April 2016 will go down in pensions history books as the date that contracting out was abolished, bringing an end to the national insurance reductions that have formed an integral part of our pensions system for almost 40 years. Will Spring 2016 also be remembered for the Government’s reform of the pensions tax relief system? According to recent press reports, major reform may no longer be on the Chancellor’s agenda but we will not know for certain until we hear from George Osborne next week.
In this edition we cover:
- State pension reform. The new single-tier state pension and the abolition of contracting out, including the effect on scheme mergers post 6 April 2016.
- Tax matters. Changes in Allowances from April and the potential for further reform in next week’s Budget.
- DB management. The PPF’s 2016/17 levy and the Pensions Regulator’s ‘integrated framework’ for managing risk.
- DC update. The revised DC code of practice and the latest developments on secondary annuities.
- Legal developments. The voluntary code of practice on incentive exercises and an update on data protection/'safe harbor'.
For more information about any of the hot topics, please contact any of the lead partners listed, or your usual contact in the Squire Patton Boggs pensions team.