HMRC

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.

HM Revenue and Customs (HMRC) has announced it will publish its long-awaited tax guidance specific to guaranteed minimum pension (GMP) equalisation in December.

Over £30bn has been withdrawn from pension pots since Freedom and Choice was introduced in 2015 for those aged over 55, according to latest data from HM Revenue and Customs (HMRC).

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.

Employers are increasingly concerned about the costs and complexity associated with equalising guaranteed minimum pensions (GMPs), according to the Association of Consulting Actuaries (ACA).

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.

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).

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).