HMRC

The GMP Equalisation Working Group has published its first guidance note to assist schemes in undertaking the process. Holly Roach discusses what schemes should do next

The cross-industry GMP Equalisation Working Group has published guidance outlining methods schemes could use to equalise for the sex based inequalities of GMPs.

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).

HM Revenue and Customs (HMRC) does not know how many people it has fined for breaching pension tax allowance rules, a Freedom of Information request has revealed.

HM Revenue and Customs' (HMRC) guaranteed minimum pension (GMP) equalisation working group has revealed the guidance needed to avoid potential tax consequences will not be updated before the autumn.

This week's top stories included Legal & General completing a record-breaking buyout with the Rolls-Royce UK Pension Fund, and the government setting out plans for flexible NHS pensions.

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.

HM Revenue and Customs (HMRC) has announced it is delaying the provision of data that will enable pension schemes to confirm the guaranteed minimum pension (GMP) benefits to pay to members until the end of the year.

Members of occupational pension schemes claimed £4.3bn in pensions tax relief in 2017/18, as total relief climbed £1.1bn.

The number of in-force group risk policies rose by 3.3% in 2018 to 76,906, with nearly 13 million people now insured, Swiss Re's 2019 Group Watch figures reveal.