HM Revenue & Customs
WPC freedoms inquiry unlikely to be dominated by Covid-19 impacts, says industry
The economic impact of coronavirus is unlikely to overshadow the Work and Pensions Committee’s (WPC) inquiry into the success of pension freedoms, the industry believes.
GMP listings: A new layer of unexpected complexity
Alan Casey sets out how schemes can use HMRC GMP listings even where they are riddled with errors
WPC confirms inquiry into impact of freedoms; Scams to top extensive agenda
Pensions scams will be the key focus in the first part of a Work and Pensions Committee (WPC) inquiry reviewing the impact of the introduction of pension freedoms five years on.
Five stories you may have missed this week
This week’s top stories included auditor KPMG confirming it is considering reducing pension contributions for 20% of staff amid the ongoing impacts of the coronavirus pandemic. Also, MPs hit out at HM Revenue & Customs over the benefits of pensions tax...
HMRC 'doesn't understand' impact of pensions tax relief, say MPs
HM Revenue & Customs (HMRC) must evaluate the benefits that are provided by pensions tax relief, MPs have said amid concerns the tax office does not understand the impacts.
Government extends NHS scheme pays deadline
NHS Pension Scheme members will be given an extra three months to make use of the voluntary scheme pays facility due to the increased pressures arising from the Covid-19 pandemic.
When and how to correct benefits
There are many reasons why trustees may need to complete a benefit rectification exercise. Faye Jarvis explores the key considerations in these instances.
How to meet AE duties for furloughed workers
While furloughed workers are still entitled to pension contributions, Justin Corliss says employers must consider the impact of Covid-19 on their duties.
No longer an excuse for equalisation delay
While HMRC guidance on GMP equalisation contains both good and bad news for schemes, it does allow them to get going on the process, says John Wilson.
TPR issues salary sacrifice guidance as Covid-19 listed as life event
The Pensions Regulator (TPR) has issued further guidance for employers with pension obligations making use of the government’s Coronavirus Job Retention Scheme.
HMRC pushes back deadline for GMP data cuts
HM Revenue and Customs has extended the deadline for the issue of final reconciliation data cuts due to the coronavirus outbreak.
Malcolm Weir: How the PPF deals with corporate restructures
The PPF is increasingly being called to vote on behalf of pension schemes in the event of a CVA process. James Phillips speaks to Malcolm Weir about the lifeboat fund’s capabilities.
Lifetime allowance breaches cost savers £185m in 2017/18
More than 4,500 pension scheme members breached the lifetime allowance in the 2017/18 tax year, an increase of 36% from the year before, according to HM Revenue and Customs (HMRC).
HMRC ditches appeal over lifetime allowance breach
Accidental breaches of lifetime allowance fixed protections could no longer result in onerous tax bills after HM Revenue and Customs (HMRC) dropped its appeal of a landmark case.
Employee tax relief receipts rise to £4.3bn; Freedom withdrawals pass £25bn
Members of occupational pension schemes claimed £4.3bn in pensions tax relief in 2017/18, as total relief climbed £1.1bn.
HMRC forms GMP equalisation working group five months after Lloyds judgment
HM Revenue and Customs (HMRC) has formed a working group to help schemes consider the pension tax issues arising from the guaranteed minimum pension (GMP) equalisation process.
Savers overtaxed £400m by HMRC on pension freedoms
HM Revenue and Customs (HMRC) has taken over £400m too much in tax from savers accessing their pensions since the introduction of Freedom and Choice in 2015.
HMRC pays out £38m to pension freedom users after overtaxing
HM Revenue and Customs (HMRC) has had to pay £38m to pension freedom users after more than 18,000 counts of tax overpayment were reported.
HMRC 'looking at opportunities' to address net-pay tax anomaly
The government is set to review an anomaly which sees lower-paid workers in the majority of master trusts lose out on tax relief, it has confirmed.
Regulatory cooperation needed post-Brexit to combat EU-based scammers, says PMI
The proposed cold-calling ban may be ineffective if a collaborative regulatory approach between the UK and the European Union (EU) is not maintained post-Brexit, the Pensions Management Institute (PMI) has warned.
Pension freedom withdrawals hit record £2.3bn in Q2
A record £2.3bn was withdrawn from pensions under Freedom and Choice in the second quarter of this year, according to HM Revenue & Customs (HMRC).
One in 10 risk huge tax bills by planning to withdraw entire pension pot
One in 10 of this year's retirees will take their entire pension pot as a lump sum, Prudential's 'Class of 2018' research finds.
Industry split on whether CMA proposals go far enough
Respondents were almost evenly split in this week's Pensions Buzz on whether the Competition and Markets Authority's (CMA) remedies for the investment consultant and fiduciary management markets go far enough.
Five stories you may have missed this week
This week's top stories included the Insolvency Service disqualifying four pension directors from running companies for a total of 21 years for their role in the businesses' mismanagement of member funds.
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