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“Flexible Furlough” Starts 1 July

The new  Coronavirus Job Retention Scheme (CJRS) “Flexible furlough” starts from 1‌‌ July, which will allow employers to gradually bring their furloughed employees back to work part-time. The new scheme will be in place until the end of October and the Government will gradually reduce the amount of grant towards employees’ furlough pay to 70% […]

Are you claiming the full Withholding Tax on your Pension Fund?

Often, Pension funds are entitled to reclaim 100% of their withholding tax on foreign investment income. However, not all pension funds know that this is the case. Could you have an outstanding refund owed to you? With more than £150bn withheld from pension funds globally, some of it could very well belong to you. Opportunities […]

Savers warned over pension transfer risks

The Financial Conduct Authority (FCA) and The Pensions Regulator (TPR) have produced a factsheet for savers who have a defined benefit (DB) pension. The plain English factsheet, published today (Friday 5 June): tells savers they do not need to rush a decision about their pension and should get advice first reminds DB pension holders that […]

How to Manage Your Wellbeing

How to Manage your Wellbeing Stay connected Having a sense of connection with family and friends is important for our mental health. Ensure you schedule calls or video chats with your family and friends during lockdown. In addition, there are many online book clubs, virtual coffee groups and online workout challenge groups that you can […]

DC trustees should check on use of alternative funds

Trustees of defined contribution (DC) schemes redirecting contributions made during COVID-19 to alternative funds should check they’re not unintentionally breaching pension legislation. DC schemes may have members who have self-selected investment in funds, such as property, that have been temporarily closed – or ‘gated’ – until the market normalises following COVID-19-fuelled market volatility. Contributions that […]

Pension schemes to issue COVID-19 transfer warning to savers

Pension schemes to issue COVID-19 transfer warning to savers Savers looking to transfer from a defined benefit (DB) to a defined contribution (DC) pension during the COVID-19 crisis will be warned it’s unlikely to be in their best long-term interests in a letter from regulators. Under guidance published by The Pensions Regulator (TPR) trustees are […]

Assurance reporting on Master Trusts (TECH 05/20 AAF)(05/20) provides more guidance on Trustee requirements

This new technical release provides guidance on the performance of assurance engagements on governance control activities established by trustees of Master Trusts. It is effective for reporting periods beginning on or after 31 March 2020. Early adoption of the guidance is encouraged. This replaces previous assurance reporting on master trusts (TECH 12/16 AAF) with updated […]

New Audit Considerations Relating to the Coronavirus (COVID-19) Outbreak

The Coronavirus (COVID-19) outbreak is having a significant worldwide impact. Whilst everyone’s first thoughts are to keep their loved ones safe, auditors have to be alert to the impact that the outbreak is having on their clients. The global economic downturn, restrictions on travel, delays to supply chains, loss of cash flow, amongst other factors, […]

How to avoid pension scams

Part I – Administrators Helping protect your members from scams In the current conditions, the risk of scams is something that administrators need to be aware of. Savers might increasingly look to transfer their pension, prompted by the instability of their employer or the financial markets. This means they could be increasingly targeted by scammers […]

New Pensions SORP 2018

SORP 2018 The Pensions Research Accountants Group (PRAG) has published new guidance to update the current SORP used for the Scheme Report & Accounts. The recommendations of this SORP are applicable for all Scheme years commencing on or after 1 January 2019 and will replace the current SORP 2015. Much of this SORP is based […]

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