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ARTICLE · 27 DECEMBER 2024

What's Happening In Pensions - Issue 113

Travers Smith LLP
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The significant pensions announcement in the new Government's first Budget was that it intends to bring into the inheritance tax (IHT) regime "most unused pension funds and death benefits".

United KingdomEmployment and HR
Susie Daykin
Susie Daykin
Daniel Gerring
Daniel Gerring
Niamh Hamlyn
Niamh Hamlyn
David James
David James
Chris Widdison
Chris Widdison
Nick White
Nick White
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The Budget – pensions and inheritance tax: The significant pensions announcement in the new Government's first Budget was that it intends to bring into the inheritance tax regime "most unused pension funds and death benefits" from April 2027. Although principally aimed at DC pension funds, it will also extend to some defined benefit lump sum death benefits.

DB funding regime: The Pensions Regulator's code of practice is now in force. The Regulator has published updated covenant governance and the final details of the tests and conditions a scheme must satisfy if it wishes to use the 'fast track' assessment route under the new regime.

Pension Review – DC and LGPS consolidations: Alongside the Chancellor of the Exchequer's Mansion House speech, the Government published the interim report from phase 1 of the Pension Review. This was accompanied by consultations on consolidation initiatives that will affect DC pension providers and the Local Government

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