UK/US - The US Senate is set to hold a public hearing on an international treaty that will harmonise tax relief between British and American pension funds.
The document – which is being consulted on this week – is intended to allow employees transferred between the US and UK to remain in their home country pension arrangement without suffering adverse tax consequences.
But ratification of the UK/US tax treaty was expected before the end of 2002 and a number of concerns have been raised by pension funds over the delay.
Hammond Suddards Edge solicitor Frances Phillips-Taft said that once the treaty has been ratified by both parties it will come into effect in the US on the following January 1 after ratification and in the UK on April 6 following ratification.
Most respondents in this week's Pensions Buzz do not think businesses should be able suspend AE contributions if in financial distress.
Former BHS owner Dominic Chappell has lost the appeal against his section 72 conviction and sentence for failing to hand over information to The Pensions Regulator (TPR).
This week's top stories include Marsh and McLennan Companies agreeing to buy JLT, and the home secretary calling for AE to be scrapped in a no-deal Brexit scenario.
Lesley Titcomb says the watchdog wants closer interactions with pension funds to spot problems sooner and act before having to use its more stringent powers