2018 was a monumental year for the European regulatory framework. The region witnessed the introduction of MiFID II, PRIIPs, the enactment of GDPR, and AnaCredit, with each having a massive impact on some of the largest global organisations.
What is the lifetime allowance? Pension simplification came in to effect from 6th April 2006 to rationalise the British tax system in regards to pension schemes. One of the policies introduced was the lifetime allowance for all UK pensions.
Final salary pensions also known as defined benefit schemes have been the talking point over recent years due to over 75% of them being underfunded. This means they don’t have enough money to pay retirees their pensions.