HM Treasury

Will LGPS membership suffer from public sector pension reforms?

The negative tone of HM Treasury's early access consultation is an indication the concept as a whole could be "quietly shelved", a lawyer says.

Occupational scheme member groups have attacked the switch to Consumer Prices Index inflation as a Treasury cost-saving exercise aimed at benefitting business over members.

Treasury plans to increase public sector employee pension contributions by 3% could destroy the Local Government Pension Scheme, the London Pensions Fund Authority warns.

Julian Mainwood of Barnett Waddingham discusses how the restriction of pensions tax relief will affect scheme administration

Allowing members to pay the annual allowance charge from their pension pot could be "chaos" without clear guidance on the process, Sackers says.

Employers are being warned there are only 90 days left before changes to pensions taxation are implemented on 6 April.

An unsecured pension holder aged over 50 but not yet 55 can purchase a lifetime annuity or scheme pension without incurring an unauthorised tax charge, the Treasury says.

The government has launched a public consultation on giving people under-55 early access to their pension.

UK - The government has announced it will introduce legislation in the Finance Bill 2011 to reduce the annual allowance from £255,000 ($402,000) to £50,000 and the lifetime allowance from £1.8m to £1.5m.