All Budget articles – Page 2
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NewsPPF 7800 surplus remains ‘solid’ in October
On the go: The aggregate surplus of the 5,318 schemes in the PPF 7800 Index remained “solid” in October, narrowing to £103.2bn from £108.8bn at the end of September, while the funding ratio decreased to 105.9 per cent from 106.4 per cent during the same period.
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NewsGovt U-turns on minimum pension age hike protections
The government has closed the opportunity for people to transfer to a pension scheme that would offer pension age protection ahead of its planned minimum pension age increase.
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NewsBudget: Govt not expecting tax relief take-up and millions for McCloud
Pensions Expert’s roundup of the key figures from the Autumn Budget: the government assumes most people will not claim their net pay tax relief top-up, £10m has been set aside to help administer increasingly complex McCloud tax arrangements, and the Goodwin remedy could end up costing £3bn. However, savings have been made from the double lock and state pension overpayment revisions.
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NewsBudget 2021: Missed opportunity to tackle pensions ‘ticking time-bomb’
Following a Budget speech light on pensions policy announcements, the industry has been weighing in on what has been revealed, including a consultation on the charge cap and a new tax relief for low earners in net pay schemes, while others say that the chancellor has not done enough to address industry concerns.
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NewsThird of judges breach annual allowance as numbers affected triple
On the go: More than 1,000 judges breached their annual allowance in the 2020-21 tax year and are now facing significant tax bills.
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NewsExperts warn against major pension tax changes this autumn
The government’s attempts to source billions of pounds in spending by altering pensions taxation are unlikely to be successful, although the Autumn Budget is unlikely to produce major announcements in this area, experts have said.
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NewsPensions tax relief ‘cost’ hits £42bn
On the go: The ‘cost’ of pensions tax relief increased by £4.4bn to £41.3bn between 2017-18 and 2019-20, data from HM Revenue & Customs has shown.
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NewsNAO launches investigation into underpaid state pensions
On the go: The National Audit Office is to investigate the issue of underpayments of the state pension to women, looking at how it happened and what is being done to resolve it.
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NewsNumber of doctors retiring early trebles
On the go: The number of doctors retiring early has more than trebled over the past 13 years, with concerns that hefty tax bills are the main factor driving the action.
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NewsScams, dashboards, superfunds feature in TPR’s three-year plan
The Pensions Regulator has published its latest three-year plan, an agenda encompassing everything from pensions security, tackling scams, dashboards, superfunds, and coping with the changing nature of defined contribution pension provision.
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Over half of DB-listed sponsors at risk claimed pandemic support
More than half of defined benefit-listed sponsors that are currently at high risk of insolvency made a claim for government support in December, and could face uncertainty when this lifeline comes to an end, according to analysis from EY.
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SEI: diversification key response to Covid-19 uncertainty
On the go: Volatility and uncertainty caused by the coronavirus pandemic mean pension schemes should focus on diversifying their investment portfolios, while maintaining appropriate liquidity, according to SEI Institutional Group.
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OpinionLifetime allowance freeze reopens debate on its relevance
Broadstone technical director David Brooks analyses the pension announcements made by chancellor Rishi Sunak in the Budget, and questions what is the purpose of the lifetime allowance.
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PodcastsPodcast: Budget 2021 - ‘Reckless conservatism’ in DB landscape
Podcast: Wednesday’s budget did not go far enough to counter the “reckless conservatism” in the defined benefit landscape when it comes to risk and growth assets, hampering the government’s drive to unleash pensions on the post-pandemic recovery, according to Conservative party peer baroness Ros Altmann. She is joined by Isio partner Mike Smedley, in a discussion that also includes the lifetime allowance freeze and what was missing from the chancellor’s statement.
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McCloud £17.5bn cost could be an underestimate
On the go: The Office for Budget Responsibility has said its current estimate of the cost of the McCloud remedy could be an understatement, since different remedies for the discrimination case could increase the projected spending.
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Budget 2021: Lifetime allowance frozen until 2026
On the go: The pensions lifetime allowance will be frozen at just more than £1m until April 2026, chancellor Rishi Sunak announced on Wednesday.
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One-year contribution holidays could spur economic recovery
On the go: Conservative peer Baroness Ros Altmann has recommended that the chancellor, Rishi Sunak, announces a year-long contribution freeze for defined benefit scheme sponsors to boost business recovery.
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Chancellor ponders lifetime allowance 'stealth tax'
On the go: Chancellor Rishi Sunak was reportedly planning to freeze the lifetime allowance for the rest of the current parliament, according to a report in the Times — a move that could see public sector workers hit hard.
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Government rejects NHS pension tax proposals
On the go: The government has decided not to go ahead with its proposed flexibilities for the NHS Pension Scheme, as it believes changes to the taper threshold went far enough to address the issue.
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Chancellor spares pensions tax relief and triple lock for now
On the go: Pensions tax relief and the triple lock have once again been spared by the chancellor of the exchequer, although changes to these costly policies are expected down the line.