 |
| 27 December | AVC surplus regs in force. |
| 5 April | Cessation of guaranteed 2% C/O Incentive; 1% payment instead, but only for PP contributors aged 30 or over. New contracting-out terms. Fixed rate revaluation reduced to 7%. |
| 1 January | Married women/widows paying reduced rate NICs become entitled to GMP. |
 |
| 29 June | Winding-up provision for debt on employer. |
| 9 March | New self-investment restrictions in force. |
 |
| 29 November | New practice notes apply to all schemes not approved before this date. |
| 1 November | Ex-gratia lump sum payments taxable (except where for genuine redundancy or compensation for loss of office). |
| 1 October | New rules on continued life cover. |
| 31 August | SFO Memorandum 108 announces significant changes in Revenue practice, covering retained benefits, controlling directors, commutation factors, pension increases, etc. |
| 5 August | New rules for SSASs (other aspects besides self-investment). |
| 31 July | First scheme levy payments due. |
| 25 July | Approvable NRD age range changed. |
| 15 July | Self-investment regulations for SSASs. |
| May | Pension Schemes Registry set up. |
| 6 April | Entitlement to use 1986/87 earnings for Final Remuneration ceased. |
| 2 April | Pensions Ombudsman opens for business. |
| March | NIL certificates + other TFC Certificates for inter-regime transfers. |
| 28 February | Refunds of pre-6.4.75 member contributions cease. |
| 1 January | Revaluation up to NRD of all accrued non-GMP benefits required. |
 |
| 12 November | Independent trustee must be appointed to an occupational scheme on insolvency of sponsoring employer. |
| 17 August | Refund of surplus to employer only after LPI provided for on all pensions. |
| 27 June | PPS (commutation of dependant's pensions for triviality) + Change to C/O Incentive Regs for OPSs. |
| 17 May | ECJ delivers epoch-making Barber judgement: pension entitlement in respect of service from this date must be equal between men and women. New flexibility for protected rights pensions under COMPS: may start at any age between 60 and 65. |
 |
| October | JOM 101 introduces SIPPS. |
| 13 October | Refunds of contributions made in error under s.226 contracts allowable. |
| 27 July | Concurrent membership of an unapproved scheme with an approved scheme permissible. New TFC rule for PPS arrangements made on/after this date. £2,400 threshold for FSAVC headroom check. |
| 25 July | SI 1989/1115 (see also JOM 100) introduces TFCS certification for OPS-to-PPS transfers (for certain members), + other amendments to PP Transfer Regs. |
| 1 June | Change of IR Limits basis (members joining from this date). Earnings cap applies to members of schemes approved before 14.3.89 who join on or after this date. |
| 3 April | Aries begins work on the Aries Pensions System, with initial backing from Allied Dunbar, British Coal Pension Fund, Colonial Mutual, Legal & General, Norwich Union and Scottish Equitable. |
| 14 March | Change of IR Limits basis (schemes approved from this date). Earnings cap applies to all members of schemes approved on or after this date. |
 |
| 1 July | PPSs replace s226 contracts for new business. |
| 29 April | Financial Services Act 1986 in force. |
| 6 April | Money purchase contracting out and 2% incentive payments introduced. SERPS calculation rules changed (reduced benefits for post-2000 retirees). GMP accrual rates also reduced. Post-6.4.88 GMPs to receive 3% pa increases in payment. Fixed rate revaluation reduced from 8.5% to 7.5%. Widowers become entitled to a GMP. Unisex basis for protected rights annuities. Opting out / membership non-compulsory. Minimum qualifying period for preservation reduced from 5 years to 2 years. Tax on refunds increased from 10% to 20%. All occupational pension schemes must offer an AVC facility. |
 |
| 1 December | Definition of 20% Director altered (re scheme commencement date). |
| 7 November | Equal treatment provisions of Sex Discrimination Act 1986 come into force: compulsory NPAs for male and female employees must not differ. |
| 26 October | FSAVCs introduced. |
| 23 July | Schedule 23 (ICTA 88) overrides rules of schemes already approved. |
| 8 April | Funds arising from AVC contracts entered into on or after this date are non-commutable. |
| 6 April | Backdating of contracting-out via PPS. Trustees of contracted-out occupational schemes become liable for CEPs / LRPs. Controls on surplus. |
| 17 March | Change of IR Limits basis; TFC limit introduced for s226 contracts. |
 |
| 01/11/1986 | Contracting-out quality test abolished. |
| 01/01/1986 | Entitlement to cash equivalent for early leavers, including those aged under-26. Revaluation up to NRD of non-GMP benefits (accrued from 1.1.85). |
| 01/01/1985 | Health and Social Security Act 1984 anti-franking rules come into force, to protect pensions in excess of GMP being used to pay for revaluation of accrued GMP. |
| 05/04/1983 | Trustees of contracted-out occupational schemes become liable for ARPs / PRPs. |
| 06/04/1978 | SERPS starts. |
| 06/04/1975 | Refunds of employee contributions permitted. Early leavers aged at least 26 and with 5 years' qualifying service entitled to preservation. Benefits under Graduated Pension Scheme cease to accrue. |
| 05/09/1973 | Occupational Pensions Board (OPB) established [SSA 73 s.66]. |
| 06/04/1973 | IR New Code obligatory. |
| 06/04/1970 | IR 'New Code' approval available for occupational pension schemes. |
| 06/04/1961 | Graduated Pension Scheme starts. Employer-sponsored occupational pension schemes can contract-out and provide Equivalent Pension Benefits (EPBs) instead. |
 | |
|
|
