All HM Revenue & Customs (HMRC) articles – Page 6
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News
Lack of savings highlights importance of state pension
The number of women retiring without a pension has dropped, new research shows, but nearly 14 per cent of people have not made provisions for their retirement, highlighting the significance of the state pension for savers.
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OpinionA straitjacket for overseas transfers
From the blog: Gone are the days of UK scheme members moving to sunnier climes and transferring pension benefits to wherever in the world best suited.
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OpinionWhat’s left to do on GMP equalisation?
Spence & Partners’ Catrina Browne explains what schemes can do now to make guaranteed minimum pension equalisation easier further down the line.
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OpinionWhen investment advice goes bad
From the blog: Stories of lost nest eggs and hardship facing investors in tax schemes under investigation by HMRC are never far from the news.
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Features
Brexit, pooling and transparency: Top investment stories from 2016
Year in review: Investment fees and the impact of Brexit on schemes’ portfolios stood out among the most salient subjects for pension schemes in 2016, while the ongoing low-yield environment prompted funds to seek higher returns and cut back on costs.
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OpinionQROPS: Between expat need and tax loophole
Analysis: Moving to live or work abroad is not, for most people, logistically straightforward, and planning ahead is key to ensure a smooth transition, particularly when considering long-term financial requirements, including pensions.
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News
HMRC system changes ‘not catching anyone unawares’
HMRC is making software changes as part of ongoing plans to ensure its systems are up to date, but as long as pension administrators making pay-as-you-earn or pension scheme returns are prepared, they should not be too concerned, experts have said.
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News
HMRC buys more time on EU VAT issue
HM Revenue & Customs has delayed its guidance on alternative solutions for employers seeking to recover value added tax on defined benefit pension administration costs, prompting speculation that a decision will not be made until Brexit negotiations advance further.
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News
Uptick in scams prompts call for tighter regulation
A recent increase in reports of suspected pension scams has been called “the tip of the iceberg”, as experts said tighter legislation would help schemes ensure their members do not lose hard-earned retirement savings.
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OpinionScams: What trustees can do to avoid members becoming victims
Trustees are, in fact, indirect victims of scams, so action to protect members is more often than not action that also helps themselves.
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OpinionAs the lifetime and annual allowance changes take effect, who has to prepare and how?
Changes to allowances will take effect in April – Aries Insight’s Ian Neale explains what they mean and who will be affected.
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News
LGPS to meet cost of GMP inflation proofing
A quirk in regulation could leave the Local Government Pension Scheme and several other public sector arrangements responsible for meeting the costs of inflation-proofing the benefits of members retiring between April 2016 and December 2018.
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News
Enquiries spike ahead of lifetime allowance change
As the deadline for members to take action looms, more savers are realising they might be affected by the planned reduction to the lifetime allowance, leading to a spike in customer enquiries at provider Fidelity.
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NewsHMRC figures on flexibilities leave questions unanswered
The ‘dearth of information’ on pension freedoms bemoaned in a recent Work and Pensions Committee report could have been remedied by HM Revenue & Customs figures released yesterday, but industry representatives said the report lacked detail.
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News
VAT burden shows little sign of abating as key deadline approaches
News Analysis: Employers need a better way of reclaiming VAT on behalf of their schemes than that set out by HM Revenue & Customs, lawyers say, as a December deadline for schemes to renegotiate service contracts looms.
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OpinionAltmann: Ramping up our auto-enrolment support for smaller employers
Talking Head: Pensions minister Ros Altmann outlines how government departments are preparing for the wave of smaller employers on the cusp of auto-enrolment.
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OpinionSPP: Tax does have to be taxing
Talking Head: A move to tax pensions like Isas is on the cards with far-reaching consequences for long-term saving, says the Society of Pension Professionals’ Duncan Buchanan.
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News
Employers await further guidance on scheme VAT rules
Employers will be hoping to benefit from VAT rebates on scheme services following HM Revenue and Customs’ latest guidance note, but pension lawyers have said further detail is needed on how to recover the tax.
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NewsLabour pushes for long-termism among pension fund investors
The Labour Party manifesto pledged to force pension fund investors to disclose how they vote on remuneration, as part of a wider move to “improve the link between executive pay and performance”.
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Opinion
Ready or not: pensions administration post-April 2015
Barnett Waddingham’s Julian Mainwood details the steps trustees and scheme administrators need to take in order to stay on top of the upcoming changes and adapt to scheme members’ needs.