Pensions

Tax / Ex-forces pensioners urged to check tax code

Former members of the military who receive an armed forces pension are being advised to check how much tax they are paying amid concerns HMRC may have issued an incorrect code

Insight / 20-year ban for payday loan directors over lost pension monies

Three directors of a payday loan company who used over £1m from a pension liberation scheme to pay off company debts have banned for a total of 20 years following an investigation by the Insolvency Service

Tax / HMRC updates VAT rules on pension fund management

HMRC has published a brief covering a change in policy concerning the VAT treatment of pension fund management services provided by regulated insurance companies, which means it is delaying implementation of the new rules until 1 April 2019

Tax / Consultation on tax changes to overseas pension scheme payments

The government is consulting on changes to the overseas pension scheme rules relating to the tax charges on payments from non UK pension schemes

Tax / HMRC fails to publicise DB pension scheme VAT guidance

HMRC has been criticised for failing to make public updated guidance on the recovery of VAT incurred on defined benefit (DB) pension scheme costs to employers, trustees and pensions providers who have been waiting for news of any change for some months

Insight / Defined benefit pensions: will superfunds rescue failing schemes?

Anne-Marie Winton, partner at ARC Pensions Law LLP asks whether superfunds mean the end of struggling defined benefit pension schemes plagued by weak employer covenants and considers how they could help UK employers with legacy pension deficits, assuming the UK legal framework could support the concept

Insight / DWP consults on enhanced disclosures for occupational pension schemes

Pension schemes will for the first time be compelled to publish the fees they charge their members for investing their pension, under proposals announced by the Department for Work and Pensions (DWP) which it is estimated could benefit up to ten million individuals

Insight / DWP takes over pension dashboard project from Treasury

Development on the pension dashboard will continue with the Department for Work and Pensions (DWP) announcing that it has taken over the responsibility from the Treasury after economic secretary Simon Kirby, who was involved in the project, lost his seat in the June election

Tax / Calls for UK to hike self employed NICs and cut pension triple lock

The OECD is recommending the UK considers increasing National Insurance contributions (NICs) for the self employed and reforming the ‘triple lock’ on state pensions as part of efforts to support the UK economy, which it says has weakened in the aftermath of the decision to leave the EU

Insight / Pension body proposes national retirement income targets

The Pensions and Lifetime Savings Association (PLSA) has launched a consultation on introducing a set of new national retirement income targets (RITs) to make it simpler for people to understand how much they need to save to support themselves when not working, and on changes to the current retirement saving system to encourage greater take-up

Insight / Mediation service on offer for pension scheme administrator changes

The Pensions Administration Standards Association (PASA) is planning a voluntary mediation service to resolve the issues experienced by schemes during the transfer of administration services from one provider to another

Tax / Pension tax relief bill hits £38.2bn

The cost of pension tax relief has hit £38bn as the government faces a growing bill to underwrite tax breaks on pensions for all taxpayers, including those paying higher rate tax

Insight / Call for pension ‘superfunds’ to tackle £400m DB scheme deficit

The Pensions and Lifetime Savings Association (PLSA) is calling for changes to the regulations surrounding defined benefit (DB) pension schemes, after research found over a third of members are in schemes which have only a 50:50 chance of delivering all their benefits

Insight / Auto enrolment pensions will not provide adequate retirement income, warns ABI

The number of employees signed up to auto enrolment pensions has hit 7.5m but the low level of contributions by employees and employers is still too small to provide adequate future pension cover

Tax / Simple assessment tax changes for state pensioners

For the 2016/17 tax year, pensioners who started to receive a state pension on or after 6 April 2016 and have no other taxable income will not be required to file a tax return, instead HMRC will send a simple assessment based on its own calculations
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