When I was young and economics were sound, pension provision was relatively simple. Individuals contributed with full tax relief on what they paid in and employers often matched or exceeded those contributions as a tax free benefit to the recipient employee. Income and gains earned on the fund savings were also received tax free, at this stage at least.
The quid pro quo was when the pension was finally paid it was subject to income tax on the recipient. Simplistically, contributions were tax deductible when they went in but taxable when they came out....
The secretary of state for work and pensions has told MPs clawback and avoidance measures could be imposed for the people responsible for driving Carillion over the cliff.
Occupational pension provision has continued to grow in value, but there remains large variance in incomes across the pensioner age group, according to latest government data.
Defined benefit (DB) schemes could have an aggregate surplus by 2021 under Pension Protection Fund (PPF) projections, its strategic plan for 2018 to 2021 reveals.
Investment consultants are failing to recommend products that outperform net of fees, the Competition and Markets Authority (CMA) has said as its investigation into the market continues.