeking views to achieve the goal of workplace pension benefit statements that are shorter, simpler and easy to understand.
The consultation is structured around several main issues:
- Seeking views and evidence on the
Slightly later than has become convention, HMRC has published Pension Schemes Newsletter 114
. It contains an update on progress exploring a number of pension tax issues arising from GMP equalisation
. HMRC has been focussing on trying to resolve tax issues using the existing pension tax legislation and supported by further guidance as appropriate. A complex piece of work then and HMRC acknowledges it may not be able to resolve all of the issues in this way. Indeed, it may need to consider some
In the meantime, work continues.
The Newsletter provides interesting statistics on pension scheme registration and on pension flexibility.
For the period 6 April 2019 to 30 September 2019, HMRC received 903 applications to register new pension schemes – slightly down on the same period last year. The application was refused for 11% of these, with 16% . . .
01 Nov 2019