CANADA - Canada is to permit income splitting for pensioners beginning next year as it bids to strengthen its social security system, Jim Flaherty, Minister of Finance, announced yesterday.
"This will significantly enhance the incentives to save and invest for retirement security," said Flaherty, who made the announcement as part of the government’s Tax Fairness Plan.
Flaherty said Canada was "out of step" in its treatment of income trusts, with the US and Australia having already shut down similar structures.
"This situation is not right and it is not fair," he said. "The Tax Fairness Plan I am announcing today... is a significant step forward in the strengthening of our social security system for pensioners and seniors."
The trustees of the Kodak Pension Plan No.2 (KPP2) have said it will likely enter the Pension Protection Fund (PPF) in "due course" after reviewing the scheme's investment in Kodak Alaris.
A US company has completed a £285m pensioner bulk annuity for around 1,100 of UK members with Legal & General (L&G).
Former BHS chief Dominic Chappell has been accused of trying to rewrite history as he seeks to overturn a conviction for failing to hand over information to the regulator.
The Pensions Regulator (TPR) will double down on its supervision with hundreds of schemes expecting increased oversight, while more than 60 will be subject to dedicated, one-to-one supervision.