Pensions

Insight / Covid-19: pension scheme guidance

A group of professional bodies has issued guidance on the implications of Covid-19 for pension scheme financial reports and audit, to help pension scheme auditors to navigate the additional challenges raised by the current pandemic

Insight / FTSE 100 pensions ‘in best position’ pre-Covid

The pension schemes of FTSE 100 companies were in their best position for 20 years at the start of the Covid-19 crisis, but progress on reducing the gap between senior executives’ packages and those of the company’s workforce has been slow, according to consultancy LCP

Tax / BrightHR invests £1m in Back to Work Navigator

BrightHR, the international HR software and employment law advice service, has made a £1m investment in an online tool called the Back to Work Navigator

Tax / HMRC wins landmark non-cash pension tax relief ruling

HMRC has won a landmark case at an Upper Tax Tribunal, which has ruled that tax relief cannot be claimed on ‘in-specie’ or non-cash contributions to personal pensions, potentially opening the way for the tax authority to reclaim millions

Insight / Covid-19: pensions accounting just got a lot harder

Volatility and growing gaps between pensions funding and accounting call for improved communication and engagement on all sides to avoid unwelcome surprises, says Phil Cuddeford, partner at pensions adviser LCP

Insight / Covid-19: over-55’s exposed to pension scams

Taxpayers over 55 looking to supplement their income during and after Covid-19 by accessing their pension pots could be leaving themselves increasingly susceptible to scams, RSM has warned

Insight / Covid-19: pensions regulator calls for collaboration in recovery

The Pensions Regulator (TPR) is calling on trustees and employers to work together to manage the immediate effects of Covid-19, in order to ensure pension scheme members are not disadvantaged in comparison to shareholders

Tax / BrightHR launches Furlough Navigator to support UK businesses

BrightHR, the international HR software and employment law advice service, has launched an interactive online tool called Furlough Navigator, designed to help businesses manage reporting and compliance for the highly complex Coronavirus Job Retention Scheme

Tax / Salary sacrifice schemes can be changed as covid-19 ‘life event’

HMRC has updated its guidance for employers who offer salary sacrifice schemes in light of the current coronavirus pandemic, declaring Covid-19 (C19) to be a ‘life event’ and so a reason to make a change in previous arrangements

Insight / RPI change to hit DB pension scheme payouts

Private sector defined benefit (DB) pension schemes are facing a drop of between £60bn and £80bn  in assets over the next decade, as a result of the Treasury’s decision to reform the measure of inflation, according to the Pensions Policy Institute

Tax / Covid-19: government furlough scheme to pay employer NICs

In a further update to the Coronavirus Job Retention Scheme guidance, the government has announced that it will now cover the employer national insurance (NI) and employer auto enrolment costs for furloughed staff

Tax / Covid-19: taxpayers urged to weigh up savings withdrawals

Taxpayers who are looking to reorganise their finances to respond to the impact of coronavirus on jobs are being warned to think carefully about the tax and welfare benefit consequences of drawing on savings

Insight / ITV loses eight-year battle over pension scheme deficit

ITV has lost a long-running legal battle with The Pensions Regulator (TPR) and has been given six months to put in place financial support for a pension scheme with a deficit of around £115m

Tax / BBC delays over-75s TV licence charge to August

The government has confirmed that over 75s will not be charged for a TV licence until August, a timely move as that age category faces the possibility of self-isolation in the fight against covid-19

Tax / Budget 2020: pensions tapered annual allowance raised

Chancellor Rishi Sunak has used the Budget to take action on concerns raised about the impact of the pension tax regime on senior NHS medical staff, announcing plans to significantly reduce the number affected by the tapered annual allowance, which is to increase by £90,000

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