All HM Revenue & Customs (HMRC) articles – Page 4
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News
Now Pensions tax relief top-up claims double in a year
On the go: Workplace pension provider Now Pensions will be topping up pension pots of non-taxpayer members for the fourth year, after seeing claims double in 2017-18, when compared with the previous period.
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News
HMRC request for schemes to report breaches branded ‘unsatisfactory’
HM Revenue & Customs' request for pension administrators to remind their members about potential tax breaches has been branded ‘very unsatisfactory’ by a former pensions minister, who said the tax authority was offloading its own responsibilities onto schemes.
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News
LTA to increase to £1.075m next year while pensioners get bumper rise
On the go: The latest data from the Office for National Statistics shows the consumer price index of inflation grew by 1.7 per cent in September 2019, with impacts on the state pension and the lifetime allowance.
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News
GMP compensation could cost members thousands in extra tax
On the go: Inadvertent action by an employer or pension scheme to compensate scheme members for inequalities in guaranteed minimum pensions could invalidate longstanding protection from onerous tax burdens, landing wealthy pensioners with tax bills of hundreds of thousands of pounds.
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News
Record 336,000 retirees access their pensions
On the go: More retirees than ever are withdrawing money from their pension pots as the popularity of freedom and choice continues unabated.
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OpinionGearing up for GMP equalisation
Guaranteed minimum pensions are still causing a lot of head-scratching in the pensions industry. While the High Court confirmed in October 2018 that pension benefits do need to be equalised for the effect of GMPs, practitioners have since been thinking about how to ensure that schemes are able to implement equalisation smoothly.
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News
Employers exposing staff to unexpected tax charges, warns Aon
On the go: Members of pension schemes with group life cover and their beneficiaries may face unexpected tax charges, with many employers yet to update their provision since the 2006 introduction of the lifetime allowance.
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News
Govt admits its pension forecasts have ‘significant’ inaccuracies
Pensions minister Guy Opperman was forced to admit “significant” problems with inaccurate state pension forecasting on Tuesday, raising fears hundreds of thousands of pensioners could be paid less than forecast.
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News
HMRC withdraws appeal in pensions tax case
HM Revenue & Customs has dropped a £400k legal battle with a pension saver who inadvertently exceeded his lifetime tax-free allowance, making further litigation more likely.
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News
MoJ underpays pension payments to 25 judges
On the go: The Ministry of Justice has short-changed 25 members of the Judicial Pensions Scheme who have been underpaid in their pensions. The underpayments totalled £53,917.
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News
Tax regime ripe for reform says AJ Bell as 12,000 lose LTA protection
On the go: Over 12,000 pension savers have breached lifetime allowance ‘protections’ in the past 12 years, leaving them to face tax bills running into hundreds of thousands of pounds.
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News
Pension freedoms see more than £7bn withdrawn in 2018
On the go: The UK’s fondness for pension freedoms continues unabated, with £1.9bn withdrawn from pension schemes under flexible pension rules in the fourth quarter of 2018, according to the latest HMRC figures published on Friday.
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News
Rookes and Hirons-Wood join Pension SuperFund trustee board
On the go: Defined benefit consolidator the Pension SuperFund has announced the addition of two further trustees to its board.
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OpinionThe government’s pensions priorities for 2019
In the year ahead, the DWP, HMRC, TPR, FCA and any other arm of government with a role in UK pensions must be ready to minimise any damage and disruption arising from Brexit.
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News
Pension freedoms withdrawals reach record high
On the go: The Treasury’s pension freedoms tax bonanza continues, as record sums are being withdrawn.
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News
Pension savers overtaxed by 'staggering' £372.5m
On the go: The government faces growing pressure to review ‘emergency tax’ treatment of pension freedoms withdrawals, after it was revealed that a staggering £372.5m has now been reclaimed by pension savers since the freedoms were launched in April 2015.
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NewsHammond’s Budget looks to unlock DC savings for patient capital
The government is to consult next year on whether the charge cap for defined contribution default funds should be changed to unlock greater investment in patient capital, as part of a Budget with significant implications for DC savers.
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FeaturesShould schemes use social media to engage with members?
Any other business: On July 26, members of the Teachers’ Pensions Scheme were informed via Facebook that their service was experiencing disruption. Later that day, they were told that access had been restored. Some members disagreed.
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OpinionIndustry right to reject death by Isa
From the blog: MPs may have migrated to warmer climes to relax during the parliamentary recess, but the civil servants at HM Treasury have evidently been working away behind the scenes.
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News
Dormant pots could cost £1bn in admin charges, research finds
Auto-enrolment is set to create 50m dormant pension pots by 2050, which may cost savers up to £1bn in administration charges, according to Hargreaves Lansdown research.