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.
connected parties and on commercial property rents, HMRC would expect the scheme administrator to obtain an independent valuation. Given the present situation, HMRC are content that any arm's length commercial decisions relating to registered pension schemes, including rent holidays, will not give rise to an unauthorised payment charge and can be agreed without independent valuations taking place.
APSS105 relief at source repayment claims: HMRC understands it may be
The Pension Protection Fund (PPF) has already begun to implement the Hampshire ruling
, making increase payments to pensioners whose benefits fell below 50% of the value of their accrued benefits because of a combination of the compensation cap and other factors.
Having already made these payments to all pensioners affected by the cap alone and who've sent the necessary information, the PPF is aiming to
to the majority of pensioners in this group by the end of September 2020.
The 'other factors' mentioned might include differences in the benefit structure or significantly higher annual increases under the former scheme, compared to the PPF's.
The PPF is also continuing to gather data for the members who were not capped, but are affected because of other factors.
Plan is still adequate. Administrators or service providers should be contacted to discover what contingency is in place to mitigate the impact of increases in work volumes or unavailable staff.
Trustees should make it clear which activities should be prioritised in the event of under-resourcing, such as pensioner payments, retirement processing and bereavement payments.
For trustees of defined benefit (DB)
With precious little disruption being wrought by COVID-19
at Aries Insight, we realise we're some of the lucky ones. With certainty thin on the ground, the Government has announced measures
to support the economy and various bodies in the pensions industry have been moved to make statements.
The Pensions Regulator (TPR) states it is engaging with the pensions industry to understand the pressure it faces from COVID-19 and to help minimise any