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Ssas may fall foul of law

Mazars Neville Russell has highlighted a loophole which could lead to executive pension scheme trustees unwittingly falling foul of the law.

The consultancy points out there is an opt-out clause which exempts some small-self administered schemes from appointing auditors and producing audited financial statements within a set time.

But the Occupational Pensions Regulatory Authority says the exemption only applies to member and pensioner trustees and there is no allowance for non-member trustees – who could unwittingly be breaking the law.

Mazars Neville Russell pensions specialist Phillip Callow says: “Because of the failure of many schemes to comply with the regulations, advisers have to &#39blow the whistle&#39 and report these breaches to Opra by law.”


PIA fines IFA £12,500

The PIA has taken disciplinary action against Sinclair Osborne Financial Services of St. Andrews Fife.The firm has been reprimanded and ordered to pay £12,500 for compliance failings related to the pensions review.It has also been ordered to pay £4,000 in respect of PIA&#39s costs.

BoS pledges to continue fight for NatWest

Bank of Scotland has pledged to continue its fight for NatWest even if Royal Bank of Scotland tops its £22bn bid.The pledge follows a rebuke by the Takeover Panel for BoS&#39s attempts to force RBS to clarify whether it intends to bid. The Panel turned down BoS&#39s request that it make RBS declare its intentions […]

Chartered Institute of Taxation warns Government over stakeholder

The Chartered Institute of Taxation has warned the Government that its stakeholder pensions proposals are littered with taxation traps.It says that if stakeholder pensions are to be truly successful and accessible to all, further changes will be necessary.The institute says the Government&#39s proposal to open up pensions to those not in work, could in practice […]

L&G launches tracker based pension

Legal & General is launching a new tracker-based Ethical Pension Fund using a &#39filtered&#39 version of the FTSE 350 Index.The filter excludes those companies failing to meet ethical criteria established by the company&#39s extensive research of existing ethical and conventional investors.L&G is also launching four other new funds, the European Equity Index, US Equity Index, […]

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Healthcare predictions for 2015 from Jelf Employee Benefits

The continuing fall-out from the Competition and Markets Authority’s (CMA’s) review, the rise of the private GP and digital engagement will be the primary focuses in the private healthcare industry during 2015, according to Iain Laws, managing director, healthcare and group risk, at Jelf Employee Benefits.


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