United Kingdom | Publication | August 2024
On August 7, 2024, HMRC issued edition 161 of its pension schemes newsletter which provides an update on consultation on further technical changes required to pensions tax legislation following the abolition of the lifetime allowance.
The relevant regulations to smooth the operation of the pensions tax framework following the abolition of the LTA came into force on April 6, 2024.
HMRC explained in Pension schemes newsletter 158 that further technical changes would be required and that schemes should ensure members are aware of the need for further legislative changes since some members may need to wait until these are effective before taking or transferring certain benefits.
A short technical consultation was held which ran until August 14, 2024. The additional regulations, which will have retrospective effect, will be introduced as soon as the parliamentary timetable permits after the summer recess.
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The Court of Appeal has overturned a 2023 High Court decision in Manolete v White [2024], ruling that courts cannot issue injunctions requiring members to draw down their occupational pensions to make them available to judgment creditors.
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The Chancellor presented her maiden Budget on October 30, 2024.
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On October 29, 2024, the PPF published a response to its March 2024 consultation, confirming that it would proceed with its proposal to give actuaries the option of using a bespoke discount rate assumption in s. 143 valuations of smaller pension schemes.
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