UK - People contributing to defined contribution pensions only have until the end of this month to use a valuable tax break, Legal & General says.
Carryback relief – a tax rule that enables individuals to use unused pension tax allowances given in one year the following year – will be abolished from January 31.
Legal & General director of pensions marketing Andy Agar explained: “Carryback enables pension contributions paid between April 5, 2002 and January 31, 2003 to be treated as if they had been paid in the 2001-02 tax year and clients can claim their unused tax relief for that tax year.”
PwC, KPMG, EY and Deloitte must break up their consultancy and audit businesses into distinct firms to provide greater focus on the "most challenging and objective audits", the competition watchdog has said.
The Department for Work and Pensions (DWP) has released its first batch of guidance setting out how the guaranteed minimum pension (GMP) conversion legislation may be used to resolve unequal payments.
This week's top stories include the government spending £800,000 on a Gogglebox advert and MPs writing to The Pensions Regulator about its engagement with the Railways Pension Scheme.