Pensions

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

Tax / Q&A: tax and pension drawdown after spouse's death

In our regular Q&A series from Croner Taxwise, tax consultant, David Woolley explains the inheritance tax and income tax considerations when claiming a deceased spouse's pension

Insight / Pensions sector losing £6bn annually to fraud

The pensions sector is losing £6bn a year to fraud with private pensions most at risk from investment and payment scams 

Insight / Regulator plans shake-up of defined benefit pensions

The Pensions Regulator (TPR) is consulting on changes to its code of practice for defined benefit (DB) funding, which will see a new twin-track compliance approach to valuations and create a clear benchmark

Insight / KPMG sells off pensions advisory arm

KPMG has completed the sale of its former pensions advisory practice, marking one of the first major steps by a Big Four firm to separate out non-audit work

Insight / Pensions regulator backs down on trustee requirements

The Pensions Regulator (TPR) has watered down plans to require pension scheme boards to engage a professional trustee in order to drive up standards, in the light of responses to its consultation on the future of trusteeship and governance

Tax / Q&A: deferred state pension and tax liability

In our regular Q&A series from Croner Taxwise, tax adviser, Julian Payne explores the implications of income tax when drawing money from a deferred state pension

Insight / Regulator fines FCA over pension compliance failure

The Financial Conduct Authority (FCA) has suffered the embarrassment of being fined by The Pensions Regulator (TPR) over deficiencies in the paperwork relating to its pension scheme
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