Accounting for pensions New interpretation on balance sheets limits published
|
|
- Julius McDowell
- 5 years ago
- Views:
Transcription
1 5th July 2007 Issue No: 28 Pensions Bulletin Pensions Regulator Scheme funding guidance The Pensions Regulator (tpr) has published additional scheme funding guidance in the form of Q & A s based on actual queries tpr has received. Useful points of clarification include: Confirmation of best practice for the description of assumptions in the statement of funding principles; Confirmation that trustees can agree to different assumptions over the term of the schedule of contributions to those used for setting technical provisions, in respect of both the past service deficit and contributions for future accrual; Confirmation that the Regulator s view is that when the actuary certifies the technical provisions, the actuary is not certifying that the trustees have chosen the assumptions prudently. An outline of the considerations an actuary should take into account when certifying a schedule of contributions when the actuary has the power under the scheme rules to set the contribution rate; An example of where tpr would accept a deferral of the due date for a valuation if the trustees agreed the deferral with tpr in advance; A description of the requirements and timetable for agreeing contributions when a new defined benefit scheme is established; and Confirmation that the relevant accounts for scheme funding purposes means full audited accounts, an audited asset statement is not sufficient. Pension Protection Fund 7800 Index The Pension Protection Fund (PPF) has announced that it will publish the first PPF 7800 Index on Monday 9th July. The PPF 7800 index will provide monthly updates on the estimated funding positions of 7,800 defined benefit pension schemes against the cost of buying out their PPF liabilities with an insurance company. The PPF hopes the index will give the pensions industry a greater insight into the level of risk in the system. Highlights from the first PPF 7800 Index will be included in next week s bulletin. Accounting for pensions New interpretation on balance sheets limits published As anticipated in last week's pensions bulletin (See Pensions Bulletin 2007/27), the International Accounting Standards Board has formally published new rules governing how the international accounting standard for pensions, IAS19, is to be interpreted. This refers to the recognition of pension scheme surpluses in company accounts and the potential effect of "minimum funding requirements" on the pensions asset or liability in the accounts. The document, now titled "IFRIC Interpretation 14", is largely unchanged from the near final draft covered in last week's bulletin.
2 Local authority employment transfers DCLG pension protection direction The Secretary of State for the Department of Communities and Local Government (DCLG) has made a direction under section 101 of the Local Government Act 2003, "The Best Value Authorities Staff Transfers (Pensions) Direction 2007", which comes into effect on 1st October The direction will make it a statutory requirement for local authority employees, who are members of the Local Government Pension Scheme (LGPS) and whose employment transfers under an outsourcing contract, to be offered broadly comparable pension rights by their new employer. Up to now, while this has been best practice under DCLG guidance, it has not been a legal requirement. Comment Until now, the Government's "Fair Deal" guidance (which covers the pension rights of employees transferring under TUPE from public service employment either to the private sector or to non-profit organisations such as charities) has had no statutory backing. This has meant that there has been flexibility for public sector contracting authorities to agree not to apply the Fair Deal in circumstances where they believe it would be inappropriate. From 1st October 2007 this flexibility will no longer be available to local authority employers. Pensions Tax Simplification Newsletter 28 HM Revenue & Customs (HMRC) has published its 28th simplification newsletter. Many of the items have already been covered in recent Pensions Bulletins, but there are some other developments: Bridging Pensions transitional provision HMRC are aware that certain schemes that paid bridging pensions between the scheme retirement age and State pension age before 6th April 2006 in accordance with the pre A-Day rules are now in a position that if they reduce the bridging pension by the full amount permitted by scheme rules, the reduction would exceed that permitted by the new legislation and so create an unauthorised payments tax charge. HMRC intend to permit transitional relief via secondary legislation for cases where the member was entitled to the bridging pension on or before 2nd July However, bridging pensions coming into payment after 2nd July 2007 must only be reduced in accordance with the rules in Schedule 28, Finance Act 2004, to prevent unauthorised payment tax charges applying. The period for transitional protection has already run out, so schemes should immediately check that their rules and administrative processes do not fall foul of the Finance Act 2004 provisions if they wish to avoid unauthorised payment tax charges. Benefit re-design may be required. Non-cash benefits provided after retirement (including post-retirement medical cover) by employer financed retirement benefit schemes ( EFRBSs ) In the 2007 Budget HMRC had confirmed which non-cash benefits will not incur a tax charge when paid to retired former employees (see Pensions Bulletin 2007/12). HMRC have now confirmed how non-cash benefits provided by EFRBSs should be reported. Further, HMRC have stated that Benefits where the right to the continuing benefit arose on retirement before 6 April 1998 will not be subject to tax. This exclusion applies to benefits received where the right to the continuing benefit arose in connection with a retirement before 6 April 1998 and that right was chargeable to tax. Page 2
3 The responsible person for the EFRBS must send HMRC details of the relevant non-cash benefits (that are not exempt from tax) provided to recipients in the tax year ended 5th April This report must reach HMRC by 7th July The details to be reported to HMRC are: The name, address and national insurance number of the individual receiving the relevant benefit; and The nature and amount of the relevant benefit. Benefits that will not incur a tax charge, including continued provision by former employers of accommodation, recreational benefits and benefits first provided before 6th April 1998 do not have to be reported to HMRC. As there is no specific exemption it appears that post-retirement medical cover, if not in connection with a retirement before 6th April 1998, must be reported and taxed. Even if it were paid before 6th April 1998, it appears that only benefits arising on retirement that were chargeable to tax are now not liable to a tax charge no indication is given as to how HMRC intend this exemption to operate. Any employers who provide post-retirement medical cover who have not yet received legal and tax advice on this issue should do so as a matter of urgency. Annual Allowance test when a transfer is made to a Qualifying Recognised Overseas Pension Scheme (QROPS) HMRC have responded to industry concern regarding the inclusion of an amount transferred to a QROPS in the annual allowance test (see Pensions Bulletin 2007/20). The concern was that legislation required the value of a transfer made to a QROPS to be doublecounted in the closing value of the annual allowance test. HMRC have stated that their interpretation of the legislation is that, although both a transfer and a Benefit Crystallisation Event (8) are taking place, there is only one transaction and therefore the transfer only needs to be included in the closing value once. This is the common sense outcome that was hoped for. However, it is another example of the difficulties of operating under a codified pensions tax regime reliant on interpretation of legislation rather than the pre A-day discretionary tax regime. QROPS List HMRC has assured UK scheme administrators that they can rely on the published QROPS list as the basis of a defence against the imposition of a scheme sanction charge if a transfer is made to an overseas scheme which turns out not to be a genuine QROPS scheme. Provided the scheme administrator has carried out reasonable checks including checking the QROPS list no more than one day before the transfer is made - they should have just and reasonable grounds for asking HMRC to discharge their liability to a scheme sanction charge if it later transpires that the overseas scheme was not bona fide and is subsequently removed from the list. The UK Scheme Administrator should keep a note of the date on which they checked the list (and retain a copy of the overseas scheme s HMRC QROPS letter if this has also been obtained). Page 3
4 HMRC will delete a scheme s name from the list as a matter of urgency if it ceases to be a QROPS, and will now publish the QROPS list twice a month, where there are new QROPS that have been accepted since publication of the previous list. As a result of these changes, scheme administrators should only seek confirmation from HMRC regarding the status of a scheme on the QROPS list if there is reasonable doubt about the legitimacy of the scheme. Australian Pension Schemes and QROPS status As reported in Pensions Bulletin 2007/24, the way Australia taxes pensions has changed from 1st July Regulations have been put in place to ensure that Australian schemes can still qualify as QROPS. Registered Pension Scheme Return and new Scheme Administrators HMRC has clarified that when a registered pension scheme return is sent to a Scheme Administrator who is subsequently replaced by a new Scheme Administrator before the return is submitted, it is the new Scheme Administrator who is responsible for submitting the scheme return. New Pensions Reform Minister appointed Following the appointment of Peter Hain as Secretary of State for Work and Pensions last week (see Pensions Bulletin 2007/27) the wider ministerial team has been announced with Mike O Brien appointed as Minister of State for Pensions Reform. The Pensions Advisory Service - Annual report The Pensions Advisory Service (TPAS) has issued its annual report for the year 2006/07. As highlighted in its press release, the report shows an improvement in standards of administration in occupational pensions schemes (complaints down 12%) but highlights the lack of concern for the needs of the customer demonstrated by some insurance companies, particularly those closed to new business, in relation to personal pensions (complaints up by 43%). The report noted that poor complaint handling often became a bigger issue than the poor administration. Companies Act 2006 Commencement Order No. 3 The draft Companies Act 2006 (Commencement No. 3, Consequential Amendments, Transitional Provisions and Savings) Order 2007 have been laid before Parliament. Once finalised the regulations will bring into force many of the sections of the Companies Act 2006 with effect from a variety of dates (mostly late 2007), including sections 235 and 236 which relate to indemnity arrangements for directors of corporate trustees (see Pensions Bulletin 2006/50) with effect from 1st October Pan-European Pension Plans The members of the European Financial Services Round Table (EFR) have published a paper titled Pan- European Pension Plans, From Concept to Action (see also the Executive Summary). The paper explores the differences between national savings laws which affect the creation of a single market for private retirement savings and outlines how some of the obstacles could be overcome or accommodated within a set Page 4
5 of rules (or framework) to support the development of pan-european Pension Plans. The report hopes to encourage further research and debate amongst European institutions, Member States, industry and consumers. Pensions Regulator Reporting Breaches of the Law The Pensions Regulator ( tpr ) has completed its first review of its first Code of Practice, Reporting Breaches of the Law which was first published in April 2005 (see Pensions Bulletin 2005/16), and its accompanying guidance. After reviewing the code it was decided that no amendments were necessary, although tpr has made minor presentational updates to the guidance in response to new legislation, regulatory experiences and general feedback. The Pensions Institute Tax-Efficient Pension Choices in the UK The Pensions Institute has published a discussion paper titled Tax-Efficient Pension Choices in the UK. The paper compares the options available to retirees, particularly whether to annuitise, using stochastic modelling which allows for the UK s particular tax treatments. This Pensions Bulletin should not be relied upon for detailed advice or taken as an authoritative statement of the law. For further help, please contact David Everett at our London office or the partner who normally advises you. Lane Clark & Peacock LLP provides a full range of actuarial, consultancy, risk analysis and administration services to companies in the UK and internationally. LCP is part of the Alexander Forbes group of companies, employing over 4,000 people internationally. Alexander Forbes is a public company listed on the JSE in South Africa. 30 Old Burlington Street London W1S 3NN Tel: Fax: St Paul s House St Paul s Hill Winchester Hampshire SO22 5AB Tel: Fax: *PO Box 12 Suite 7, Pollet House St Peter Port Guernsey GY1 4AG Tel: Fax: *Oriel House York Lane, St Helier Jersey JE2 4YH Tel: Fax: LCP Belgium Marcel Thirylaan 200 Avenue Marcel Thiry 200 B Brussel Bruxelles, Belgium Tel: +32 (0) Fax: +32 (0) LCP Libera AG Stockerstrasse 34 Postfach 8022 Zürich, Switzerland Tel: +41 (0) Fax: +41 (0) LCP Libera AG Aeschengraben 10 Postfach 4010 Basel Switzerland Tel: +44 (0) Fax: +44(0) Actuarial Consultancy of the Year UK Pensions Awards 2005, 2006 & 2007 FT Business Pension and Investment Provider 2007 Investment Consultancy of the Year UK Pensions Awards 2007 FT Business Pension and Investment Provider 2007 All rights to this document are reserved to Lane Clark & Peacock LLP. This document may not be copied or used in anyway without prior permission from Lane Clark & Peacock LLP. LCP is a limited liability partnership registered in England and Wales with registered number OC LCP is a registered trademark in the UK (Regd. TM No ) and in the EU (Regd. TM No ). All partners are members of Lane Clark & Peacock LLP. A list of members names is available for inspection at 30 Old Burlington Street, W1S 3NN, the firm s principal place of business and registered office. The firm is regulated by the Institute of Actuaries in respect of a range of investment business activities. A member of the Multinational Group of Actuaries & Consultants Main offices in: AFRICA AUSTRALIA EUROPE NORTH AND CENTRAL AMERICA * No regulated business is carried out from these offices Page 5
BCE3 (the benefit crystallisation associated with proportionately large pension increases);
29th November 2007 Issue No: 49 Pensions Bulletin HMRC easement on forthcoming legislative changes HM Revenue & Customs (HMRC) have made a welcome announcement in advance of proposed legislative changes
More informationTransfer values Government consults on draft regulations
12th July 2007 Issue No: 29 Pensions Bulletin Transfer values Government consults on draft regulations Further to the consultation last summer (see Pensions Bulletin 2006/33) and the government s statement
More informationdetermine if these sources of funding could be used to increase assistance for affected scheme members; and
29th March 2007 Issue No: 14 Pensions Bulletin Financial Assistance Scheme Review of assets Following the Budget announcement last week of an expansion to the Financial Assistance Scheme (see Pensions
More informationActuarial profession issues warning on commutation factors
22nd February 2007 Issue No: 8 Pensions Bulletin Actuarial profession issues warning on commutation factors Amidst concern that, as a result of falling long-dated nominal and real interest rates and higher
More informationPensions Regulator Financial Support Directions Reasons published
28th June 2007 Issue No: 27 Pensions Bulletin All change at the Department for Work and Pensions Following Gordon Brown s ascent to the premiership, the two key holders of pensions posts within the Department
More informationPriority on wind-up Appeal Court rules on Barber windows
2nd August 2007 Issue No: 32 Pensions Bulletin Priority on wind-up Appeal Court rules on Barber windows In a case that is of potential great significance for under funded schemes that commenced winding
More informationAbolition of the transfer lump sum death benefit closing down a mechanism whereby ASP could be used for inter-generational capital transfers.
7th December 2006 Issue No: 49 Pensions Bulletin Pre-Budget Report Pensions aspects On 6th December 2006, Gordon Brown delivered his tenth Pre-Budget Report. It contains many changes to the pension tax
More informationTransfer values Government lays regulations for new trustee-driven regime
17th April 2008 Issue No: 17 Pensions Bulletin Transfer values Government lays regulations for new trustee-driven regime Regulations have been laid before Parliament that bring into force the new individual
More informationDeregulatory review of private pensions Government response
25th October 2007 Issue No: 44 Pensions Bulletin Deregulatory review of private pensions Government response The Government has issued a 50-page response to the Lewin and Sweeney Deregulatory review on
More informationWinding up Entitlement extends to those who can control steps to payment
14th February 2008 Issue No: 7 Pensions Bulletin Winding up Entitlement extends to those who can control steps to payment In a significant development linked to last year s Court of Appeal ruling in the
More informationFTSE 250 Executive Pensions Survey
Emergency Budget Special July 2010 FTSE 250 Executive Pensions Survey Executive pensions will be reshaped to prepare for April 2011 Key findings 33,000 The new pension tax payable every year before retirement
More informationPLANNING FOR PENSIONS AUTO-ENROLMENT AUGUST 2010 Employers will be required from October 2012 onwards to enrol the vast majority of their employees
PLANNING FOR PENSIONS AUTO-ENROLMENT AUGUST 2010 Employers will be required from October 2012 onwards to enrol the vast majority of their employees into a pension scheme of sufficient quality and to contribute
More informationPENSIONER BUY-IN MARKET MARCH 2011 The 2011 buy-in market - opportunities to reduce risk for UK pension plans of all sizes.
PENSIONER BUY-IN MARKET MARCH 2011 The 2011 buy-in market - opportunities to reduce risk for UK pension plans of all sizes. 2 LCP Pensioner buy-in market Find out more at www.lcp.uk.com LCP designed the
More informationPENSIONS ACT 2004 RESTRICTIONS ON LUMP SUM DEATH BENEFITS
Pensions Bulletin Number 2006/27 6th July 2006 PENSIONS ACT 2004 RESTRICTIONS ON LUMP SUM DEATH BENEFITS The Pensions Regulator has confirmed that occupational pension schemes may no longer be able to
More informationBudget 2014: radical changes to pensions (and not just DC)
Page 1 of 7 News Alert 2014/01 20 March 2014 Budget 2014: radical changes to pensions (and not just DC) At a glance On 19 March, the Chancellor announced a number of shock changes to pensions from April
More informationUK EVENTS SCHEDULE SEPTEMBER - DECEMBER Events that address and explain hot topics, key issues and the latest industry developments.
UK EVENTS SCHEDULE SEPTEMBER - DECEMBER 2010 Events that address and explain hot topics, key issues and the latest industry developments. LCP UK events schedule September - December 2010 Register online
More informationOur view on recent regulatory and legal developments for trustees of small self administered pension schemes.
LCP SSAS UPDATE NOVEMBER 2013 Our view on recent regulatory and legal developments for trustees of small self administered pension schemes. IN THIS UPDATE: We highlight the effect of changes to the Annual
More informationTUESDAY 28 SEPTEMBER 2010 THE INTERCONTINENTAL HOTEL, LONDON, UK. LCP Annual Pensions Conference 2010: delivering pensions in a new era of austerity.
TUESDAY 28 SEPTEMBER 2010 THE INTERCONTINENTAL HOTEL, LONDON, UK LCP Annual Pensions Conference 2010: delivering pensions in a new era of austerity. 2 LCP Annual Pensions Conference 2010 Find out more
More informationEnd of the waiting game
Page 1 of 6 CORPORATE UPDATE FOURTH QUARTER 2010 End of the waiting game benefit, relative to the system introduced from April 2006. Nevertheless, some change was inevitable, and the new regime is more
More informationThe Government has announced the contracting-out rebates to apply from 6th April A draft Order has been laid before Parliament confirming that:
Pensions Bulletin Number 2006/10 9th March 2006 CONTRACTING OUT REBATES FOR 2007 TO 2012 FINALISED The Government has announced the contracting-out rebates to apply from 6th April 2007. A draft Order has
More informationRestricting pensions tax relief for high income individuals
4th March 2010 Issue No: 9 Pensions Bulletin Restricting pensions tax relief for high income individuals Consultation has now closed on the Government s proposals on implementing its controversial plans
More informationA new age for accessing DC retirement savings moves a step closer
Page 1 of 7 News Alert 2014/07 23 July 2014 A new age for accessing DC retirement savings moves a step closer At a glance On 21 July 2014 the Government announced its main decisions following the March
More informationHigh Court forces resolution of the GMP inequality issue At a glance
Page 1 of 5 News Alert 2018/07 29 October 2018 High Court forces resolution of the GMP inequality issue At a glance On 26 October, in a ruling of momentous significance for all DB pension schemes contracted
More informationTUESDAY 6 SEPTEMBER 2011 THE INTERCONTINENTAL HOTEL, LONDON, UK LCP Annual Pensions Conference 2011: A pensions strategy for a new generation.
TUESDAY 6 SEPTEMBER 2011 THE INTERCONTINENTAL HOTEL, LONDON, UK LCP Annual Pensions Conference 2011: A pensions strategy for a new generation. LCP Annual Pensions Conference 2011 Find out more at www.lcp.uk.com/events
More informationPension Protection Fund sets out its 2015/16 levy proposals
Page 1 of 5 News Alert 2014/08 7 October 2014 Pension Protection Fund sets out its 2015/16 levy proposals At a glance The Pension Protection Fund (PPF) has formally set out its intentions for the 2015/16
More informationWEDNESDAY 6 NOVEMBER Delivering value to DC members.
LCP DEFINED CONTRIBUTION Conference WEDNESDAY 6 NOVEMBER 2013 LCP, 95 Wigmore Street, London W1U 1DQ, UK Delivering value to DC members. LCP Defined Contribution Conference 2013 Find out more at www.lcp.uk.com/events
More informationGet the best performance from your pensions accounting. Pensions accounting guide November 2017
Get the best performance from your pensions accounting Pensions accounting guide November 2017 Taking a proactive approach to your pensions accounting can improve your financial reporting benchmarks. Your
More informationDGFs / Multi Asset Strategies Still a Solution? Oliver Kelly LCP Ireland. IAPF Annual Investment Conference 2017
DGFs / Multi Asset Strategies Still a Solution? Oliver Kelly LCP Ireland Newtonian mechanics Special and General relativity Quantum mechanics Solutions evolve I would rather have questions that can't be
More informationThe actuarial profession has also published a briefing note on the subject.
Pensions Bulletin Number 2006/12 23rd March 2006 TRANSFER VALUES GOVERNMENT TO LEGISLATE The Government has announced that it will consult shortly on the way that transfer values are calculated. This follows
More informationPensions Bulletin 2014/44. Government moves to next stage in implementing better workplace pensions. Page 1 of October 2014
Page 1 of 10 io Pensions Bulletin 2014/44 23 October 2014 Government moves to next stage in implementing better workplace pensions The Department for Work and Pensions (DWP) has published another command
More informationWhat retirement options do DB schemes provide to members and how are they communicated? LCP DB member communication survey August 2017
What retirement options do DB schemes provide to members and how are they communicated? LCP DB member communication survey August 2017 1 LCP DB communication survey August 2017 Introduction Most members
More informationTaking stock: a pensions strategy for 2016 and beyond.
LCP ANNUAL PENSIONS CONFERENCE THURSDAY 19 SEPTEMBER 2013 THE INTERCONTINENTAL HOTEL, LONDON, UK Taking stock: a pensions strategy for 2016 and beyond. LCP Annual Pensions Conference 2013 Find out more
More informationTrustees and sponsors, especially those currently carrying out or approaching a valuation
Page 1 of 5 News Alert 2018/02 11 April 2018 The Pensions Regulator s annual funding statement 2018 At a glance The Pensions Regulator has issued its 2018 annual funding statement which sets out the Regulator
More informationThe Commission reiterated its belief in the need for an integrated package of reforms covering four key areas:
Pensions Bulletin Number 2006/14 6th April 2006 PENSIONS COMMISSION FINAL REPORT In its last act before disbanding, the Pensions Commission has published a third and final report responding to issues which
More informationLGPC Bulletin 119S October 2014
Local Government Pensions Committee Secretary, Jeff Houston LGPC Bulletin 119S October 2014 This month s summary Bulletin contains a number of general items of information. Please contact Mary Lambe with
More informationLGPC Bulletin 145 May 2016
= Local Government Pensions Committee Secretary, Jeff Houston LGPC Bulletin 145 May 2016 This month s Bulletin contains a number of general items of information. Please contact Con Hargrave with any comments
More informationPensions Bulletin. 24th July 2008 Issue No: 31. Pensions Regulator issues record-keeping consultation
24th July 2008 Issue No: 31 Pensions Bulletin Pensions Regulator issues record-keeping consultation The Pensions Regulator has launched a consultation on record-keeping requirements in work-based pension
More informationpensionwatch 1 pensionwatch
pensionwatch 1 pensionwatch FEBRUARY 2015 MCGRAW-HILL (UK) RETIREMENT BENEFITS PLAN (1973) NEWSLETTER pensionwatch 2 Welcome to pensionwatch As the recently appointed Chair of your pension Plan I am delighted
More informationMinisterial announcement on adjustment of benefits for unequal GMPs
4th February 2010 Issue No: 5 Pensions Bulletin Ministerial announcement on adjustment of benefits for unequal GMPs In a written statement to Parliament last week, Angela Eagle, the Minister of State for
More informationLGPC Bulletin 90 February 2012
Local Government Pensions Committee Secretary, Jeff Houston LGPC Bulletin 90 February 2012 This month s Bulletin contains a number of general items of information. Please contact Dave Friend with any comments
More informationWEDNESDAY 19 SEPTEMBER 2012 THE INTERCONTINENTAL HOTEL, LONDON, UK. A down-to-earth approach to pensions strategy.
LCP Annual Pensions Conference WEDNESDAY 19 SEPTEMBER 2012 THE INTERCONTINENTAL HOTEL, LONDON, UK A down-to-earth approach to pensions strategy. LCP Annual Pensions Conference 2012 Find out more at www.lcp.uk.com/events
More informationFinancial incentives to save for retirement DWP research
12th February 2009 Issue No: 6 Pensions Bulletin Financial incentives to save for retirement DWP research The Department for Work and Pensions (DWP) has published a research report which looks at the financial
More informationOverseas transfer charge
ADVISER FACTSHEET Tech Talk April 2017 Overseas transfer charge The introduction of the overseas transfer charge was announced in the recent Spring Budget. From 9 March 2017 transfers to qualifying recognised
More informationOverseas Transfer Charge (OTC)
Overseas Transfer Charge (OTC) The introduction of the overseas transfer charge was announced in the recent UK Budget. From 9 March 2017 transfers to qualifying recognised overseas pension schemes (QROPS)
More informationAre you aware of the latest market developments and regulations?
LCP EXPLAINS: Keeping on top of your LDI portfolio 1 TEST YOURSELF Are you prepared for cash calls? APRIL 2017 LCP EXPLAINS Keeping on top of your LDI portfolio Are you aware of the latest market developments
More informationReport on actuarial valuation as at 31 December Church Workers Pension Fund
Report on actuarial valuation as at 31 December 2016 Church Workers Pension Fund 3377205 Page 1 of 32 Church Workers Pension Fund Report on actuarial valuation as at 31 December 2016 As instructed, we
More informationLGPC Bulletin 64 November 2009
Local Government Pensions Committee Secretary, Terry Edwards LGPC Bulletin 64 November 2009 This month s Bulletin contains a number of general items of information. The consolidated LGPC guidance on transfers
More informationThe Chancellor s surprise pension announcements mean all employers must act now.
LCP CORPORATE PENSIONS UPDATE APRIL 2014 Including special Budget comment The Chancellor s surprise pension announcements mean all employers must act now. IN THIS ISSUE A special extended edition of the
More informationNew rules for pension transfer advice - how generous are transfer values?
New rules for pension transfer advice - how generous are transfer values? LCP survey of DB Transfer Value Comparators October 2018 In this survey + + What is the Transfer Value Comparator (TVC)? + + How
More informationThe 2018/19 Code of Practice on Local Authority Accounting in the United Kingdom
The 2018/19 Code of Practice on Local Authority Accounting in the United Kingdom Invitation to Comment code 2018/19 itc Invitation to Comment Introduction 1. Local authorities in the United Kingdom are
More informationSummer Budget 2015 the changes to the Lifetime and Annual Allowance, some of them immediate
Page 1 of 9 News Alert 2015/01 30 July 2015 this is an updated version of that issued on 10 July 2015 Summer Budget 2015 the changes to the Lifetime and Annual Allowance, some of them immediate At a glance
More informationA GUIDE TO RETIREMENT ANNUITY TRUST SCHEMES ( RATS ) IN GUERNSEY
A GUIDE TO RETIREMENT ANNUITY TRUST SCHEMES ( RATS ) IN GUERNSEY TABLE OF CONTENTS INTRODUCTION... 3 WHAT IS A RETIREMENT ANNUITY TRUST SCHEME?... 3 THE TRUSTEES... 4 APPROVAL... 4 CONTRIBUTIONS BY MEMBERS...
More informationEmployee Benefits News
Employee Benefits News October 2011 Employee Benefits News Executive remuneration: new consultations and revised ABI guidelines Consultation on enhanced disclosure and "say on pay" proposals The Business
More informationBRUSSELS, BELGIUM 22 SEPTEMBER 2004
WRITTEN STATEMENT OF SIR DAVID TWEEDIE CHAIRMAN, INTERNATIONAL ACCOUNTING STANDARDS BOARD, TO THE COMMITTEE ON ECONOMIC AND MONETARY AFFAIRS OF THE EUROPEAN PARLIAMENT BRUSSELS, BELGIUM 22 SEPTEMBER 2004
More informationThe Pensions (Automatic Enrolment) Regulations 2009 are scheduled to come into force from October 2012 and include the following:
19th March 2009 Issue No: 11 Pensions Bulletin Automatic enrolment Some detail now available The Department for Work and Pensions (DWP) has published a consultation document along with an impact assessment
More informationLCP FTSE 250 EXECUTIVE PENSIONS SURVEY 2012 Companies turn to a new, flexible form of executive pension compensation.
LCP FTSE 250 EXECUTIVE PENSIONS SURVEY 2012 Companies turn to a new, flexible form of executive pension compensation. 2 This document may be reproduced in whole or in part, provided prominent acknowledgement
More informationPENSION SCHEMES BILL
PENSION SCHEMES BILL EXPLANATORY NOTES INTRODUCTION 1. These explanatory notes relate to the Pension Schemes Bill as introduced in the House of Commons on 26 June 2014. They have been prepared by the Department
More informationEssential pensions news
Financial institutions Energy Infrastructure, mining and commodities Transport Technology and innovation Life sciences and healthcare Essential pensions news Updater February 2015 Contents 01 Charge capping:
More informationBENEFITS & COMPENSATION INTERNATIONAL TOTAL REMUNERATION AND PENSION INVESTMENT
BENEFITS & COMPENSATION INTERNATIONAL TOTAL REMUNERATION AND PENSION INVESTMENT Changes to pensions accounting issues for companies Colin Haines Colin Haines is a partner and consulting actuary in Lane
More informationLCP DC FEES SURVEY 2012 By providing more transparency on fees, our survey can help management, members and trustees improve DC fund growth,
LCP DC FEES SURVEY 12 By providing more transparency on fees, our survey can help management, members and trustees improve DC fund growth, resulting in larger pensions for members. 2 This first edition
More informationEssential pensions news
Financial institutions Energy Infrastructure, mining and commodities Transport Technology and innovation Life sciences and healthcare Essential pensions news Updater December 2013 Contents 01 TPR publishes
More informationThis circular should be brought to the attention of your fire authority, pension managers, and active members of the NFPS
The Chief Executives, Fife Council and Dumfries & Galloway Council Clerks to the Joint Boards Chief Fire Officers T=qïÉÉÇëáÇÉ=m~êâ= qïééçä~åâ= d~ä~ëüáéäë=qan=pqb= ÜííéWLLïïïKëéé~KÖçîKìâ= = qéäééüçåéw=mnuvs=uvpooq=
More informationPensions at the crossroads what direction will you take?
LCP ANNUAL PENSIONS CONFERENCE TUESDAY 16 SEPTEMBER 2014 LONDON HILTON ON PARK LANE, LONDON, UK Pensions at the crossroads what direction will you take? Pensions at the crossroads what direction will you
More informationFinance (No.2) Bill 2016/17
ADVISER FACTSHEET Tech Talk April 2017 Finance (No.2) Bill 2016/17 The Finance (No.2) Bill 2016/17 was introduced to Parliament on 14 March 2017. This bulletin provides a brief summary of the main pension
More informationAdmitted body status provisions in the Local Government Pension Scheme when services are transferred from a local authority or other scheme employer
Admitted body status provisions in the Local Government Pension Scheme when services are transferred from a local authority or other scheme employer www.communities.gov.uk community, opportunity, prosperity
More informationFollowing a record breaking year, 2015 gets off to a steady start.
LCP PENSIONS DE-RISKING QUARTERLY UPDATE Q2 2015 Following a record breaking year, 2015 gets off to a steady start. IN THIS ISSUE Welcome to LCP s review of the latest developments in the buy-in, buy-out
More informationKey features. Self Invested Personal Pension
Self Invested Personal Pension Key features The Financial Conduct Authority is the independent financial services regulator. It requires us, AJ Bell Management Limited, to give you this important information
More informationThe Gibraltar Financial Services Commission. Consultation Paper Regulation of personal pension schemes
The Gibraltar Financial Services Commission Consultation Paper Regulation of personal pension schemes Published: 4 June 2015 Table of Contents 1. Purpose 3 2. Executive Summary 4 2.1 Overall objectives
More informationLCP GUIDE TO THE NEW EUROPEAN PENSIONS DIRECTIVE DECEMBER 2016
LCP GUIDE TO THE NEW EUROPEAN PENSIONS DIRECTIVE DECEMBER 2016 The IORP II Directive has finally arrived and is intended to improve the way pension schemes are governed, encourage responsible investment
More informationLGPC Bulletin 179 December 2018
Local Government Pensions Committee Secretary, Lorraine Bennett LGPC Bulletin 179 December 2018 Please contact Lorraine Bennett with any comments on the contents of this bulletin or with suggestions for
More informationKey Points. Main sources. Overview
Key Points There are no statutory restrictions on membership of a UK pension scheme by persons who do not live or work in the United Kingdom. Restrictions on benefits accrued or provided under a registered
More informationTHURSDAY 5 FEBRUARY 2015 THE MAY FAIR HOTEL, London, W1J 8LT, UK. A new horizon for DC.
LCP DEFINED CONTRIBUTION Conference THURSDAY 5 FEBRUARY 2015 THE MAY FAIR HOTEL, London, W1J 8LT, UK A new horizon for DC. LCP Defined Contribution Conference 2015 Find out more at www.lcp.uk.com/events
More information2012 No. INCOME TAX. The Overseas Pension Schemes (Miscellaneous Amendments) Regulations 2012
STATUTORY INSTRUMENTS 2012 No. INCOME TAX The Overseas Pension Schemes (Miscellaneous Amendments) Regulations 2012 Made - - - - *** Laid before the House of Commons *** Coming into force - - 6th April
More informationpensionswatch A SUMMARY REPORT AND ACCOUNTS FOR THE MEMBERS OF ARMSTRONG PENSION SCHEME ("THE SCHEME")
LCP 2017 pensionswatch A SUMMARY REPORT AND ACCOUNTS FOR THE MEMBERS OF ARMSTRONG PENSION SCHEME ("THE SCHEME") DECEMBER 2017 Welcome Welcome to the latest edition of the Armstrong Pension Scheme newsletter.
More informationListing Rules a few tweaks around the edges
Listing Rules a few tweaks around the edges The FSA recently published a consultation paper proposing wide-ranging amendments to the Listing Rules. The proposed changes impact on several areas including
More informationAs a trustee, it is vital you are up to date and fully understand how legislative and regulatory issues impact your scheme.
As a trustee, it is vital you are up to date and fully understand how legislative and regulatory issues impact your scheme. LCP Trustee Training Courses 2018 GILBERT STREET 2 To Register www.lcp.uk.com/events
More informationEXPLANATORY MEMORANDUM TO THE LOCAL GOVERNMENT PENSION SCHEME (AMENDMENT) REGULATIONS No. 493
EXPLANATORY MEMORANDUM TO THE LOCAL GOVERNMENT PENSION SCHEME (AMENDMENT) REGULATIONS 2018 1. Introduction 2018 No. 493 1.1 This explanatory memorandum has been prepared by the Ministry of Housing, Communities
More informationEXPLANATORY CIRCULAR
EXPLANATORY CIRCULAR RELATING TO A PROPOSED TRANSFER OF GENERAL INSURANCE BUSINESS by FIDELIS UNDERWRITING LIMITED (FUL) to FIDELIS RISK IRELAND DAC (FRID) UNDER PART VII OF THE FINANCIAL SERVICES AND
More informationCONTENTS. Introduction: BREXIT: THE IMPLICATIONS FOR UK PENSIONS 1
CONTENTS Introduction: BREXIT: THE IMPLICATIONS FOR UK PENSIONS 1 Statement from the Pensions Regulator 1 Legislative Change 2 Reliance on European Court Judgments 2 Other Implications for Pensions 2 Section
More informationLGPC Bulletin 116S June 2014
Local Government Pensions Committee Secretary, Jeff Houston LGPC Bulletin 116S June 2014 This month s summary Bulletin contains a number of general items of information. Please contact Mary Lambe with
More informationLCP Annual Pensions Conference Tuesday 28 September 2010 Delivering pensions in a new era of austerity
LCP Annual Pensions Conference Tuesday 28 September 2010 Delivering pensions in a new era of austerity Lane Clark & Peacock LLP Trustee Consulting Investment Consulting Corporate Consulting Insurance Consulting
More informationLocal Government pensions a glance
22 June 2009 Local Government pensions reforms @ a glance is a free monthly publication from the Pinsent Masons Pensions Group. It is a quick reference guide giving you the latest position on the main
More informationAlternative Investment Fund Managers Directive Fund 3.2.2R Disclosures. GCP Infrastructure Investments Limited (the "Company")
Alternative Investment Fund Managers Directive Fund 3.2.2R Disclosures GCP Infrastructure Investments Limited (the "Company") The Company is an alternative investment fund for the purposes of Directive
More informationInvestment funds are lacking independent governance. LCP fund governance survey report May 2017
Investment funds are lacking independent governance LCP fund governance survey report May 2017 1 LCP fund governance survey May 2017 Introduction - why fund governance matters When deciding which companies
More informationJOHN LAING INFRASTRUCTURE FUND LIMITED (Incorporated in Guernsey with registered number 52256)
THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt about the action to be taken, you are recommended to seek immediately your own personal financial advice from an
More informationPension Protection Fund announces 2009/10 levy proposals
2nd October 2008 Issue No: 41 Pensions Bulletin Pension Protection Fund 2008/09 invoices issued The Pension Protection Fund (PPF) has announced that schemes will be receiving their 2008/09 pension protection
More informationLGPC Bulletin 86 October 2011
Local Government Pensions Committee Secretary, Terry Edwards LGPC Bulletin 86 October 2011 This month s Bulletin contains a number of general items of information. Please contact Dave Friend with any comments
More informationPCAOB RELEASE (RULE 4003) of 4 December 2008
KPMG LLP Tel +44 (0) 20 7311 1316 8 Salisbury Square Fax +44 (0) 20 7311 4242 London EC4Y 8BB DX 38050 Blackfriars United Kingdom Office of the Secretary PCAOB 1666 K Street, N.W., Washington, DC 2006
More informationGet a head start with us this summer
Get a head start with us this summer Summer Internship opportunities at LCP Pensions Actuarial Investment Insurance Business Analytics and Financial Modelling Your future starts here. Studying at university
More informationElite Retirement Account
Elite Retirement Account DATED DATED 23 SEPTEMBER 22 JULY 20142008 governing the Elite Retirement Account CONTENTS 1. TRUST 2 2. MEMBERS OF THE SCHEME 2 3. ELITE MEMBERS 2 4. SIMPLE MEMBERS 3 5. INVESTMENT
More informationAdmitted Body Guidance
Admitted Body Guidance A guide for employers and prospective employers involved in obtaining admitted body status within the Local Government Pension Fund Dated July 2015 1 CONTENTS INTRODUCTION... 3 TYPES
More informationProspective LGPS Employer
Prospective LGPS Employer Local Government Pension Scheme A Guide for Prospective Scheme Employers Issue 3 : December 2017 Copyright Norfolk Pension Fund 2017 http://portal.norfolkpensionfund.org Contents
More informationDAIRY CREST GROUP PENSION FUND
DAIRY CREST GROUP PENSION FUND CONTENTS Introduction by the Chairman 3 Trustee Board 5 Trustee Advisers 6 Financial Information 6 Fund Membership 8 Actuarial Valuation 8 Record Keeping & Pension Increases
More informationKey Features. IWeb Share Dealing Self Invested Personal Pension
Key Features IWeb Share Dealing Self Invested Personal Pension The Financial Conduct Authority is the independent financial services regulator. It requires us, A J Bell Management Limited, to give you
More informationKey Features. Halifax Share Dealing Self Invested Personal Pension. the people who give you extra
Key Features Halifax Share Dealing Self Invested Personal Pension the people who give you extra The Financial Conduct Authority is the independent financial services regulator. It requires us, AJ Bell
More informationINFORMATION NOTE FOR TRUSTEES ON THEIR SERVICE PROVIDERS & ADVISERS
INFORMATION NOTE FOR TRUSTEES ON THEIR SERVICE PROVIDERS & ADVISERS 1. About this information note 2. Trustees relationship with Advisers and Service Providers 3. Trustees responsibility for delegated
More informationQ&A for LGPS Pension Funds Version issue date 10 July 2015
Q&A for LGPS Pension Funds Version 1.1 - issue date 10 July 2015 Transfers from the LGPS to Defined Contribution Schemes from 6 April 2015 Introduction The 2014 Budget announced reforms to workplace pensions
More informationPensions monthly update keeping you on track
Pensions monthly update keeping you on track December 2013 Pension briefing HIGHLIGHTS Hogan Lovells pension group is delighted to send you our news Alerter for December, setting out developments over
More informationIMG case reveals elephant traps when closing to future accrual?
19th November 2009 Issue No: 47 Pensions Bulletin IMG case reveals elephant traps when closing to future accrual? A High Court ruling concerning a pension scheme which in the early 1990s attempted to convert
More informationGCP INFRASTRUCTURE INVESTMENTS LIMITED
THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt as to the contents of this document or the action that you should take, you are advised to consult your appropriate
More information