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Pensions Regulator announces changes to the DC scheme return for 2024
The Regulator has issued an online announcement about upcoming changes to its DC scheme return.
United Kingdom | Publication | June 2024
The latest pension schemes newsletter was published on May 30, 2024, and includes a link to a new online tool for savers to check whether they can apply for a transitional tax-free amount certificate, where they used some of their lifetime allowance before April 6, 2024.
Some members may opt for one of the new certificates where they crystallised benefits at a time when the lifetime allowance was lower than £1,073,100. The newsletter also notes that the certificate must meet certain statutory requirements and should not be issued or dated before April 6, 2024.
The newsletter also sets out further reporting reminders for administrators, as well as seeking participants in the development of HMRC's lifetime allowance protection look-up service when it moves to the new Managing pension schemes service in 2025. HMRC plans to extend the service so that it covers lifetime allowance enhancements as well as protections.Publication
The Regulator has issued an online announcement about upcoming changes to its DC scheme return.
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On July 30, 2024, the Regulator published its market oversight report on how trustees are complying with their environmental, social and governance (ESG) duties, including in respect of climate change.
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We reported last month that the Court of Appeal had agreed with the High Court’s previous judgment that all rule amendments to contracted-out DB schemes between 1997 and 2013 require written actuarial certification. Three pensions professional bodies have now issued a joint statement on the effect of the ruling.
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