The Pensions Regulator

HM Revenue & Customs has announced both income tax and National Insurance contributions will apply to inducements offered to employees to encourage them to transfer out of a defined benefit occupational pension scheme.

The government has announced Paul Thornton, managing director of Gazelle Corporate Finance, will lead its external review of organisations involved in the regulation and protection of workplace pensions.

Trustees should take independent advice before agreeing to any transaction which could lead to the abandonment of a defined benefit occupational scheme, warns the Pensions Regulator.