(Source: Eversheds LLP) 09-10-2015 Time is ticking away on a particular statutory deadline which, if ignored, may lead to defined benefit pension schemes unexpectedly losing existing powers to make payments of surplus to participating employers except where the scheme is in winding-up. Trustees of affected schemes who wish to preserve their current powers will need to take urgent action by 6 April 2016 in order to avoid such an outcome. Background Under the old tax regime which applied prior to 6 April 2006, in certain circumstances pension schemes were obliged to repay surplus to employers. This requirement was removed with effect from 6 April 2006. However, many schemes' rules had already...
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