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pension schemes
Finance Act 2011 gains Royal Assent
These notes list the key payroll-related changes in the new Act and provide links to earlier newsletter discussions. The Finance (No. 3) Bill 2010-11 gained Royal Assent on 19 July and became the Finance Act 2011. The Act contains a number of payroll-related provisions, most of which have been discussed to some extent in our [...]
Finance Act 2011 and the taxation of benefits from pension schemes
Changes are made to registered pension scheme legislation to remove the age 75 requirement for the taxation of benefits. Section 65 and Schedule 16 of the newly enacted Finance Act 2011 make new provisions relating to the taxation of benefits available under pension schemes. From 6 April 2011, the requirement to buy an annuity by [...]
Choosing between occupational and workplace pension schemes
DWP response to “call for evidence” warns against choosing an automatic enrolment pension scheme based on assumptions that short service rules will not be changed. On 31 January 2011, the Department for Work and Pensions (DWP) published a “call for evidence” document to explore the regulatory differences between occupational and workplace personal pensions. It considered [...]
Automatic enrolment: Consultation on the effect of differences between occupational and workplace pension schemes
The review Making automatic enrolment work, commissioned by the Department for Work and Pensions (DWP) and published in October 2010, warned that some regulatory differences between occupational and personal pensions could create “regulatory arbitrage”. The review team recommended that “Government should review as a matter of urgency the scope for regulatory arbitrage between the trust [...]
