Treasury
A Covid-19 tax relief raid could exacerbate generational pensions divide
With rumours once again swirling around the future of pensions tax relief in the run up to this year's Budget, any reduced incentive for long-term savers could risk further exacerbating the generational divide in pensions, says Tom Selby
Industry raises significant concerns over FCA consultation on advising on pension transfers
The industry has raised serious concerns that Financial Conduct Authority (FCA) transfer advice proposals on illustrative figures could hamper schemes’ ability to help members to understand their retirement options and force many to take full regulated...
Government confirms pension freedoms age hike to 57
The government has confirmed the minimum pension age will rise from 55 to 57 by 2028 to coincide with the rise in the state pension age to 67.
RPI reform to cost schemes and investors up to £130bn
Potential changes to the way the Retail Prices Index (RPI) is calculated and reported could cause assets to fall by between £60bn and £130bn, according to various estimates.
Five stories you may have missed this week
This week’s top stories included auditor KPMG confirming it is considering reducing pension contributions for 20% of staff amid the ongoing impacts of the coronavirus pandemic. Also, MPs hit out at HM Revenue & Customs over the benefits of pensions tax...
HM Treasury sets out tax measures to enable CDC schemes from next year
The Treasury has published draft tax legislation to enable collective defined contribution (CDC) schemes from next year.
Treasury opens pensions tax relief administration consultation
The government has admitted it has never provided a “straightforward and proportionate” solution to the challenges in the current pensions tax relief system in a call for evidence this morning (21 July).
HMRC 'doesn't understand' impact of pensions tax relief, say MPs
HM Revenue & Customs (HMRC) must evaluate the benefits that are provided by pensions tax relief, MPs have said amid concerns the tax office does not understand the impacts.
McCloud consultation launches; Treasury resumes cost control mechanism for public sector schemes
HM Treasury has announced it will resume the cost control mechanism for public sector pension schemes, noting the concern that the 18-month suspension has caused.
Summer statement: State to pay more pension contributions under Kickstart Scheme
Government plans to create jobs for 16-to-24-year-olds will see the state paying employer pension contributions, it is expected.
Report: Pensions triple lock at risk from Covid-19 fallout
The Financial Times has reported that Rishi Sunak is preparing to break the Conservative party’s “triple lock” state pension pledge, amid Treasury fears that the policy could become unaffordable because of the fallout from the coronavirus crisis.
Extend NHS scheme pays deadline, government urged
The government has been urged to extend the scheme pays deadline for NHS Pension Scheme members in light of the Covid-19 crisis.
Pension tax changes for public workers lauded a fair choice
The government’s proposal of temporary changes to pension tax for public sector workers amid the Covid-19 pandemic is the fairest choice, says Royal London.
Schemes could see 12% funding drop from RPI move
Potential changes to the Retail Prices Index (RPI) could land some schemes with a fall in their funding level as high as 12% according to Barnett Waddingham.
Public sector workers face 'massively complex' task of choosing scheme rules
Millions of public sector workers will be able to choose whether their pension provision should be accrued under legacy or reformed schemes under government plans announced yesterday.
Employers still expected to meet AE duties amid speculation over contribution holiday
The government has said it will “do whatever it takes” to support businesses through the Covid-19 coronavirus crisis, leading to speculation that there could be a short-term change in auto-enrolment (AE) policy.
Treasury launches consultations on RPI reform and the net-pay anomaly
The government has launched consultations on overhauling the Retail Prices Index (RPI) methodology and addressing the net-pay anomaly.
Tapered allowance thresholds confirmed to rise by £90,000
The government will raise the two tapered annual allowance thresholds by £90,000 in a bid to reduce the tax impact on high-earning NHS staff.
Uncertainty prevails over pension contribution tax relief cuts
Reports that new chancellor Rishi Sunak is set to abandon cuts to tax relief on pensions contributions are continuing to circle.
Five stories you may have missed this week
This week’s top stories included the launch of Scottish Widows’ new responsible investment team, and reports of Treasury plans to cut pension tax relief for high earners.
Treasury considers cuts to 'perverse' higher-rate pensions tax relief
High earners could face significant cuts to pension tax relief in the upcoming Budget under new Treasury plans to rein in the “perverse” system, according to reports.
Budget confirmed for 11 March after Javid's departure
Chancellor of the Exchequer Rishi Sunak has confirmed the government will go ahead with its Budget on 11 March, despite Sajid Javid’s resignation.
Hargreaves Lansdown: Pension tax system a 'bloated, inefficient mess'
Only a “comprehensive rethink” will be able to fix the “bloated, inefficient mess” of the current pension tax system, says Hargreaves Lansdown head of policy Tom McPhail.
Treasury looks to 'raise tapered threshold to £150,000'
HM Treasury intends to give tax relief worth hundreds of millions of pounds to those earning over £110,000, it is being reported.
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