A provision has been included in the Bill which says that where scheme rules provide for revaluation by reference to RPI but in all other respects reflect the statutory requirements on revaluation, the provisions of the Rules will apply.
The Scottish charity regulator OSCR recently published its Annual Review for the year to 31 March 2011.
Contracting-out of the State Second Pension on a money purchase basis (known as a ‘protected rights’ basis) will be abolished from 6 April 2012.
The DWP has issued a consultation seeking views on two proposed changes to regulations concerning contracting-out.
On 6 April 2011 the transitional protection put in place on A-Day (6 April 2006) for schemes in existence on that date will fall away.
Many pension schemes contain a provision in their amendment power that the scheme rules cannot be amended without HMRC (or Inland Revenue) agreement, consent, approval or confirmation (or similar wording).
As we predicted in our February Quarterly Review, new legislation has been issued which applies to schemes which, before April 2006, had a restriction on their amendment power which prohibited amendments without HMRC's express consent.
The above Regulations come into force on 6 April 2010.
The DWP has issued a consultation paper on the draft Occupational, Personal and Stakeholder Pensions (Miscellaneous Amendments) Regulations 2009 (the Regulations).
The Department for Work and Pensions (DWP) has issued its response to the consultation which followed publication of its response to the deregulatory review of private pensions in October 2007.