All Tax articles – Page 6
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OpinionLifetime allowance freeze reopens debate on its relevance
The Budget may be classed as a quiet one from a pensions perspective, since it did not address any of the major burning issues that pensions consultants either think or anticipate the government will address.
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NewsPodcast: Budget 2021 - ‘Reckless conservatism’ in DB landscape
Podcast: Wednesday’s budget did not go far enough to counter the “reckless conservatism” in the defined benefit landscape when it comes to risk and growth assets, hampering the government’s drive to unleash pensions on the post-pandemic recovery, according to Conservative party peer baroness Ros Altmann. She is joined by Isio partner Mike Smedley, in a discussion that also includes the lifetime allowance freeze and what was missing from the chancellor’s statement.
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Budget 2021: Lifetime allowance frozen until 2026
On the go: The pensions lifetime allowance will be frozen at just more than £1m until April 2026, chancellor Rishi Sunak announced on Wednesday.
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NewsImmediate choice a ‘no-brainer’ for judges’ McCloud remedy
The unique position of judges and their non-standard Judicial Pension Scheme means that opting for the “immediate choice” solution to McCloud is a “no-brainer”, experts have said, despite the rest of the public sector taking a different course.
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OpinionWhy purpose, personalisation and pace must shape modern pensions
It is no secret that few people engage with their pensions. More than half of UK workers do not know the size of their pension pot.
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Chancellor ponders lifetime allowance 'stealth tax'
On the go: Chancellor Rishi Sunak was reportedly planning to freeze the lifetime allowance for the rest of the current parliament, according to a report in the Times — a move that could see public sector workers hit hard.
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Industry calls on HMRC to help solve GMP tax issues
On the go: Although welcoming the new guidance from the Pensions Administration Standards Association on guaranteed minimum pensions equalisation tax issues, industry voices are calling for more collaboration from HM Revenue & Customs as several problems remain unsolved.
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Government rejects NHS pension tax proposals
On the go: The government has decided not to go ahead with its proposed flexibilities for the NHS Pension Scheme, as it believes changes to the taper threshold went far enough to address the issue.
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NewsGovt opts for deferred choice underpin solution to McCloud
The government has confirmed it will opt for the deferred choice underpin solution to the McCloud problem, which despite being the right choice according to pensions specialists, will open the floodgates of administration woes for public sector schemes.
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GMP tax guidance expected to land in February
On the go:Guidance from the Pensions Administration Standards Association on the tax implications of guaranteed minimum pensions equalisation is expected to be published next month, according to an update from the body’s dedicated working group.
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Simplifying language can increase pensions engagement
On the go: Almost half of savers do not know they can choose how much money they pay into their pensions, while a third misunderstand the purpose of auto-enrolment minimum caps, a new report has revealed.
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Employers support tax reform to help low paid
On the go: UK employers have voiced overwhelming support for reform of the UK’s complex system of pensions taxation, even if it means that some are worse off.
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Nest outlines small steps to close ‘gender pensions gap’
On the go: Opting in to a pension scheme at 18, understanding if the employer matches the worker’s contributions, and adding as little as an extra £2.50 a week to the pension pot are all ways of closing the gender pensions gap, according to a report from Nest.
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Govt consultation suggests abandoning GMP conversion
The Treasury has indicated it may axe guaranteed minimum pension conversion in a new consultation, with experts citing administrative costs as a reason to ditch the idea.
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Calls for govt to change transfer rights to halt scams
Pension regulators should be given the power to override people’s statutory right to transfer should a suspected scam be reported to them, according to a think tank.
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Trustees must watch out for buyout tax implications
Defined benefit trustees have been urged to be on their guard against a new interpretation of tax law that could see certain members hit by unexpected tax charges on buyout.
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McCloud remedy ‘must be implemented efficiently’
On the go: The Association of Consulting Actuaries has warned that the government’s proposed solutions to the McCloud dilemma “must be implemented efficiently” for each affected scheme.
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Govt outlines solutions for pensions net pay anomaly
The government is seeking industry views on how to end the net pay anomaly affecting low-paid earners in the pensions tax relief system.
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New GMP guidance stops short of clarifying rules around conversion
New guidance on guaranteed minimum pensions has clarified the tax implication of equalising past inequalities between men and women, but critics have said it leaves unaddressed important questions for schemes hoping to convert GMPs into regular scheme benefits.
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Chancellor spares pensions tax relief and triple lock for now
On the go: Pensions tax relief and the triple lock have once again been spared by the chancellor of the exchequer, although changes to these costly policies are expected down the line.