As ever, April brings a shower of changes for pension
schemes. Below are reminders of some of the key
developments.
Abolition of contracting-out and the new state pension
Contracting-out of the second state pension is to be abolished
from 6 April 2016, to coincide with the introduction of the new
state pension. This will increase the national insurance
contribution (NIC) liability for employers currently offering a
contracted-out scheme (as well as for their employees). This
briefing sets out some of the main issues.
New lifetime and annual allowances
Changes to both the lifetime and annual allowances from 6 April
2016 are going to affect many scheme members. Trustees need to
understand the new limits, be aware of their obligations
and communicate the changes effectively to members. This
includes an obligation to provide pension savings statements
where an individual has exceeded the annual allowance. This
briefing from January looks at the detail.
