Pensions analysis: Between January 2022 and March 2022, The Pensions Regulator (TPR) consulted on a draft of its new code of practice for the authorisation and supervision of collective defined contribution (CDC) schemes. This followed the Department for Work and Pensions (DWP) completing the process of drawing up CDC regulations in March 2022. TPR has subsequently published a response to this consultation—and an update on the expected next steps for the new CDC regime. The draft Code was laid before Parliament on 9 June 2022 (at the same time the consultation response was published) and is expected to come into force in time for the first CDC schemes to submit their application for authorisation from 1 August 2022. The final Code of Practice is as detailed and prescriptive as the draft consulted on—necessarily so, according to TPR’s response—despite some feedback questioning this. And the developments don’t stop here, even once the new Code is in place with TPR and the DWP working on ways in...
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Will funds paid out of a funded unapproved retirement benefit scheme (FURBS), established before A-day, be subject to inheritance tax if no additional contributions have been made to the FURBS after A-day?Inheritance tax treatment pre A-dayMost employer-financed retirement benefit schemes (EFRBS)
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