New research from actuarial consultants Higham Group shows that UK occupational pension schemes will have to pay at least £300 million in order to comply with new tax rules, aimed at simplifying the pensions industry. This staggering figure, which dwarfs all previous estimates, is over twice the £150 million sum the Government hoped to raise this year (also from occupational pension schemes) to fund the Pension Protection Fund (PPF).
On top of this, the Government recently announced a code of practice about how trustees and companies should fund these same occupational pension schemes.
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