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Government to Consult on Changes to Defined Benefit Repayment Rules

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The government has announced plans to seek input and advice on the rules surrounding the repayment of surplus funds in defined benefit pension schemes. Currently, there is a 35% tax rate on any excess funds withdrawn, but this rate will be reduced to 25%. This information was provided by the HM Treasury.

The government plans to start a discussion on the regulations for repaying defined benefit (DB) pensions. Today, the government announced that in order to allow pension funds to invest in a variety of assets, it will seek input during the winter season on potential modifications to the rules regarding when DB schemes can be changed.

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In the previous article, the Chancellor has revealed a plan to consolidate DC schemes in the Autumn Statement 23.

In the upcoming Autumn Statement, it has been confirmed that the abolition of the Lifetime Allowance (LTA) is still scheduled

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Holly Roach

News Editor for Professional Pensions

Additional information from Holly Roach

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As the era of stability and consistent growth comes to a close, pension schemes are facing a variety of new obstacles, including unpredictable market fluctuations and the rising cost of living. Henry Odogwu from BlackRock, Chris Eastwood from Penfold, and Joe Dabrowski from PLSA delve into the discussion on how these challenges are shaping the future of retirement.

Buzz: Did last week's Autumn Statement bring positive changes for pensions?

The Autumn Statement included updates on the pot for life, the PPF (Pension Protection Fund), and the trustee register.

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