Pensions Review

    View Author June 2011
    Trustees of pension plans need to consider whether to make a retrospective nomination for their Pension Input Period (PIP) before the opportunity is lost.

    HMRC has recently indicated that pension plan trustees can retrospectively change Pension Input Periods up until the point that the Finance Bill 2011 receives Royal Assent (which is expected in July). After that it will only be possible to change the position prospectively. If your pension plan has not previously nominated a PIP you need to urgently consider whether it is worthwhile making a retrospective nomination now. Some trustees will reasonably decide that no action is necessary. However, for others a decision not to act may result in their members being levied with additional taxes. For further advice on PIPs, the impact of Annual Allowance reduction, legislative changes and the actions your company needs to take, look over our PIP overview (PDF).