UK - Opas wants new laws to give scheme members the right to take part of their benefits if they work past retirement age.
The pensions advisory service’s response to the Inland Revenue’s consultation document – Simplifying the Taxation of Pensions – gives strong support for many of the changes being proposed.
But it expressed concern at the type of transitional arrangements that would be needed to make the change and warned they could make administration even more difficult for schemes.
OPAS chief executive Malcolm McLean said: “We want to see the eight existing tax regimes replaced by one, not nine, and would welcome a simple, but clearly documented set of transition rules.”
The advisory service also said there should be a 10-year transition period to increase the minimum pension age from 50 to 55 to cater for those scheme members who are currently planning early retirement.
*The Society of Pensions Consultants has welcomed the Inland Revenue’s proposed tax changes which, it says, will ease the administrative burden on schemes.
SPC secretary John Mortimer said: “Those in the middle-income bracket of the population are, on the whole, very dependent on ‘at-work pensions’, so the entire pensions field would benefit from ideas such as these, designed to help schemes flourish and grow.”
But he said it was essential that the administration of the £1.4m lifetime savings cap was as smooth as possible.
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The Pensions Regulator (TPR) has set out plans to use "new regulatory initiatives" with over 1,000 schemes as it aims to tighten its regulatory grip and boost member outcomes.
HM Revenue and Customs (HMRC) has announced it is delaying the provision of data that will enable pension schemes to confirm the guaranteed minimum pension (GMP) benefits to pay to members until the end of the year.
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