2018 Employer engagement survey reveals improved pension communication
According to the latest DWP Employer engagement survey, 83 per cent of employers had reported providing information about workplace pensions to their employees - up from 58 per cent in 2015/16.
HMRC Newsletter 110
HMRC latest Pension Schemes Newsletter 110 includes information on relief at source, the consultation on the transposition of the Fifth Money Laundering Directive and the Managing Pension Schemes service.
Annual Funding Statement analysis
The Pensions Regulator has published its analysis of the expected positions of DB pension schemes within Tranche 14, with valuation dates between 22 September 2018 and 21 September 2019.
TPR’s modelling indicates that schemes undertaking valuations at 31 March 2019 will find that their funding levels and deficits have marginally improved in comparison with those reported three years ago. However, deficits have not generally improved to the extent that the Regulator would have expected over the inter-valuation period.
Ill health pension transfers and IHT case to be heard by Supreme Court
A well publicised case on the application of inheritance tax to pension transfers made by members who are in ill-health will be heard by the UK’s Supreme Court. HMRC v Parry (the Staveley case) is about a terminally ill woman who transferred part of a pension to leave it to her children. The woman died shortly thereafter and HMRC applied inheritance tax to the transfer. HMRC argued that it conferred a gratuitous benefit on her children. The First-Tier Tribunal and Upper Tribunal found against HMRC, but the Court of Appeal then allowed HMRC's appeal.
John W. Wilson LLB(Hons) FPMI ACII, Head of Research| Email: firstname.lastname@example.org