UK - A loophole in the proposed simplified tax regime will give people extra cash simply by moving some of their pension from one plan to another.
The government plans to introduce “trivial commutation”. This will enable a person with a pension of 1% or less of the £1.4m lifetime limit to take all the assets as a lump sum.
However, it does not specify that it has to be a person’s main scheme. So £10,000 could be taken early and placed in a stakeholder pension, where it would be grossed up by 22%.
This week's top stories included Cardano announcing plans to acquire Now Pensions from a Dutch pension fund later this year.
Royal Bank of Scotland (RBS) faces a £102m impact on liabilities as a result of equalising guaranteed minimum pensions (GMPs), according to its annual results.
Malcolm Mclean says getting the channels of communication right and engaging more openly is a good starting point