All annual allowance articles – Page 3
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News
Govt extends scheme pays deadline for NHS workers
On the go: The government has extended the National Health Service scheme pays deadline by three months to stop workers being hit by unexpected tax bills as a result of the tapered annual allowance.
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News
Govt suspends tax rule for returning NHS workers
On the go: The government has temporarily suspended tax rules that could have seen returning NHS workers hit with a significant tax charge on their pensions income.
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News
Tax changes pose admin challenge for pension schemes
On the go: Pension specialists have welcomed the announced changes in pensions tax relief in this week’s Budget, but have pointed out that it brings an added administration challenge to schemes.
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News
Budget 2020: AA taper thresholds hiked by £90k
On the go: Chancellor of the exchequer Rishi Sunak has unveiled plans to raise the point at which tapering of the annual allowance kicks in by £90,000 as of next month.
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News
Govt to tweak tapered annual allowance in Budget
On the go: Chancellor of the exchequer Rishi Sunak will use his first Budget next Wednesday to raise the tapered annual allowance threshold income to £150,000 from the current £110,000, according to reports.
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PodcastsPodcast: Webb - Budget must deliver for doctors
Podcast: Former pensions minister Steve Webb argued that “it would be astonishing” if the March 11 Budget does not bring a solution to the issues caused by the tapered annual allowance for doctors and senior clinicians. Sir Steve, now partner at Lane Clark & Peacock, and Lydia Fearn, head of defined contribution and financial well-being at Redington, discuss, among other topics, the possible changes for pensions to be introduced by the chancellor.
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OpinionBig shake-up to pensions taxation would change it for worse
Willis Towers Watson’s David Robbins explains why the current pensions tax relief system works for most people, and how making changes is easier said than done.
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News
Govt urged to replace tax relief rules with pension top-up system
On the go: The current tax relief rules should be replaced by a pension top-up system, either through the government or the employer, according to a proposal from Hargreaves Lansdown.
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News
Majority of GP scheme records are out of date
On the go: Only one quarter of doctors’ pension records are up to date for the 2017-18 tax year, data has shown, leaving GPs at the mercy of unexpected tax bills.
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News
Scottish government presses chancellor on pension tax
On the go: Scottish health secretary Jeane Freeman has called on the chancellor of the exchequer to find a permanent solution to fix the issue of the tapered allowance impacting National Health Service doctors.
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News
Welsh government left with ‘no option’ but to offer NHS tax solution
On the go: The Welsh government has been left with “no option” but to cover the pension tax bills of senior doctors, mirroring measures introduced in England. The health minister for Wales has branded the situation “totally unacceptable”.
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OpinionPensions tax relief needs reform, but it should start from the top
The debate around pensions tax relief is a polarising one. The 2006 A-day reforms were designed with the intention of simplifying the system. But they never quite achieved that goal and, in reality, never came close.
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PodcastsPodcast: Vegan case flags importance of heeding members
Podcast: Trustees and employers should consult members on their beliefs, and incorporate the investment views of the majority in their pension default fund, according to Romi Savova, chief executive at PensionBee, and David Brooks, technical director at Broadstone. The experts discuss the impacts of a landmark ruling finding that veganism is a philosophical belief, alongside other topics, in this week’s podcast.
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News
Tapered annual allowance solution dismissed by experts
Pensions experts have criticised a rumoured government policy to raise the tapered annual allowance threshold income, calling it a sticking plaster that will not solve the underlying problem.
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News
New pension tax rules could be in place by April
On the go: The outcome of the government’s review on the tapered annual allowance is expected to be published in the upcoming Budget, and reforms could be in place from the start of the next tax year, according to the British Medical Association.
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News
Chancellor announces March Budget
On the go: The government has confirmed that Chancellor of the Exchequer Sajid Javid will deliver his first Budget on March 11, with the announcement expected to bring some changes for the pensions industry.
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Features
Cameron: Hold government to auto-enrolment promises
Steven Cameron is a pensions legend, having notched up an impressive 35 years in the industry. Despite this, his enthusiasm remains undimmed, and has the Aegon public affairs director taking a new role as chair of The Investing and Saving Alliance’s retirement policy council.
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News
Govt urged to scrap tax relief on minimum AE contributions
On the go: Former pensions minister Baroness Ros Altmann suggested the government could make the legal minimum auto-enrolment contributions compulsory and remove tax relief from this amount.
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News
PPF includes levy adjustment for GMP equalisation
The Pension Protection Fund will allow companies moving from a profit to a loss – due to the impact of guaranteed minimum pensions equalisation – to request an adjustment in their levy calculations.
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News
Elections 2019: Pension reforms expected after Tory majority
Sweeping pension system reforms are expected following the Conservative Party’s comprehensive victory in Thursday’s general election, with more powers coming for the regulator, a tax review for the higher and lower paid, and experts calling for more work on retirement adequacy.