Spence & Partners latest blog for Pension Funds Online –
This weekend’s newspapers have been littered with trailers and leaks relating to Wednesday’s budget.
With the onset of auto-enrolment for many medium and small employers, no one is expecting seismic changes to the pensions landscape. However, I would perhaps give Osborne one or two suggestions.
Firstly, a ‘do’: I would ask Osborne to consider giving ongoing occupational schemes greater flexibility around the payment of lump sum benefits to extinguish small liabilities for those aged 55 and over. This could easily be done by extending the rules on ‘winding-up lump sums’ to ongoing schemes. Crucially, this would allow members’ benefits under other pension schemes to be ignored. Read more »