Law and Regulation

JLT's Mark Wood says the concept of a pension has all but disappeared since the Budget

Annuities have been brought into line with drawdown, but inconsistencies remain

Yesterday's statement was nothing compared to the shock announcement in the Budget, but there was still plenty for the pension industry to chew on. Here are the main talking points.

The interest rates for two new government-backed bonds for the over 65s will be announced on 12 December, Treasury documents show.

Detail in HM Treasury's Autumn Statement has spelled uncertainty for the future of claiming tax relief under salary sacrifice regimes.

Middle sized pot holders could be encouraged to take financial advice by the guidance guarantee, according to pensions minister Steve Webb.

The Chancellor will introduce legislation to stop fund managers disguising their fee income to avoid paying tax.

The Treasury will net an additional £1.15bn in taxes as a result of defined benefit (DB) members transferring to take advantage of incoming defined contribution (DC) freedoms.

Increases in employer contributions to public sector schemes will net central government £335m a year, rising to £390m by 2020, according HM Treasury.

The 55% tax charge levied on beneficiaries of individuals who die under the age of 75 with a joint life or guaranteed term annuity has been abolished in today's Autumn Statement.