New pension rules: issues for the banking industry
The most radical change to the law relating to workplace pensions in a generation is coming into force between October 2012 and April 2017. The effects of this are not yet fully upon us, but will have specific impacts on several industries, the banking sector being no exception. As these changes roll out, the sector should be alert to the issues that arise, both as employers and as lenders.
The pensions auto-enrolment legislation means that employers must automatically enrol employees and workers into a pension scheme, and must both deduct employee contributions into the scheme and make its own. Employees can opt out, but the process is complex and in any event employees must be re-enrolled (and allowed to opt out) at least every three years.
Most employees and workers must be auto-enrolled, but those aged below 22, aged above state pension age or earning less than a limit are not. All those excluded have a right to opt in, and some have a right to employee contributions…
If you are registered and logged in to the site, click on the link below to read the Taylor Wessing briefing. If not, please register or sign in with your details below.
News from Taylor Wessing
News from The Lawyer
Briefings from Taylor Wessing
For the tax year from 6 April 2014, the standard lifetime allowance has reduced from £1.5m to £1.25m.
One of the areas highlighted last year by the Regulator was the regulation of workplace DC pension schemes.
Analysis from The Lawyer
As the equity capital markets rocketed back into favour and global M&A saw at least a partial return to form, there have been some rich pickings for The Lawyer’s Corporate Team of the Year award shortlisted firms in 2014.
The city-state is working hard to become a global wealth management hub, and law firms are gearing up for a prosperous new world