Pensions

Tax / Pensions held overseas fully taxable from April 2017, HMRC confirms

From the new tax year 2017/18, the full amount of any foreign pension received by a UK resident will be taxable where no UK tax relief was given on the pension savings, replacing the old 90% limit

Tax / Pensioners advised to delay completing tax returns

The Low Incomes Tax Reform Group (LITRG) has advised pensioners to wait until the end of May before completing a tax return due to HMRC issuing notices despite introducing a new system which means that pensioners with a state pension exceeding their personal allowance may no longer have to file a return

Insight / DB pension deficit calculations hit by Brexit volatility

There has been a £20bn decrease in the size of the deficit of defined benefit (DB) pension funds over the past month, which now stands at £500bn, according to analysis by PwC which warns the improvement may only be temporary, as the result of the way in which yields are calculated

Insight / Pension pots available in one location from 2019

The Association of British Insurers (ABI) has built an online Pension Dashboard prototype which allows individuals to view their various pension pots in one place, with government aiming to make the service available to consumers by 2019

Insight / Retirement age heading to 68 years

The state pension age is likely to rise to 68 years of age by 2037 as early indications from the Cridland report show that the long-term affordability of the state-funded pension will be put under increasing pressure due to greater life expectancy, reports Sara White

Tax / Lewis: probate fees set to hit £20k for larger estates

The government recently announced that probate fees will rise, in some cases by substantial amounts, with the stated aim of helping to fund the modernisation of the courts and tribunals service. Anne Lewis, partner at Cripps, considers the potential pitfalls for high net worth individuals

Tax / Budget 2017 briefing: key measures at a glance

In our roundup of the Budget 2017 essentials, we review the key tax measures announced in a slimline event, from the unexpected hike in national insurance rates for the self employed to a cut in the tax-free dividend allowance, potential tax liability for pensions transferred overseas, corporation tax cuts and VAT roaming charges for long haul travellers for the first time

Insight / Call for new ‘superfunds’ to solve DB pension failures

The Pensions and Lifetime Savings Association (PLSA), the UK pensions trade body, is calling for legislation to create new  ‘superfunds’ to consolidate defined benefit (DB) pension schemes, to reduce the risk of scheme members missing out on benefits if their employer goes bust

Insight / FCA consults on redress methodology for pension transfers

The Financial Conduct Authority (FCA) is consulting on updating the methodology used when calculating the amount of redress payable in cases where the advice given to individuals to transfer from a defined benefit (DB) pension scheme to a personal pension was unsuitable

Accounting / Pension deficits: dividends and distributable reserves

Pensions are an increasingly pressing issue for UK companies and in recent months the burden has become so great that it has started impinging more and more on companies’ dividends and ability to raise capital, explains Alex Waite, partner at Lane Clark & Peacock

Tax / Budget 2017: 25% charge on pension transfers to QROPS

The government is to introduce a 25% charge on transfers to qualifying recognised overseas pension schemes (QROPS) as part of its measures against tax avoidance, it has been confirmed in the Budget 

Insight / UK defined benefit pension deficit balloons to £520bn

There has been a £50bn hike in the combined deficit of the UK’s pension funds according to figures from PwC, which says it now totals £520bn and forecasts it will take until 2050 to halve the value of today’s total liabilities (in current monetary terms)

Insight / Sir Philip Green to make £363m BHS pension contribution

Sir Philip Green has pledged to pay up to £363m into the BHS pension pot, having promised to ‘sort’ the retailer’s shortfall in a parliamentary inquiry last year

Insight / Pension rule changes effective March 2017

As well as the Spring budget, March brings a raft of key dates to consider regarding pensions, including the introduction of capped early exit charges, the deduction of the money purchase annual allowance (MPAA) from £10,000 to £4,000 and new legislation on schemes without a sponsor

Insight / Women lose out on pension auto-enrolment

Women are being unfairly disadvantaged over pensions, because they are more likely to have multiple low-paid jobs and cannot meet auto-enrolment requirements, according to research by Citizens Advice, which is advocating a change to the rules
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