The DWP has issued a consultation paper on the draft Occupational, Personal and Stakeholder Pensions (Miscellaneous Amendments) Regulations 2009 (the Regulations).
Under these Regulations, the Occupational Pension Schemes (Revaluation) Regulations 1991 are amended by the insertion of a power to enable scheme trustees to modify scheme rules by resolution to reflect the lower statutory revaluation cap which is provided for in the Pensions Act 2008.
There is a similar provision in the Regulations in respect of changes to indexation provisions.
HM Revenue and Customs (HMRC) intend to introduce secondary legislation in April 2009 setting out some additional circumstances where a lump sum may be taken as an authorised payment for tax purposes. The proposed amendments to the Regulations mirror the additional circumstances to be provided for in HMRC’s secondary legislation.
The Occupational Pension Schemes (Contracting-out) Regulations 1996 will also be amended to remove the requirement for schemes in winding up to consult trade unions before surrendering a contracting-out certificate. The intention is to streamline the winding up process.
Amendments are also being made to various sets of regulations which allow TPR to impose a penalty. The amendments ensure that the penalty must be communicated by notice in writing.
It is intended that most provisions under the Regulations will come into force on 6 April 2009 and the consultation period ends on 30 January 2009.
View the consultation paper (pdf)(400KB)