ARTICLE · 03 AUGUST 2007

Reminder - Finance Act 2007 Now In Force

CMS Cameron McKenna Nabarro Olswang

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The Finance Act 2007 received Royal Assent on 19th July. It makes a number of amendments to the new pensions tax regime relating to registered pension schemes.

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Keith Webster

The Finance Act 2007 received Royal Assent on 19th July. It makes a number of amendments to the new pensions tax regime relating to registered pension schemes. This article summarises the main changes relevant to both occupational and personal pension schemes.

Key changes include the following:

It will now be possible to reduce an ill-health pension in payment. Previously, it was only possible to suspend the pension, not reduce it, which caused problems if the scheme rules provided for a reduction in the benefits if the member’s health improved or for a recalculation of the benefits at normal retirement date. Moreover, this change is not restricted to future reductions, but is "deemed always to have had effect".

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