Lifetime Extension meaning

In this issue: Pension Schemes Bill The Pensions Regulator The Pension Protection Fund Taxation Members and benefits Public sector pensions Dates for your diary Trackers Pension Schemes Bill New version of Pension Schemes Bill published incorporating Public Bill Committee amendments A refreshed iteration of the Pension Schemes Bill, reflecting changes made by the House of Commons Public Bill Committee, was released on 18 September 2025. Every government-backed amendment tabled during Committee Stage was approved and now appears in the updated text, including fresh clauses responding to the Virgin Media decision that permit retrospective confirmation of alterations that might otherwise be void. None of the non-government proposals succeeded, though the government indicated it will introduce amendments at a subsequent stage to remove the Pension Protection Fund administration levy (a proposal by John MIlne MP seeking this outcome was withdrawn as ‘unworkable’ in its current form). The Committee commenced its line-by-line consideration on 2 September 2025, concluded...

The Chancellor of the Exchequer, Rachel Reeves, delivered the government’s Autumn Budget on 30 October 2024 Keenly awaited and watched, this was the first Budget from a Labour administration in fourteen years, and the first ever presented by a woman Chancellor. Many headline measures for Private Clients had been trailed in one form or another, and several of the changes—such as the Capital Gains Tax reforms—were not as draconian as many had feared, proving less severe than anticipated. It was definitely a Labour Budget, unmistakably Labour in flavour, with the Chancellor honouring election pledges not to raise income tax or National Insurance for ‘working people’, and instead securing the £40bn of tax rises by lifting employers’ National Insurance, narrowing the scope of IHT agricultural and business property reliefs, increasing CGT rates, reforming the taxation of carried interest, changing the rules for non‑UK domiciled individuals, bringing inherited pensions into the IHT net, confirming VAT on private school fees, increasing the SDLT surcharge for second homes, and even a hike in...

In this issue: EAT: Melki v Bouygues and S Contracting UK Ltd—rule 37(5) applies to all appeals; omitting Grounds of Resistance pre‑30 Sept 2023 was not a minor slip, so time could not be extended. Employment tribunals: 2024/366 revises the 2013 Rules from 6 April—new response time restarts, practice direction compliance, and rule 92A for digital case management. Court reform: HMCTS shifts programme deadline to March 2025 to bolster capacity, refine tech and stabilise platforms. Status: MEPs back the Platform Work Directive, tightening status tests and algorithmic oversight; formal approval due April. Jurisdiction: Yacht Management v Gordon—GB claims permitted as duties started/ended at home base in Aberdeen. Immigration: HC 590 implements five‑point plan measures across Skilled Worker and family routes from April–June 2024. Tax/Pensions: PAYE set‑off for off‑payroll income; Class 2 NICs consequential tweaks; lifetime allowance replacement rules and related regulations live from 6 April. Equality/Health & safety: schools’ reasonable adjustments clarified; Rentokil failed to trial adjusted role; COVID‑19 detriment...

FORTHCOMING CHANGE: On 23 October 2025, the DWP opened a consultation on proposals for ‘Retirement CDC schemes’, a fresh pension design aimed solely at retired members. Under the plans, savers with DC pots could, at retirement, move their funds into a collective pool that pays trustee-run lifetime income, recalibrated each year in line with investment outcomes and the health of the scheme. These Retirement CDC arrangements would sit as sections within Master Trusts or in unconnected multi-employer vehicles. For more detail, see: Decumulation-only CDC schemes, below. For legislative consistency, the Pension Schemes Act 2021 (PSA 2021) uses ‘collective money purchase’ for what are commonly called ‘collective defined contribution’ (CDC) schemes. This Practice Note treats the two labels as interchangeable. Why develop a CDC framework? CDC works by sharing risk across a broad membership, allowing schemes to aim for (though not legally guarantee) a target pension; this relieves employers or trustees of uncapped obligations and spares individuals the burden of turning their pot into a lasting income. Such...

The effect of the anti-avoidance provisions contained within sections 10–13 of the Inheritance (Provision for Family and Dependants) Act 1975 (I(PFD)A 1975) Under the anti-avoidance measures in I(PFD)A 1975, ss 10–13, a person (including a trustee) who, during the deceased’s lifetime, received money, property or other assets can be required to pay sums or supply property to a claimant seeking reasonable financial provision under I(PFD)A 1975. These provisions operate against the donee and their estate, rather than against the particular money, assets or property transferred by the deceased. The remedy in I(PFD)A 1975, ss 10–13 is not a tracing remedy. When a claim for reasonable financial provision is issued, the claimant may couple it with an application effectively to claw back assets disposed of with the purpose of placing them outside the deceased’s net estate. This also applies where the claimant seeks an extension of time under I(PFD)A 1975, s 4. For the application to succeed the court must be satisfied: that the...