UK - Schemes will have to work to very tight deadlines to comply with the Inland Revenue's tax changes, Watson Wyatt warns.
The consultant said a string of delays to the government’s pensions tax White Paper meant schemes would be pushed for time to comply with the changes.
Watson Wyatt senior consultant David Harris (pictured) said: “The time of ‘A-Day’ is fast approaching and there’s much to be done. The final paper was supposed to come out in October.
“By the time the consultation is through, the duration’s not going to be that long compared to what was initially mooted. That represents a cost to communications and the like.”
Nabarro Nathanson partner Kate Richards agreed and said many schemes would have “real problems” in replying to the consultation in time.
- Watson Wyatt has set up a website dedicated to the pensions lifetime limit issue – www.watsonwyatt.com/lifetimelimit. It is also running a series of seminars targeted at human resources directors, pensions mangers and remuneration committee members on the issue.
Seminars will be held in London on December 12 and 17, Manchester on December 16 and Leeds on January 14. For more information email [email protected]
Life expectancy in the UK saw no improvement between 2015 and 2017 as the number of people aged over 90 hit a record high, latest Office for National Statistics (ONS) data reveals.
Self-administered pension funds spent £14bn on payments to pensioners in Q2 2018, but only received £11.4bn of contributions (net of refunds), latest Office for National Statistics (ONS) data reveals.
The Pensions and Lifetime Savings Association (PLSA) has named the 17 members of its inaugural policy board after a competitive application process with 60 candidates.