The Pensions Advisory Service meaning

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In this issue: Probate Trusts Court of Protection Elderly and vulnerable clients UK taxes for Private Client HMRC Manuals updates Budgets and Finance Bills Pensions, insurance and tax efficient investments Scotland, Wales and Northern Ireland International Question of the week Additional Private Client updates this week Daily and weekly news alerts LexTalk®Private Client: a Lexis+® community New and updated content Dates for your diary Trackers Latest Q&As Useful information Probate HMRC updates schedule IHT430 HMRC has issued a revised IHT430 schedule, used when claiming or choosing not to apply the reduced rate of inheritance tax where at least 10% of an estate is left to charity. The section on qualifying charities has been amended following legislative changes, meaning gifts to EU charities no longer secure IHT exemption. See: LNB News 10/09/2024 40. Source: Inheritance Tax: reduced rate of Inheritance Tax (IHT430)—GOV.UK (www.gov.uk). Trusts...

Original news Source: SAB response to Pension Regulator’s consultation on new enforcement policy News summary In its formal reply to TPR’s consultation on a new enforcement strategy, the SAB backed TPR’s aim to bolster governance and compliance across pension schemes. Nonetheless, the SAB warned that any updated TPR enforcement framework must recognise the LGPS’s distinctive structure and public service role. It further urged clearer lines of communication, more substantive feedback on reported breaches, and tighter alignment between enforcement activity and the LGPS’s already high governance standards. What has happened? TPR launched a consultation to reshape its enforcement policy, seeking a more strategic, risk-based and transparent approach across UK pension schemes...

Statutory framework At present, four principal pension schemes operate in England and Wales for members of the armed forces. These are: Armed Forces Pension Scheme 1975 (AFPS 1975) — formerly open only to the regular forces; closed to new members from 6 April 2006 and stopped future accrual from 1 April 2022 Armed Forces Pension Scheme 2005 (AFPS 2005) — likewise for the regular forces only; also closed to future accrual from 1 April 2022 Reserve Forces Pension Scheme 2005 (RFPS 2005) — open to full time reservists; again closed to future accrual from 1 April 2022 Armed Forces Pension Scheme 2015 (AFPS 2015) — open to the regular forces and all reservists; effective from 1 April 2015 There are also several other schemes, run by the same manager, that provide pension or other occupational benefits to armed forces personnel. This Practice Note focuses on AFPS 2015. The AFPS 2015 was established under section...

FORTHCOMING CHANGE : The Pension Schemes Bill, anticipated to obtain Royal Assent in 2026, among other measures, would confer on the Pensions Ombudsman powers mirroring those of a competent court where pension overpayments must be recouped. As a result, trustees would no longer need to seek County Court orders in these matters, thereby cutting legal spend, easing administrative effort and promoting a swifter, more streamlined recovery for schemes and members, and ensuring a more efficient process overall. For more detail, see LNB News 05/06/2025 42 and Pension Schemes Bill—tracker — Pensions Ombudsman and overpayments. This Practice Note reviews the scope of the Pensions Ombudsman to handle occupational and personal pension complaints and disputes under its adjudication function, covering: who may bring or refer complaints/disputes which complaints/disputes fall within or outside its remit the powers he can exercise when determining matters relevant time limits Collectively, these areas define the Ombudsman’s jurisdiction under its adjudication service for both occupational and personal...

FORTHCOMING CHANGE: The Home Office consulted on bringing the Police Pension Scheme 2015 revaluation date into line with the tax year—from 1 April to 6 April—to avoid CPI misalignment that can otherwise inflate annual allowance charges. Mirroring practice in other public sector schemes, the proposal seeks to improve fairness whilst leaving overall benefits unchanged. The consultation closed on 16 March 2026, with a response anticipated around June 2026. For more information, see LNB News 20/01/2026 39. Statutory framework There are currently three pension schemes in operation in England and Wales providing benefits for members of a police force. The three schemes are: the Police Pension Scheme 1987 (PPS 1987), which closed to new members from 6 April 2006 and to future accrual from 1 April 2022 the Police Pension Scheme 2006 (PPS 2006, or NPPS (the New Police Pension Scheme)), which also closed to future accrual with effect from 1 April 2022 the Police Pension Scheme 2015 (PPS 2015), which came into...

[ insert name and address of client ] Private and confidential Dear [ insert name ] Military reservists Following your recent engagement of [ [ insert name ], who I understand is ] a member of the reserve forces, I am writing, as requested, to outline the respective rights, duties and responsibilities of both the Company and the reservist. I also attach the following documents, which you may find helpful: a sample Mobilisation letter to provide to the reservist if and when they are called up for military service, which outlines the employment arrangements that will apply before and during their period of mobilisation, and immediately upon their return; a Manager’s Checklist detailing action points for the Company; and a Reservist’s Checklist detailing action points for the reservist...