Pensions Pieces: when are money purchase benefits not money purchase benefits?
The Department for Work & Pensions (DWP) has provided long-awaited confirmation of the approach that will be taken to scheme benefits that are reclassified from money purchase to defined benefit in April 2014.
The DWP issued a consultation paper in October, setting out draft regulations to deal with the consequences of the change to the definition of ‘money purchase benefits’ in pensions legislation. The definition at section 181(1) of the Pension Schemes Act 1993 is to be changed retrospectively, with effect from 1 January 1997. The knock-on effects will be widespread, extending into areas such as employer debt, scheme funding, revaluation and indexation, PPF entry and winding-up.
The draft regulations introduce transitional provisions limiting the retrospective nature of the amendments in some areas and measures restricting their impact in others…
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