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Employers will need to review policies for employees who previously opted out of the pension scheme because they may have been close to the lifetime allowance. Two new limits will be introduced in April to control tax relief on pension lump sums. Some employers offered a cash benefit instead of a pension contribution.
Trott has taken over responsibility for pensionerbenefits including state, private and occupational provisions, as well as oversight of bodies such as The Pensions Regulator (TPR). Present press speculation around tax allowances for pensions are particularly concerning.
The Court of Appeal has upheld the High Court’s ruling that a written actuarial confirmation was required where an alteration to the Virgin Media scheme’s rules affected pensionbenefits for past or future service benefits.
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