The Definition of “Money Purchase Benefits”: A Brave New World?
|by Jonathan Moody|
Mayer Brown International LLP - London Office
|June 4, 2014|
Previously published on May 2014
The Department for Work and Pensions (the “DWP”) has published the long-awaited final version of the regulations implementing the new statutory definition of “money purchase benefits”. The finalised regulations will require trustees to revisit past decisions in far fewer areas than draft regulations published last year suggested, and as a result very few schemes will need to revisit past decisions. The new definition nonetheless will have a significant impact going forwards for schemes with benefits that are recategorised. The new definition is expected to come into force this July.
The views expressed in this document are solely the views of the author and not Martindale-Hubbell. This document is intended for informational purposes only and is not legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance.
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