So far, DC plans have largely been focused on the onset of auto-enrolment and changes to the regulatory framework - be it the ‘charge cap, ‘pension freedoms or consultations around ‘value for money , says Annabel Tonry, Executive Director at J.P. Morgan Asset Management (JPMAM).Download
In 2015 George Osborne, then the UK Chancellor of the Exchequer, decided that those age over 55 could take much more of their pension in cash. This has since opened up a range of possibilities for DC scheme members in the world of pensions.Download
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So far, DC plans have largely been focused on the onset of auto-enrolment and changes to the regulatory framework - be it the ‘charge cap, ‘pension freedoms or consultations around ‘value for money , says Annabel Tonry, Executive Director at J.P. Morgan Asset Management (JPMAM).Download
In 2015 George Osborne, then the UK Chancellor of the Exchequer, decided that those age over 55 could take much more of their pension in cash. This has since opened up a range of possibilities for DC scheme members in the world of pensions.Download
Find whitepapers
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The Restriction of Public Sector Exit Payments Regulations 2020 impose a cap of £95,000 on the payments which specified public sector bodies, including local authorities, can make in relation to employee exits.
This document provides guidance on how the Ministry of Housing, Communities and Local Government will deal with applications for the relaxation of the restrictions from public sector employers in relation to employees who are eligible for membership of the Local Government Pension Scheme (LGPS) including LGPS employers who are also covered by the regulations. Published 16 December 2020
Councils can seek to exempt employees facing redundancy from the new £95,000 public sector exit cap if they would face “genuine hardship” or their exit is “necessary” for “urgent workplace reforms”, ministers have agreed.
Guidance published by the Ministry of Housing, Communities & Local Government today says until the introduction of regulations to bring the cap in line with the Local Government Pension Scheme, councils may also ask ministers to relax the cap where an exit was agreed before it came into force on 4 November but was delayed, as long as that was not the fault of the employee.
Councils will have to submit business cases requesting exemptions for consideration by the communities secretary and Treasury ministers, either on an individual basis or in “bulk” where 20 or more staff are being made redundant at the same time.