Pensions

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

Insight / TPR ‘names and shames’ failing pension trustees

Pension trustees of a number of high profile employers have failed to comply with their basic duties, according to the latest quarterly update from The Pensions Regulator (TPR), which for the first time includes details of pensions schemes whose trustees have been fined for failing to complete scheme returns or the annual chair’s statements

Tax / HMRC publishes update on pensions contracting out

HMRC has published its latest monthly countdown bulletin covering issues for pension scheme administrators related to the ending of contracting out in April 2016

Insight / Changes to pension age for women yield £5bn annually

Changes in the state pension age for women have given a £5.1bn annual boost to public finances, but there has been a sharp rise in income poverty amongst women aged 60 to 62, according to research from the Institute for Fiscal Studies (IFS)

Insight / Commission backs portable pan-European pension product

The European Commission is backing a new class of pan-European personal pension product (PEPP) in a bid to make it easier for workers who have had jobs in different member states to save for retirement

Insight / People in their 40s will have to work until 68

The pension age is set to hit 68 within 20 years as the government sets out a new timetable for retirement dates with those in their early forties likely to be hard hit

Insight / Accountant fined £75k over pensions advice failures

Belfast accountant David Watters has been fined £75,000 by the Financial Conduct Authority (FCA) for failing to exercise due skill, care and diligence in his role as compliance oversight officer, firstly at FGS McClure Watters (FGS) and then Lanyon Astor Buller Ltd (LAB)

Insight / Auto enrolment pensions taken up by 8.1m workers

More than eight million employees have signed up for a workplace pension since the launch of automatic enrolment, new figures published by The Pensions Regulator show, while around 500,000 businesses have a final deadline of 2018 to complete their legal duties depending on when the company was set up 

Insight / Accessing pension pots early ‘new norm’

Accessing pension pots early has become ‘the new norm’ according to the interim findings of a review by the Financial Conduct Authority (FCA) into how the retirement income market is changing since the new pension freedoms were announced in April 2015
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