Pensions

Tax / Calls to relieve EU pensions of VAT burden

The relief of pension fund participants from unevenly-applied VAT charges on contracted management services has been called for by an EU pension representative and a Brussels-based advocacy group, who criticise the lack of 'political willingness'

Insight / Government begins CDC pension consultation

The Department for Work and Pensions (DWP) is consulting on proposals for collective defined contribution (CDC) pension schemes, first outlined at Budget 2018, which allow contributions to be pooled and invested to give members a target benefit level

Tax / Probate fees to rise to £6K for largest estates

Plans to hike the cost of probate with the introduction of banded fees will see estates valued at over £1m paying £4,000 in fees from April 2019

Insight / 40% gender difference in pension pots

The gender pension gap is 39.5%, twice the level of the gender pay gap, with women receiving on average £7000 less than their male counterparts, according to research from the union Prospect

Insight / First fine for accountant under TPR enrolment rules

The accountant of a London cafe has been ordered to pay £6,857 after he admitted falsely claiming to The Pensions Regulator (TPR) that staff had been enrolled into pensions

Tax / Ingram: what the Budget means for pension savers

Kay Ingram, director of public policy at LEBC, discusses the pensions aspects of the Autumn Budget, including an increase to the lifetime allowance and the introduction of collective defined contributions pensions

Tax / Budget 2018: lifetime allowance for pensions rises

Despite widespread rumours in the run-up to the Budget that pensions tax relief for higher rate taxpayers would be cut, the Chancellor only tweaked pensions allowances

Tax / Q&A: pension tax relief on dividends

Croner Taxwise tax adviser Amaira Badat explains the restrictions on pension contributions, including the annual allowance, the lifetime allowance, and the money purchase annual allowance

Insight / Pension funds failing to assess £7.5 trillion of climate change risk

Some 87% of the assets managed by the world’s largest public pension funds have yet to undergo formal climate risk assessment, leaving $9.8 trillion (£7.5 trillion) unprotected from the economic shocks of global warming, according to analysis by the Asset Owners Disclosure Project (AODP)

Insight / Government to move forward on collective defined contribution pension schemes

The government has signalled its intention to launch a consultation on collective defined contribution (CDC) pension schemes this autumn, in the wake of a proposed deal between the Royal Mail and the Communication Workers Union (CWU) announced earlier this year

Insight / FCA and TPR launch joint regulatory strategy for pensions

The Financial Conduct Authority (FCA) and The Pensions Regulator (TPR) have launched a joint regulatory strategy aimed at strengthening their relationship, and taking joint action to deliver better outcomes for pension savers and those entering retirement

Insight / Call for action over £20bn lost pension pots

As much as £20bn of savings could be sitting in over a million so-called ‘lost pension pots’ where savers have lost touch with their providers according to analysis from the Association of British Insurers (ABI), which says this underlines the need for the government’s proposed pensions dashboard

Insight / FCA sets rules on pension transfer advice

Pension transfer advisers will be required to have specific qualifications in providing investment advice under new rules from the Financial Conduct Authority (FCA)

Tax / Master trusts must register with The Pensions Regulator

Changes to the rules about pension master trusts come into force on 1 October increasing protection for pension savers through mandatory registration with The Pensions Regulator (TPR) and tougher governance standards 

Tax / Editor’s comment: reforming the audit profession

As the clamour for audit reform and a second competition review into market concentration of auditors intensifies, Sara White, editor at Accountancy, considers some of the reform options from an auditor appointment quango to a shared open source technology platform
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