HM Revenue & Customs
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.
HMRC urged to extend GMP reconciliation deadline by a year
The government should extend its support for schemes seeking to reconcile guaranteed minimum pension (GMP) records until October 2019, Willis Towers Watson has said.
OTS review challenges 'emergency tax' on pension withdrawals
The Office for Tax Simplification has urged HM Revenue & Customs to review the usage of emergency tax codes for lump sum pension withdrawals.
£17.5bn pension freedom figure 'fails to reflect big picture'
HMRC figures published on Friday suggest almost £17.5bn has been flexibly withdrawn since the inception of pension freedoms, but that figure is not reflective of 'the bigger picture', according to one industry expert.
Pension freedom withdrawals reach £6.5bn in 2017
Total of £15.7bn accessed flexibly
Pensions tax relief to climb to £41bn this year
The estimated cost of pensions tax relief for employees to the government is expected to hit £24bn in this tax year, according to government data.
HMRC issues internal guidance on DB VAT but fails to update schemes
HM Revenue and Customs (HMRC) has published an internal manual on how value-added tax (VAT) should be calculated for defined benefit (DB) occupational pension schemes.
HMRC repays £37m for overtaxed flexible pension payments in Q3
HM Revenue and Customs (HMRC) paid out £37m in overpaid tax to pension freedoms users in the third quarter of the year, its quarterly figures have revealed.
Freedoms payouts total £1.6bn in Q3 as probe hears evidence
Just under 200,000 people accessed their pensions using Freedom and Choice in the third quarter of the year, HM Revenue and Customs figures have revealed.
One in six tax returns filed by over-65s
A rise in pensioner incomes and the freezing of pensioner tax-free allowance mean one in five taxpayers are now over the age of 65, Royal London says.
HMRC returns £27m of overpaid tax to pension freedom users
More than 10,000 counts of tax overpayment relating to pension freedoms have led to a £26.8m bill for HM Revenue & Customs (HMRC), latest data has revealed.
Pension freedom withdrawals cut through £10bn barrier
Average amount accessed per person continues to fall
Annual allowance cut leads to 79% rise in breaches
The reduction of the annual allowance in 2014 has caused a significant rise in the number of people breaching the limit.
Five stories you might have missed this week
This week's top stories included the latest figures on pension withdrawals since Freedom and Choice, and the effect of President Donald Trump on DB deficits.
158,000 take cash from pensions in Q3
More than £1.5bn was withdrawn from pensions in the third quarter of this year, official statistics have revealed.
How Brexit will affect schemes' VAT claims
HMRC has been wrangling with a recent EU judgement saying DB schemes could reclaim VAT. With Brexit on the horizon, James Phillips explores whether the attempt is futile
CH2M unveils Halcrow Pension Scheme rescue plan
CH2M has announced proposed plans to curb benefits for the 3,300 members of the beleaguered Halcrow Pension Scheme (HPS).
Do we need a wider industry approach to pension liberation?
PP looks at whether more could be done to prevent members from transferring out in the first instance?
Don't get me started… PP's prophets tells us what is making them angry about pensions
PP's panel of pension prophets - Malcolm McLean, Roger Mattingly and Robin Ellison - discuss what is currently annoying them about the UK pensions system.
Ombudsman orders Prudential to grant transfer despite liberation fraud 'insinuations'
The Pensions Ombudsman (PO) Tony King has ordered Prudential to provide a transfer request to a member wishing to move his funds into a newly-created pension scheme.
Risk of £300 fine for pensions used like bank accounts
Thousands of savers face being hit with fines from the taxman for using their pension like a cash machine for the first time.
GMP equalisation could take years of preparation
Schemes should start preparing for GMP equalisation as it could take years to fully implement, consultants warn.
Top 20 news stories of 2012
It has been a record year for pensions news. On top of new regulations, defined ambition, tax changes and public sector reform, there have been mergers, acquisitions, industry spats and campaigns. Here, PP brings you the top 20 stories of the year in...
BIS overhaul of directors' pension valuation 'fundamentally misplaced'
Plans to change the way directors' pensions are valued in remuneration reports are "fundamentally misplaced," says the Society of Pension Consultants.
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