Pensions liberation: the latest instalment
In Pi Consulting (Trustee Services) Ltd v The Pensions Regulator (and Others), the High Court ruled that the suspected pension liberation schemes were ‘occupational pension schemes’ within the statutory definition.
It means they fall under the jurisdiction of the Pensions Regulator and, as such, the Pensions Regulator had power to appoint independent trustees to the schemes.
An ancillary effect of the court’s conclusion is that member transfers to the schemes in question are unlikely to constitute unauthorised payments, so members and transferring schemes would not be liable for tax charges in consequence of transferring to the schemes…
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Briefings from Shoosmiths
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Analysis from The Lawyer
Compliance and corporate governance codes for large financial institutions will undoubtedly include provisions to regulate high pay in the future
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