Treasury
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.
Government announces March Budget
HM Treasury has confirmed that the government will hold its Budget on 11 March.
Breaking into the boardroom, tackling the seniority gap
FTSE 100 chief executives are more likely to be called Steve than they are to be women, who account for 50% of the population, unlike men called Steve.
Labour and Lib Dems unveil election manifestos
The Labour party and the Liberal Democrats have published their 2019 election manifestos, with little similarities in proposals for the future of pensions policy.
Govt in 'quick fix' move to pay NHS workers' pension tax bills
The government is to pay the tax bills of NHS workers caught out by changes to pension contribution limits who have been turning down additional work for fear of running up large tax bills.
Pension schemes bill has low chance of quick resolution
With the spectre of Brexit looming over parliament, Jonathan Stapleton has some scepticism that the pension schemes bill will be enacted any time soon.
Government confirms November Budget
HM Treasury has announced that the government’s next Budget will take place on 6 November, although this depends on the outcome of the Brexit negotiations.
Venture capital and growth equity investment could boost member pots by up to 12%
Defined contribution (DC) members in the default could see a 7% to 12% increase in total retirement savings by having investments in venture capital and growth equity, research shows.
Five stories you may have missed this week
This week's top stories included the GMP Equalisation Working Group publishing a call to action to help schemes begin the process.
Treasury confirms discriminatory rules to be fixed across all public sector schemes
The government has confirmed the Supreme Court ruling that changes made to the firefighters' and judges' pension schemes in 2015 were discriminatory will now apply to all public sector schemes.
Spring Statement lacks pensions policies but reduces index-linked gilt issuance
Philip Hammond's Spring Statement was empty of any direct pension news as the Treasury sought to avoid major policy announcements.
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