Pensions

Insight / Follow up Covid-19 guidance for pensions administrators

The Pensions Administration Standards Association (PASA) has issued follow up Covid–19 guidance designed to highlight best practice for administrators as they navigate their way out of lockdown and businesses adopt new ways of working

Tax / Treasury consults on pensions tax relief administration

The Treasury is consulting on how to plug a loophole in the way pensions tax relief operates, which means around 1.75m lower paid workers saving in a pension may end up in differing financial positions depending on how their scheme is administered

Insight / Impact on pensions of changes to Job Retention Scheme

As the government begins to unwind its Coronavirus Job Retention Scheme over the coming months, LEBC’s Kay Ingram looks at how pensions will be affected by the changes

Tax / Hidden tax risks of raiding the pension pot

Extracting cash from your pension might seem an obvious source of income during the Covid-19 crisis, but complex tax rules mean it should only be a last resort, says LEBC Group’s Kay Ingram

Insight / Nunn: time to review pension annual allowance

As more fall between the cracks of coronavirus support packages, Berkeley Associates director Yvette Nunn argues annual pension allowance rules should be relaxed for those that need to access savings in these difficult times

Insight / FCA consults on value for money in workplace pensions

The Financial Conduct Authority (FCA) is consulting on proposals designed to promote value for money for the members of workplace personal pension schemes, after a review identified inconsistences in the approach used by the two bodies which represent their interests

Insight / Pensions regulator sets ‘high bar’ for new superfunds

The Pensions Regulator (TPR) has published guidance giving the green light for so-called DB pension ‘superfunds’, ahead of government moves, but has warned it wants to see ‘stringent’ standards and a robust regulatory framework for this new approach

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
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