HMRC has come under fire for how it gathers tax from victims of pension liberation. However, could more be done to prevent members from transferring out in the first instance? Kristian Brunt-Seymour looks at the options.
At a glance: Protective assessment letters could remind members of the repercussions if they decide to transfer out early. Providers and independent government bodies should reinforce the dangers...
Pension scheme trustees and sponsors should only seek to transfer members’ benefits to a defined benefit (DB) consolidator if there is no “realistic prospect of buyout in the foreseeable future”, The Pensions Regulator (TPR) says.
Guy Opperman says two page, simpler statements as well as an annual ‘season’ in which to issue them could be transformative steps for the UK pensions industry
A second pensions bill is likely during the “life of this parliament”, according to pensions and financial inclusion minister Guy Opperman.
A “legitimate debate and discussion” is needed over future auto-enrolment (AE) contribution rates, says Guy Opperman, and that could take place next year.
Julian Mund writes about planning for the future and the four challenges he sees for the pension industry over the next five years.