Tag Archives: UK

243 million reasons for a new pan-European personal pension product

It is estimated that only around 28% of the EU’s 243 million citizens aged 25 to 59 years are currently saving into a pension. The European Commission considers that offering an alternative form of pensions vehicle will drive a change in behaviour. To this end, on 29 June, the European Commission proposed Regulations setting out … Continue Reading

Stuck on spin cycle – pensions and the money laundering regulations

In May we took the plunge and blogged about the forthcoming money laundering regulations (which seemed to have gone largely unnoticed until that point).  We highlighted some difficulties with the legislation and that it wasn’t entirely clear how they would apply to occupational pension plans.  Well, the final form regulations have arrived. They came into force … Continue Reading

FCA Asset Management Market Study

The UK Financial Conduct Authority (FCA) published its final Report on its asset management market study yesterday. Key findings include: Asset management – the report finds evidence of weak price competition and recommends a number of remedial strategies, including improved transparency and an extension of the senior managers’ regime. However, the FCA has rejected the idea of … Continue Reading

Pensions & GDPR – the 12 month countdown begins!

The General Data Protection Regulation (GDPR) comes into force on 25 May 2018.  Before that date, trustees of UK occupational pension plans will need to undertake some preparatory work, including: Creating records of all personal data processing activities (or confirming delegation to plan administrators and obtaining confirmation that they will do this) and ensuring administration … Continue Reading

Election 2017: May still right (and a little bit left) on track for victory in June

The Conservative manifesto, ‘Forward, Together’, unveiled late last week by Theresa May, was notable rather less for reiterating commitments to traditional, small government, Conservative principles of ‘low tax’ and ‘better regulation’ and rather more for its embrace of social inclusion, identifying a “need [for] a partnership between the individual and the wider nation, between private … Continue Reading

Pension funds to benefit from further three year mandatory clearing exemption

Last week (4 May 2017), the European Commission published a legislative proposal to amend various provisions of the European Market Infrastructure Regulation (Regulation 648/2012) (EMIR). The proposal was adopted following a general report on EMIR published by the Commission in November 2016. Although the report indicated that “no fundamental change should be made to the … Continue Reading

Will the new money laundering regulations inspire pension plan spring cleaning?

New regulations, coming into force in June 2017, will introduce stricter EU anti-money laundering requirements into the UK and seem likely apply to pension plans. The potential criminal penalties for breach of the regulations are likely to bring this to the forefront of people’s minds. Will the new regulations apply to pension plan trustees?  Probably! … Continue Reading

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
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