Trustees need to be aware of potential buyout tax effects

Defined benefit pension trustees need to be mindful of an interpretation of tax law which could see members hit by unexpected tax charges on buyout of a pension scheme with an insurance company. Until fairly recently, buying out benefits was a well-trodden path involving a reasonably straightforward process which it was believed did not adversely affect members’ tax status. However, HM Revenue & Customs (HMRC) now takes the view that the full buyout of a defined benefit scheme can in fact result in some members losing their fixed protection.

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Delay is not an option

It’s clear at this stage that the disruption from Covid19 is not a temporary glitch and, whatever happens now, the post pandemic world will not be the same as it was prior to this global pandemic; the impact of the pandemic has been far-reaching enough to permanently change the way we live. Those businesses that were just hunkering down to weather the storm must realise that they need a new strategy for their business, one that is designed to maximize the opportunities that will arise from this new customer environment.

The PLSAs lobbying work for members

Lifestyle Actuary

Amy Sutherland and Raluca Stanescu interview Louise Pryor, who is a sustainability actuary and incoming President Elect of the Institute and Faculty of Actuaries (IFoA). We’ve asked Louise a few questions about her work, and were also keen to find ou...Read More

The Luddite

Sam Richardson looks into the up and coming and the outgoing of the technology and gadgetry world in 2014.

Travelling Actuary

This month's Travelling Actuary takes us to the iconic Boston to experience New England at it’s very best.

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