Articles

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Drawdown: guidance for scheme administrators on assessing the MIR

United Kingdom - September 28 2011 Scheme members wishing to take advantage of the new flexible drawdown arrangements, which allow members to delay securing a pension beyond age 75, need to demonstrate to the Scheme Administrator (usually the trustees) that they have a minimum annual income of at least £20,000 – referred to as the Minimum Income Requirement (MIR).

Susan Jones

The end of DC contracting-out: further guidance from HMRC

United Kingdom - September 28 2011 HMRC has issued its fourth Countdown Bulletin in the run-up to the abolition of DC contracting-out next April.

Susan Jones

“Scheme pays” now operational

United Kingdom - August 23 2011 Regulations are now in force providing that the prohibition on surrender of pension benefits in section 91 of the Pensions Act 1995 will not apply where, under the “scheme pays” provisions of the Finance Act 2011, the scheme meets an annual allowance charge on a member’s behalf in return for a consequential adjustment of his pension benefits.

Judith Clixby

Contracting-out: consultation

United Kingdom - August 23 2011 The DWP has published a consultation document and draft regulations making amendments to the contracting-out legislation.

Judith Clixby

State pension reform: consultation response

United Kingdom - August 23 2011 The DWP has published the response to its April 2011 consultation on state pension reform.

Judith Clixby