Tag Archives: UK

Budget resolutions and the UK general election: what does it mean for pensions?

A client asked me a pertinent question yesterday, along the lines of: “Do the pensions changes announced in the last Budget still stand given that they are not yet enshrined in legislation and Parliament is soon to be dissolved?” The short and unhelpful answer is: “It depends…”  But what exactly does it depend upon? By … Continue Reading

The goalposts have been moved for DC pensions savings

The money purchase annual allowance (MPAA) affects individuals who have accessed their UK pension savings flexibly – it restricts further tax-free contributions they can make to defined contribution registered pension plans. A change of tactics The original MPAA introduced in 2015 was £10,000. Just two years later the Government’s response to its MPAA consultation, issued … Continue Reading

New tax charge for overseas pension transfers

Trustees and pensions administrators should revise their transfer processes following an announcement in the UK Spring Budget designed to “tackle abuse of foreign pension schemes”. What’s the issue? In summary, where a member makes a formal request to transfer pension funds to an overseas pension plan the transfer will be an authorised payment provided that … Continue Reading

And so it begins … the 2017 shareholder spring

As we recently reported, 2017 is the year when most FTSE100 companies will be putting their new remuneration policies to a shareholders’ binding vote, against an increasingly hostile background of criticism of the size and complexity of directors’ pay packages. For the early starters in the FTSE100, there have already been casualties.  Imperial Brands withdrew … Continue Reading

When should pension trustees flex their shareholder muscles?

In January 2017 the Pensions and Lifetime Savings Association (PLSA), as a representative body for pension funds, published its amended Corporate Governance Policy and Voting Guidelines. The PLSA observes that many of its members hold equity stakes in UK companies as part of their investment portfolio and have a clear interest in promoting the success … Continue Reading

It’s the year of the rooster – what are we cock-a-doodle-doing in pensions?

After a busy 2016 in the pensions world it looks likely that 2017 will be just as eventful. The UK government will be following up on various consultations and finalising numerous pieces of legislation that are currently in draft. The planned green paper on DB pension reform should also make for some interesting reading, especially … Continue Reading

EU Directive on Institutions for Occupational Retirement Provision (IORP II)

On 8 December 2016 the European Council published that it had adopted IORP II, which was approved and agreed by the European Parliament on 24 November 2016. The European Council set out in its publication that the directive is aimed at facilitating the development of institutions for occupational retirement provision (IORPs) and better protecting pension … Continue Reading

Populism, profit-shifting and UK pensions

The demand for corporates and wealthy individuals to adopt greater tax transparency continues to build momentum – the significance of the global reaction to it makes the recent Autumn Statement seem like chicken feed. The reforms being formulated could have a dramatic impact upon tax strategies and corporate governance generally. Whilst it will no doubt … Continue Reading

Bringing UK “big business” into line: corporate governance reform

As trailed in our recent blog post, the green paper on the reform of corporate governance was published today by the Department for Business, Energy and Industrial Strategy (formerly BIS).  The paper sets out 14 questions for consultation. The consultation covers three main areas: executive pay, “which has grown much faster over the last two … Continue Reading

Great Expectations: Hermes joins the fray on UK executive pay

Three publications over the last few weeks are particularly relevant for companies preparing their new remuneration policies for 2017 (including most of the FTSE100). Hermes Investment Management recently published its “Remuneration principles: clarifying expectations“.  This is its first solo effort – it previously was part of a group of large investors who jointly published their … Continue Reading

A brake on executive pay? More on employee representation on boards

Tucked away right at the end of Prime Minister’s questions yesterday, immediately before the Autumn Statement, was a very short question: “Does the Prime Minister believe that big companies should put a worker on the board?”  Given recent headlines such as “Theresa May backtracks on putting workers on company boards” (The Telegraph, 21 November) and … Continue Reading

Confusion reigns on CPI?

CPIH is to become the preferred method of UK consumer price inflation from March 2017, according to a statement issued by the National Statistician on 10 November 2016. This follows a wide-ranging and long-lasting process of consultation and consideration. But what will be the impact on UK pensions? Pension inflation measures have been in the … Continue Reading
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