tax
Steve Webb claims HMRC will 'over-tax' pension freedom users during crisis
Lane Clark & Peacock (LCP) has called out HM Revenue & Customs' (HMRC) tax policy on flexible drawdown as "unacceptable", claiming it could lead to draconian tax penalties during Covid-19.
'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.
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.
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).
Fix pensions tax before pushing patient capital investments
With savers facing 100% of the potential downside of patient capital investment, as well as tax implications from the upside, Peter Glancy argues it is not the most enticing proposition.
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.
Industry in agreement on banning contingent charging
The majority of this week's Pensions Buzz respondents agreed with the Financial Conduct Authority's (FCA) proposal to ban contingent charging on defined benefit (DB) transfer advice.
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.
GMP equalisation working group forms five sub-committees to draft guidance and drive progress
The industry-wide GMP equalisation group has created five sub-committees to each work on a key component of the guidance. Holly Roach reports
LISA or a pension pot… or both?
Michael Johnson compares a pension pot with a Lifetime ISA from the perspective of a millennial
Five pension changes for the new tax year
The new tax year brings a number of changes for pensions including the long-awaited name change for the Single Financial Guidance Body (SFGB).
Exclusive: Smart Pension to launch financial well-being app
Smart Pension will roll out an online financial well-being application to help members make decisions about their money in Q1 next year.
How to give overseas DB members the correct advice in transfer exercises
DB schemes are increasingly running transfer exercises to manage liabilities. Jonathon Webb looks at how to ensure overseas members are given the correct advice and included in the process
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.
Six pensions changes for the new tax year
The new tax year brings a number of changes to the pensions world, not least the first round of phasing for auto-enrolled employees.
Scotland changes income tax rates; pension savers face tax relief complexity
Changes to Scottish income tax bands could see savers receiving the wrong amount of pensions tax relief, commentators have warned.
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.
Technology and culture will lead to 'Uber moment' for saving
Changes in work culture and technology will lead to an 'Uber moment' for savings at some point in the future, Bravura business development manager Natanje Holt believes.
One in five retirees face tax shock by withdrawing over tax-free limit
Pensioners are at risk of paying more tax than necessary by withdrawing over 25% of their fund in one lump sum, a Prudential analysis has found.
Spring Budget 2017: Master trust tax registration to align with authorisation
Master trusts will face a new tax registration process aimed at boosting savers' protection and aligning it with the incoming authorisation process.
RBS re-opens union talks over NI costs as strike action looms
Royal Bank of Scotland (RBS) has resumed talks with unions over national insurance (NI) contribution costs being passed onto its 27,000 defined benefit (DB) scheme members.
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
Sponsors to pass NIC increase onto employees
Most of the industry believes employers are unlikely to absorb the increase in national insurance contributions, according to PP research.
More than two thirds of over-55s will not cash in annuities
Two thirds of people aged over 55 who have bought an annuity (68%) would be unlikely to cash it in despite being able to from next year.
