1. PENSION INPUT PERIODS - The opportunity for trustees to nominate a PIP retrospectively will disappear when the Finance Bill 2011 has effect. Failure to make any nomination may lead to some members being affected by the lower Annual Allowance earlier than expected and could lead to future administrative complications. Trustees should assess the merits or otherwise of making a retrospective nomination.
2. HUTTON REPORT BACKED BY GOVERNMENT - The 2011 Budget confirmed that Lord Hutton’s recommendations regarding the reform of public sector pensions will form the basis of Government consultation with public sector workers, trades unions and others. The recommendations included a move to a CARE structure for future service, and increases in Normal Pension Age. The Government’s proposals will be published in the Autumn.
Continued in full article.