HMRC
'No excuse' for industry slipping from GMP equalisation timescale targets
The lack of clarity from HM Revenue and Customs (HMRC) on guaranteed minimum pension (GMP) equalisation is “no excuse” for stalling implementation, says Aon.
Industry agrees DC master trusts have set a good example for other schemes
This week's 88 Pensions Buzz respondents agreed that defined contribution (DC) master trusts have set a good example for other types of DC schemes during the authorisation process.
Self-employed taking £115,000 workplace pensions shortfall
An individual who moves into self-employment after ten years work will miss out on an additional £115,300 in retirement funds after exiting their occupational pension scheme.
Pension savers recoup record amount of overpaid income tax
HM Revenue and Customs (HMRC) paid back over £54m in tax on pension withdrawals during the three months to 30 September – the highest quarterly amount since the introduction of Freedom and Choice in 2015.
HMRC GMP equalisation tax guidance confirmed for December
HM Revenue and Customs (HMRC) has announced it will publish its long-awaited tax guidance specific to guaranteed minimum pension (GMP) equalisation in December.
Pension freedom withdrawals reach £30bn
Over £30bn has been withdrawn from pension pots since Freedom and Choice was introduced in 2015 for those aged over 55, according to latest data from HM Revenue and Customs (HMRC).
HMRC guidance is the 'missing piece of the jigsaw' in GMP equalisation process
One year on from the landmark ruling on GMP equalisation, Holly Roach looks at how far the industry has come and what remains for schemes to do.
Widespread concern over complexity and cost of GMP equalisation, finds ACA
Employers are increasingly concerned about the costs and complexity associated with equalising guaranteed minimum pensions (GMPs), according to the Association of Consulting Actuaries (ACA).
Five stories you may have missed this week
This week’s top stories include the outcome of the Queen’s Speech, and HM Revenue and Customs calculation that pensions tax relief will cost the government £40bn this year.
Pensions tax relief to 'cost' government £40bn this year
The government will pay out £21bn in income tax relief for pension contributions this tax year, while national insurance relief payments will rise to £18.7bn, according to statistics from HM Revenue and Customs (HMRC).
No one-size-fits-all for GMP equalisation
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
GMP Equalisation Working Group publishes methodology guidance
The cross-industry GMP Equalisation Working Group has published guidance outlining methods schemes could use to equalise for the sex based inequalities of GMPs.
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 has 'no clue' how many members have faced pension tax allowance fines
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.
HMRC working group confirms GMP tax guidance 'unlikely' before autumn
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.
Five stories you may have missed this week
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.
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.
HMRC delays crucial GMP data until end of year
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.
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.
Swiss Re Group Watch 2018: Group risk posts 'solid' growth driven by rise in EGLPs
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.
Schemes make slow progress with GMP equalisation five months on
Many schemes are still sitting on their laurels despite the High Court judgment on equalising GMPs being handed down five months ago. Holly Roach explores how much progress has been made.
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.
DWP gives green light to CDC; will extend to wider models after Royal Mail scheme
Collective defined contribution (CDC) provision will be introduced slowly, starting specifically with a Royal Mail scheme and then rolling it out more widely, the government has confirmed.
GMP equalisation could land DB members with six figure tax bill
More than 100,000 savers face being landed with huge tax bills following tiny uplifts to their pension, a Freedom of Information (FOI) reply has revealed.
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