Lawyers warn schemes face extra costs due to complex VAT recovery rules
Lawyers have warned that defined benefit (DB) schemes face unnecessary extra VAT charges unless HM Revenue and Customs (HMRC) makes it less complicated for them to reclaim tax.
HMRC was forced to change its guidelines after the European Court of Justice ruled schemes could recovery VAT on asset management costs as well as administration expenses. But the Association of Pension...
More on Law and Regulation
USS: Cost of scheme is 'growing challenge' as future returns 'likely to be lower'
The Universities Superannuation Scheme (USS) trustee board has warned investment returns will be lower in the future than expected as it edges closer to concluding its 2020 valuation.
Pension Schemes Bill gets final approval and waits for Royal Assent
The long-debated Pension Schemes Bill has received parliamentary approval, guaranteeing its place on the statute book.
Pension transfer values end volatile year 8% up; Scam 'red flags' at record high
Pension transfer values ended 2020 at £259,000, 8% higher than the start of the year, according to XPS Pensions, after suffering periods of substantial volatility linked to the pandemic while potential scams reached record highs.
FCA data reveals over £20bn of DB transfers between 2018 and 2020
Some £20.1bn of defined benefit (DB) pensions were advised to transfer between 2018 and 2020, while £10.2bn were recommended not to transfer, Financial Conduct Authority (FCA) data reveals.
Trustees will need to be corporate finance experts under new TPR powers
Pension trustees will have much more involvement in business discussions and corporates will need to think more about pensions when the watchdog’s increased powers come into force, LCP says.
