When it comes to pensions Audley Chaucer can assist clients in making the right choices. A number of decisions need to be made regarding matters such as completing the declaration of compliance. When establishing a new pension scheme certain criteria must be met and we can guide you through the maze of pensions legislation.
With the confirmation of Brexit there are a number of areas trustees of pension schemes offering defined benefit (DB) and defined contribution (DC) need to focus on. To prepare your scheme for Brexit there are a number of steps you may need to take advice on.
In the event the UK leaves the European Union (EU) without a Withdrawal Agreement (a no-deal Brexit), the legislation that currently governs cross-border occupational pension schemes in the UK will cease to apply from that day. This will have an impact on all pension schemes (also known as Institutions for Occupational Retirement Provision or IORPs) currently authorised and approved for EEA cross-border activity. UK-based schemes will need to check whether EEA employers are still able to contribute to their scheme. UK employers using a scheme based in the EEA will need to check it complies with UK rules and Audley Chaucer can assist with this as will require negotiation with the appropriate EU country.
Across the spectrum of pensions matters there are a number of potential risks:
• lack of governance;
• unclear and incorrect member communication;
• incorrect benefits and funding levels;
• inappropriate investment strategies;
• failure to offer the correct retirement options for DC members.
Audley Chaucer can use its experience to guide you through the various pensions issues that require considered opinion to ensure the legislation is adhered to.
Ian Lake
