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The Autumn Budget 2024: what does it mean for pensions?
Much of the Government's commentary in the run up to this week's Budget focussed on the "£22 billion black hole" the Chancellor has identified in the public finances. Indeed, those who played "Budget Bingo" while watching on Wednesday will have been excited to hear Rachel Reeves mention the £22 billion black hole no fewer than five times. The cost of current pensions tax relief is estimated to be £48.7 billion. So, no surprises that the Chancellor is seeking to plug that black hole with further limits on pensions tax relief.
DWP preaches conversion but is it a holy route out of GMP inequality?
Last month the Department for Work and Pensions (DWP) issued guidance about how occupational pension schemes could use existing guaranteed minimum pension (GMP) conversion legislation to address unequal GMPs.
A practical guide to GMP equalisation – the story so far
There are some key issues relating to guaranteed minimum pensions (GMP) equalisation that trustees should be aware of.
Court gives important guidance on justifying pension provisions which are potentially discriminatory
The Court of Appeal handed down a decision on 20 December 2018 declaring the government's transitional arrangements in respect of judicial and firefighter pension schemes discriminatory.
GMP equalisation – an answer to a thirty-year-old question?
A question frequently kicked into the long grass by the pensions industry was whether guaranteed minimum pensions had to be equalised between male and female members. If so, how?