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UK Pension News

Follow our blog for the latest UK pensions news, analysis and pension updates. All our articles are tailored to UK expats living in the USA. You can also follow us on LinkedIn for comments, tips, news and updates.

Record Closure Rates for UK Final Salary Schemes

Last year 31% of UK companies had closed their final salary schemes, according to the 2012 Annual Survey conducted by the National Association of Pension Funds (the “NAPF”). This is an increase from 23% in 2011. Only 13% of final salary schemes in the private sector were still open to new employees, down from 43% […]

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HMRC Guidance Requires Gender Neutral Drawdown Rates

Historically women have received a lower level of income from their pension plans than men of equivalent age, pension fund size and circumstances. This was to reflect the fact that women on average live longer so their pensions will generally be paid for a longer period of time. However, since 21 December 2012 this has […]

2012 Brought More Change for UK Pensions

For anyone following the UK pensions’ industry over the last several decades, one thing has remained certain – change – and 2012 did not disappoint. The Chancellor made several important announcements in his Autumn Statement affecting UK pensions. UK final salary schemes continue to be heavily in deficit. In May 2012, they hit a record […]

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UK-US Agreement to Implement FATCA, Exempts UK Pensions

The much anticipated UK-US Agreement to implement FATCA (part of the US Hiring Incentives to Restore Employment Act of 2010) was signed on 14 September 2012. This follows the Joint Statement made in July 2012 by the governments of France, Germany, Italy, Spain, the United Kingdom and the United States announcing publication of the Model […]

The End of Protected Rights

From 6 April 2012 the UK Government has ended the contracting out of the State Second Pension (SSP) (formerly known as the State Earnings Related Pension Scheme (SERPS)) on defined contribution schemes. Since 6 April 1978, it has been possible for employers with final salary schemes to contract out of SERPS. From 6 April 1988, […]