UK - The NAPF aims to launch its first multi-employer scheme this autumn.
NAPF chairman Terry Faulkner explained that the association was awaiting approval from the Inland Revenue to launch the scheme, which will cover employers in the north of England.
But one of the main problems facing the initiative is the treatment of corporation tax.
Newcastle-based solicitors Ward Hadaway – which is helping the NAPF to launch the project – is reviewing the proposed scheme to ensure that proposed tax changes, due to come into force in April 2004, will not affect it and force a rewrite of its trust deeds.
Head of pensions law David Knox said: “Plans are well advanced for securing Inland Revenue and other necessary consent for a multi-employer scheme with career average and final salary options.
“We’re reviewing it in the light of the latest tax proposals to ensure that it is sufficiently robust enough not to have any rewriting of the governing documents.
“What we do not want is for people to say that we’ll postpone this until A-day because otherwise it will never get off the ground. But the chances for this are very good, it’s just a matter of time.”
The NAPF scheme is based on the career average revalued earnings (CARE) model run by The Pensions Trust.
Unlike the Pensions Trust’s version, the NAPF scheme will cover corporate schemes and will be open to both final salary and career average schemes.
Faulkner stressed that the Revenue was “sympathetic” to the NAPF’s cause and it was working to help find a solution to the corporation tax problem.
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