UK - Football, cricket and rugby players could be left in limbo by Inland Revenue moves to simplify the pension tax regime, law firm Charles Russell warns.
It warns that the government proposals will end exemptions that allow sportsmen and women to draw their pensions when their sporting careers are over – often when they are in their 30s or 40s – and force them to wait until they are 55 before they can retire.
Charles Russell – a firm that advises many sports stars – is writing to hundreds of sports people in a bid to co-ordinate their responses to the government’s proposals.
Employment and pensions unit deputy head Brian Palmer said: “We suspect many sports professionals are not aware of these proposals.
“Many could unwittingly be left in limbo until they can draw their pension when they are 55.”
The Green Paper proposals envisage age exemptions on pensions being scrapped in 2010.
Proposed changes to The Pensions Regulator's (TPR) notifiable events framework so it can be more proactive when corporates make changes will create a very challenging workload, it has been said.
Aviva has created a new pension skill for Amazon Alexa that allows customers to find out how much they have saved towards their retirement.
PP has compiled a list of what to watch out for over the coming months.
The proposed cold-calling ban may be ineffective if a collaborative regulatory approach between the UK and the European Union (EU) is not maintained post-Brexit, the Pensions Management Institute (PMI) has warned.