Pensions

Tax / Flexible NHS pension scheme consultation opens

The government has launched its promised consultation on proposals to give senior NHS doctors and nurses access to more flexible pensions, in a bid to stem the numbers of clinicians reducing their working hours or resigning because of increases in their tax bills

Insight / Nine million middle aged employees ignorant over pension plans

Survey reveals shocking lack of understanding among mid-lifers over how much they need to retire in comfort or even how much they currently have saved in their pension plans

Insight / Business fined £350,000 for pension failures

The Pensions Regulator (TPR) is warning employers not to put their head in the sand after one business ended up with a £350,000 fine from the watchdog for failing to comply with auto enrolment pension rules

Tax / HMRC wins £15m Hargreaves Lansdown loyalty bonus case

HMRC has successfully overturned a ruling on the tax status of ‘loyalty bonus’ rebates made by fund management platform Hargreaves Lansdown, with the result that over 150,000 investors are no longer in line for a £15m repayment windfall

Insight / Regulators warn 5m at risk over pension scams

The Financial Conduct Authority (FCA) and The Pensions Regulator (TPR) are joining forces this summer to warn the public about fraudsters targeting people’s retirement savings

Tax / DHSC consults on remedy for NHS pension ‘tax trap’

The Department of Health and Social Care (DHSC) is to consult on proposals giving full flexibility over the amount senior clinicians put into their pension pots, to stem the rising numbers of doctors cutting their hours and leaving the NHS because of tax issues

Insight / FCA calls for more control of pensions transfer advice market

The Financial Conduct Authority (FCA) is addressing continued problems in the pensions transfer advice market with a package of reform proposals

Insight / Crackdown on companies rebranding to avoid pension payments

The Pensions Regulator (TPR) has announced a crackdown on employers that try to dodge their workplace pension duties by changing their company name

Insight / Badly-run pension schemes must ‘improve or consolidate', says TPR

The Pensions Regulator (TPR) is consulting on the future of trusteeship, in a bid to raise standards and reduce the number of poorly governed pension schemes

Insight / Pension trustee system needs to be overhauled

The Pensions Regulator (TPR) is consulting on the future of trusteeship in a bid to raise standards and reduce the number of poorly governed pension schemes

Tax / BBC to scrap free TV licences for over 75s

Over three million pensioners will lose their free TV licences from next year when the BBC takes over the funding liability and limits the benefit to those receiving pension credits

Tax / Nunn: absence of Making Tax Digital nudges and prompts

Relying on software exclusively for Making Tax Digital for VAT is fraught with potential problems, with any errors in calculation likely to create problems for taxpayers who do not know the complexities of tax law. Yvette Nunn, director of Berkeley Associates recommends a spreadsheet backup to avoid penalties down the line

Tax / Government set to review NHS pension taxation stranglehold

In response to concerns that changes to pension taxation due to reductions in the tapered annual allowance has resulted in highly paid NHS medial staff cutting their hours or retiring early, the government is to consult on way to make pensions more flexible for senior clinicians delivering frontline care, reports Pat Sweet

Accounting / Defined benefit pensions schemes and master trusts

Final salary pension schemes may be a legacy of a more generous time, but they remain a balance sheet issue for finance directors amidst deficit warnings and consolidation risks. Adrian Cooper, head of direct distribution, TPT Retirement Solutions, considers whether master trusts are the right approach

Tax / Employment law: 10 things you need to know

Patrick Day, associate director at Portfolio Payroll, explains the key legislative changes for employers and employees, highlighting compliance issues from the requirement for payslips for all workers to use of non-disclosure agreements and the increase in auto enrolment pension contributions
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