July 2016

The Society’s committees have been working on a number of Scottish Parliament and UK Parliament Bills and consultations including immigration and asylum tribunal fees, the minimum age of criminal responsibility and the proposed secondary market for pension annuities.

Key areas are highlighted below. For more information see the law reform section of the website

Secondary Annuity Market

The Pensions Law Committee has responded to two separate consultations on the proposed secondary market for pension annuities.

The creation of a secondary annuities market is intended to extend greater flexibility and freedom to people who had little choice but to buy an annuity with their pension pot. We have responded to a consultation from HM Revenue & Customs which has laid out the proposed detail of the tax framework for the secondary market.

We have also responded to a Financial Conduct Authority (FCA) consultation on their proposed rules and guidance for these new regulated activities.

The full consultation response is available to read on the law reform section of the website