 |
| 8 December | Equitable Life fails to attract a buyer and closes to new business as a result. more |
| 7 December | DSS launches consultation on new anti-franking legislation. more |
| 1 December | Pension sharing becomes available for all UK divorces and annulments in which the petition is lodged with the court on or after 1 December 2000. more |
| 29 November | Government announces policy change on future inheritance of SERPS benefits |
| 20 November | PSO issues Update 75, summarising changes in IR76 (2000). PSO Updates 76-80 inclusive are also published on the same day but not posted on the PSO website until 29 November. |
| 8 November | Chancellor's Pre-Budget statement. |
| 7 November | Treasury and DSS jointly publish Myners Review letter. more |
| 6 November | PSO issues Updates 73 and 74. |
| 26 October | PSO publishes revised drafts of PP Transfer Regs and Conversion Regs (for comment by 17 November). |
| 16 October | PSO publishes Update 72 with newly-amended version of IR12 (1997). |
| 6 October | PPS (Payments by Employers) Regs Laid. more |
| 4 October | First raft of amendments to the pension sharing legislation issued (SI 2000/2691 The Pension Sharing (Consequential and Miscellaneous Amendments) Regulations 2000). |
| 1 October | Stakeholder pension schemes may be registered. |
| 18 September | Revenue publishes new Stakeholder web page with many useful links. |
| 15 September | Draft PP investment (SIPP) Regs published (for comment by 20 October). |
| 14 September | Government publishes MFR consultation document "Security for Occupational Pensions", for comment by 31 January 2001, plus the report on the future of the MFR from the Pensions Board of the Faculty & Institute of Actuaries. more |
| 13 September | Revenue publishes "final" version of Integrated Model Rules governing PPSs (including Stakeholder Pension Schemes). more |
| 8 September | PSO publishes new edition of PP Guidance Notes IR76 2000. more |
| 7 September | DSS issues corrected version of SERPS inheritance information leaflet. |
| 31 August | 6 new tax SIs laid; most coming into force 1 October 2000, but Concurrent Membership Order on 6 April 2001. more |
| 29 August | PSO issues Updates 68, 69, 70 and 71. more |
| 16 August | DSS issues new leaflet "Important information on Pensions: State pensions and inheritance". |
| 10 August | Government Actuary's Department publishes consultative document on C/O rebates for the five years from April 2002. more |
| 3 August | FSA issues new Consultation Paper CP61 "The Regulation of Stakeholder Pension Schemes". more |
| 31 July | Finance Act 2000 received Royal Assent. Schedule 13 contains details of new DC tax regime, including stakeholder schemes, and has been amended to insert a new s.632B into the Taxes Act to permit partial concurrency. Also covers changes to income withdrawal rules to allow greater flexibility. |
| 28 July | Child Support, Pensions and Social Security Act received Royal Assent. Main provisions include arrangements for the new State Second Pension and its effect on Contracting Out. Also affected are: s.148 Orders, PRs, Anti-franking, LPI, Pension Forecasts, NICs, Overseas Workers, Transfers, MNTs, Winding Up and the Pensions Ombudsman. |
| 11 July | Inland Revenue issues IR 76 consultation package, including new draft Integrated Model Rules for APPSs to include stakeholder pensions. more
Treasury publishes details of Individual Pension Account (IPA) (formerly known as the pooled pension investment, or PPI). more |
| 10 July | DSS publishes latest edition of APPS Integrated Model Rules (on 'what's new' page on its website). |
| 5 July | Government announces decision on partial concurrency. Draft new Personal Pension Transfer Regs emerge at same time. more |
| 3 July | OPSs required to include in their statement of investment principles the extent (if at all) to which social, environmental or ethical considerations are taken into account, and also voting policy. |
| 1 July | UK Government finally implements EU Part-Time Work Directive, via SI 2000/1551 The Part-time Workers (Prevention of Less Favourable Treatment) Regulations. Employers must not discriminate between full-timers and part-timers over access to occupational pension schemes, unless different treatment is justified on objective grounds. |
| 30 June | PSO announces more flexibility, especially where the member decides to defer taking AVCs until after main scheme benefits have commenced. more |
| 16 June | Restrictions on certain investments and borrowing which apply to SSASs which permit annuity purchase deferral to age 75, extended to schemes which still include the 5 year rule. more |
| 14 June | Financial Services and Markets Act receives Royal Assent. Main provisions expected to come into force 6 April 2001. |
| 29 May | Bankruptcy: SI 2000/1382 WRAPA Commencement No. 7 Order brings into force s.11 provision for an individual's rights under any "approved pension arrangement" to be excluded from their estate on bankruptcy (where the petition is presented on or after 29 May 2000). However, s.14 provision prohibiting forfeiture on bankruptcy not yet in force. |
| 27 May | The Stakeholder Pension Schemes Regulations (SI 2000/1403) are laid before Parliament. These are the DSS Regs; Regs concerning the tax regime still awaited. more |
| 16 May | ECJ rules against 2-year backdating limit for scheme membership for part-timers in the Preston case. more |
| 10 May | Pension schemes approved on or after 10.5.2000 must contain explicit provision in their rules for pension sharing. |
| 8 May | Revenue issues Model Rules for Pension Sharing on Divorce, also announces fast track procedure for approval of new standard documents. more |
| 3 May | PSO publishes Update 62 on Pension Sharing on Divorce or Nullity. |
| 30 April | Ordinary Maternity Leave extended from 14 to 18 weeks; must be treated as full pensionable service regardless of whether paid or not. |
| 19 April | The main DSS regulations on Pensions & Divorce - SIs 2000/1048 to 1055 - are laid before Parliament. Separate regs to deal with SERPS issues will follow later in the year. more |
| 13 April | WRAPA Commencement No 4 Order brings into force the following:
a) Miscellaneous amendments of the law relating to pensions - on 25 April 2000.
b) Introductory arrangements for stakeholder pension schemes - on 1 October 2000, (with various other provisions to follow on 8 October 2001).
c) The main pension sharing arrangements on divorce or annulment of marriage - on 1 December 2000. |
| 12 April | Revenue publishes a consultation draft of the Personal Pension Schemes (Relief at Source) (Amendment) Regulations 2000. Comments to be sent by 12/05/00. |
| 6 April | SERPS calculation basis changed again. |
| 3 April | WRAPA Commencement No 3 Order (SI 2000/629) brings into force s.10, making late payment of contributions to an occupational pension scheme a civil rather than criminal offence (except where evasion is fraudulent). New Penalties Regs (SI 2000/833) decriminalise late submission of audited accounts. |
| 21 March | Budget day. Earnings Cap for tax year 2000/01 is confirmed as œ91,800. Rate of tax applicable to refunds of AVC surpluses is reduced to 32%. more |
 | |
|
|
