Pensions Act heralds new era of activity

Article Abstract:

The UK Pensions Act 1995 will significantly change employers' pension plans in 1997 by giving additional rights and duties to trustees, establishing the Occupational Pensions Regulatory Board and a separate compensation board, setting minimum funding standards, requiring whistle-blowing by scheme advisers, allowing increases to pensions in payment, and providing compensation for pension mis-selling and bad advice. The Act also covers divorced spouses and consolidates two sex equality measures. Other UK pension changes include new disclosure regulations, maternity leave pension accrual, and age-related contracting out rebates.

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Shake-up for contracted-out pension schemes

Article Abstract:

Revised UK rules governing so-called contracted-out pensions arrangements become effective Apr. 6, 1997. Since 1978, pensions schemes have been allowed to contract out of SERPS, the state earnings related pension scheme. Defined benefit schemes for contracted-out final salary will have to pass a minimum benefits test under the revised rules. Defined contribution or money purchase schemes are less drastically affected, although age-related rebates will be introduced. A Social Services report indicates the number of workers contracting out increased 80% during 1986-1993, while SERPS participation declined.

Privatization, Privatization (Business)

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IRS compliance programs for qualified plans: a comparison after the consolidation

Article Abstract:

The IRS has created a single program under which employers can correct failures to abide by employee benefit plan requirements under IRC section 401(a). The Mar 9, 1998 action consolidates six separate programs. Revenue Procedure 98-22 created the program, simplified correction methods, extended periods by which employers must make corrections, and provided a checklist for employers wishing to utilize a walk-in closing agreement program.

United States, Management, Tax administration and procedure, Tax administration, United States. Internal Revenue Service

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