With the start of the new tax year upon us, David Saunders, Sackers’ senior partner, shares comments:
“As we stand on the cusp of a new tax year, some monumental pensions changes are expected to start falling into place, including the Government’s twin policy aims of greater pension scheme consolidation and investment in productive finance, a new Pension Schemes Bill, plans to lift restrictions on how DB schemes can apply surplus funds, a new DC value for money framework, changes to address small, deferred DC pots and decumulation options, to name but a few.
It currently feels like we are in a period of calm before the storm, with the pensions industry holding its collective breath unsure as to the scale and intensity with which it will unfold. Past experience shows that too many developments landing at the same time can negatively impact the essential day-to-day work of running a pension scheme. With many changes having been in the works for several years, I very much hope that the different bodies involved will work together to ensure there is enough time for schemes to digest and adjust and avoid hitting the industry with everything all at once.”
