Trustee Agenda Winter 2024
Welcome to our Winter Edition of Trustee Agenda.
Although the Budget was quieter than expected for pensions, it was not without consequence, with the most significant change being the announcement that most unused pension funds will be brought into a person’s estate for inheritance tax purposes from 6 April 2027. We delve into the detail in our first article.
Meanwhile, the new funding regime for defined benefit schemes has finally come into force and applies to actuarial valuations with effective dates on or after 22 September 2024. We include a summary of the new requirements, including the highlights of the Pensions Regulator’s new code of practice, which runs to over 100 pages!
Finally, many of you will be getting to grips with the implications of the Court of Appeal decision in the Virgin Media case, which relates to the validity of amendments made by schemes which were contracted-out on a salary-related basis between 6 April 1997 and the abolition of contracting-out in 2016. Our article looks at the steps trustees should be considering now.
As always, do please let us know if there are any areas which you would like us to explore in future editions of Trustee Agenda.
