Pensions

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

Tax / Master Trust pension schemes to be targeted by taxman under new powers

The government is giving HMRC new powers to refuse to register and to de-register master trust pension schemes and schemes for dormant companies which are not authorised by The Pensions Regulator in a bid to curb pension scams

Tax / Pension planning: transferring pensions overseas and QROPS - part 4

In part four of our series on pensions, Kay Ingram, director of public policy at LEBC, examines the impact and risks associated with transferring pensions overseas and Qualifying Recognised Overseas Pensions Schemes (QROPs)  

Tax / Parents to claw back child benefit charge via pensions

Hundreds of thousands of working families in the higher tax bracket are missing out on up to £171m a year by failing to take advantage of a little-known connection between their pension contributions and their child benefit entitlement, according to an analysis by mutual insurer Royal London

Tax / What are HMRC Simple Assessments?

In a bid to reduce the number of taxpayers forced to complete a Self Assessment tax return, HMRC has introduced Simple Assessments, but there are potential pitfalls, particularly for those outside PAYE and pensioners who are liable for tax, says Graham Boar, tax director at UHY Hacker Young

Insight / FTSE 350 pensions deficit equals 70% of profits

The UK’s biggest companies faced a £62bn pension deficit in 2016, up by £12bn and the equivalent of 70% of total pre-tax profits (£88.9bn) for the year, according to research by actuarial consultancy Barnett Waddingham, which warns the ratio is now even higher than it was in the immediate aftermath of the financial crisis

Insight / The Pensions Regulator to prosecute ex-BHS owner Dominic Chappell

The Pensions Regulator has confirmed it will prosecute former BHS owner Dominic Chappell over his role in the retailer’s collapse

Insight / Government to clamp down on pension scams

A ban on cold calling in relation to pensions, including texts and emails, along with tougher actions to prevent fraudulent pension schemes have been introduced by the government, as part of a crackdown on scammers who are targeting pension funds
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