Pensions

Tax / ‘Capricious’ inheritance tax regime needs urgent reform

The triple lock for the state pension should be removed, better-off workers over state pension age should pay National Insurance contributions (NICs) while they continue to work, and the ‘capricious’ inheritance tax (IHT) regime must be overhauled, says House of Lords committee

Insight / Warnings for pensions trustees over chair’s statement

Pensions trustees have been warned to produce a chair's statement which is compliant with the law, after fines against two schemes were upheld in court

Insight / Debenhams sold in pre-pack administration

High street department chain Debenhams has gone into administration in a pre-pack as lenders take over control of the group following the appointment of FTI Consulting LLP, putting more high street jobs at risk

Tax / Lifetime allowance for pensions increases to £1.05m

The standard lifetime allowance for pensions has increased by £25,000 in line with CPI inflation to £1,055,000 for the new tax year from 6 April  

Insight / Pensions dashboard gets green light

Work and pensions secretary Amber Rudd has given the green light for the implementation of the long-awaited pensions dashboard designed to offer a way for people to see all their pension information in one place online, with the initial industry models expected this year

Insight / Half a million pensioners caught by ‘unnecessary' tax

Around half a million people working past state pension age could be paying unnecessary tax on their state pension payments, according to analysis from Royal London

Insight / Pensions funding code changes could add £100bn to deficits

The planned new pensions funding code could add a further £100bn to UK pension deficits and result in a doubling of pension contributions for a typical employer, KPMG is warning

Insight / Auto enrolment contribution increases to 5% for employees

From next month, the minimum contributions employers and their staff must pay into their automatic enrolment workplace pension scheme will increase, and The Pensions Regulator (TPR) is urging all businesses and individuals to make sure they are ready for the change

Insight / ICAEW set to launch pay-per-view system for guidance

ICAEW plans to open up some of the professional content currently available exclusively to faculty members with a new pay-per-view system, which will allow all members to buy one-off guidance without joining a faculty

Accounting / PRAG updates pension scheme accounting guidance after Lloyds case

The Pensions Research Accountants Group (PRAG) has published guidance on how pension scheme accounts need to account for their equalisation liabilities for guaranteed minimum pensions (GMPs) following the Lloyds judgment on pension equality

Insight / Pension regulator gets tougher on risky deficit planning

The Pensions Regulator (TPR) has signalled it intends to get tougher on companies and trustees to ensure pension scheme members are treated fairly, with updated guidance on how defined benefit (DB) schemes should be funded, reports Pat Sweet

Insight / Headaches of a defined benefit pension scheme

Increasing regulation, the threat of government intervention and recent court decisions mean that defined benefit pension schemes are proving to be a real liability for employers, says Rosalind Connor, partner at ARC Pensions Law

Insight / Accountant in £280K pension fund fraud

An accountant who treated a pension scheme for which he was a trustee and administrator like a ‘personal piggy bank’ has been found guilty of fraud for transferring more than £280,000 of funds to support his own businesses and investments

Insight / Accounts manager fined £5,000 for pension admin failure

An accounts manager who tried to hide the fact that restaurants had not given their staff workplace pensions has been ordered to pay £5,000, after being taken to court by the Pensions Regulator (TPR)

Insight / Directors could land jail term for pension mis-management

The government is to introduce a new criminal offence of ‘wilful or reckless behaviour’ in relation to pensions, which would see ‘devil may care’ directors facing up to seven years in jail, under proposals to crack down on abuse of final or average salary schemes
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