Pensions

Tax / Kroijer: don't over-invest in property to build pension pot

Looking for low risk, high returns alternatives to tradtional pensions savings is one of the big worries these days but is property such a safe bet anymore? Investment expert Lars Kroijer considers the options for investors, warning that over-reliance on property assets is not always the best policy or a sure fire profit income

Tax / Cohabiting pensioners missing out on tax benefits

Despite people over the pension age being the fastest growing group of cohabitees, many are missing out on tax breaks, such as inheritance tax benefits, and state pension rights which are only available to married couples, according to research by Royal London

Insight / Pensions Regulator names companies flouting auto enrolment

The Pensions Regulator has released its first name and shame list of employers who have been taken to court for failing to pay fines for workplace pension non-compliance, including 13 companies which have been fined £220,000 to underline the importance of meeting automatic enrolment requirements

Tax / Pension planning: lifetime allowance and tax liability - part 1

In part one of our series on pensions, Kay Ingram, director of public policy at LEBC reviewsthe impact of reductions in the lifetime allowance and tax liability for high earners, plus a snapshot of the key tax breaks currently available

Insight / Higher pension deficit payments hit pay packets

Companies are suppressing wages by an average £200 a year in order to plug historic gaps in defined benefit (DB) pension schemes, even though some low earners are excluded from such schemes, according to a study by the Resolution Foundation

Tax / Conservative £100k social care plan lacks any detail

Plans to overhaul the funding of social care with the introduction of a single capital floor on savings and assets for care costs, set at £100,000, are vague and the Conservatives have provided any precise detail on how they will work, while contradicting the recently introduced inheritance tax nil-rate band, reports Sara White

Tax / Pension scheme providers to be notified on members’ residency tax status

From January 2018, pension scheme administrators will be informed on individual scheme members’ residency tax status to allow them to calculate the correct amount of tax relief due, in light of the recent introduction of the Scottish rate of income tax

Tax / Pensions provider hit with £1.8m tax claim over biofuel investments

James Hay, the UK retirement wealth planning platform which is a subsidiary of IFG Group, has revealed that it is in a legal dispute with HMRC over some £1.8m of unpaid tax on biofuel scheme investments held by some of its clients in self invested personal pensions (SIPPs)

Tax / Grandfathering for foreign service relief on overseas pension rights retained

The revised Finance Bill 2017 appears to have clarified earlier confusion on changes to overseas pension taxation and the employer-financed retirement benefits schemes (EFRBS), setting out grandfathering provisions, although there are still potential pitfalls

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
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