Pension news

Week ending 1 November 2019

Tax guidance on GMP equalisation

In the latest Pension Schemes Newsletter HMRC has said that it is aiming to publish high level guidance on tax issues arising from GMP equalisation in December 2019. This will cover:

  • lifetime allowance (LTA)
  • LTA protection regimes including enhanced, fixed, primary and individual protection
  • annual allowance.

However, in terms of serious ill-health lump sums, small pots and trivial commutation, HMRC is only promising a progress update in December.

Crucially, HMRC has indicated that December’s tax guidance will not cover those schemes who wish to tackle GMP equalisation by conversion. 

Dearth of deaths

The Continuous Mortality Investigation (CMI) has published its latest quarterly mortality figures for England and Wales which show that cumulative standardised mortality in 2019 is lower than in any of the last ten years. This reflects experience over the first 9 months of 2019, with just the critical final quarter to come.

Pension Schemes Bill dead

With Parliament being dissolved next week, the Pension Schemes Bill is now dead in the water. Due to its cross-party support, the Bill is likely to return but its content will depend on who forms the next Government.

Recent publications

News

15 November 2019

In the news this week, worrying results from pension scam research, a longevity swap conversion and CPI at its lowest level for nearly three years.

Arena

Pensions Arena October 2019

Despite the very different circumstances facing individual companies, bac‘s autumn 2019 survey reveals a surprisingly consistent picture of the actions which companies are finding most attractive to manage their DB and DC pension arrangements.

Case study

DB Governance Case Studies

As DB liabilities have become legacy issues to be managed, governance has become the umbrella term for a broad range of risk management tools. In this publication, we look at the DB governance solutions we have helped our clients to implement.

Technology

A match made in heaven?

As pension trustees and sponsors get serious about good governance, a key question is whether technology can play a meaningful role or is simply an expensive addition that looks good but adds little value?

Perspective

Advisers: Endgame

In this Pensions Perspective, Andrew Udale-Smith looks first at the different types of adviser review and when and how they might best be used. Then he focuses on how to design a smooth and efficient process for a full market tender.

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