Pensions

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

Accounting / Accounting for guaranteed minimum pensions (GMP) equalisation

The Pensions Research Accountant Group (PRAG) has published guidance on accounting for guaranteed minimum pensions (GMPs) equalisation in pension scheme accounts. Kevin Clark, chair of the PRAG SORP Working Party, examines the key issues for trustees

Insight / EY to handle British Steel administration

EY has been called in to handle the administration of British Steel after last-minute attempts to arrange a rescue deal failed and the government announced the company has gone into compulsory liquidation

Accounting / Accounting standards change to hit FTSE 100 pension schemes

Impending accounting standards changes to IFRIC 14 and the limit on defined benefit asset rules could hit FTSE 100 pension schemes by up to £100bn, double previous predictions, warns LCP

Insight / ‘Squeezed’ generation X falling behind on pension savings

Workers in their forties and fifties from generation X have left organising their pension very late, with indications they are now scrabbling to make up for lost time, as this age group accounted for the largest proportion of contributions last year

Insight / Standard Chartered sees shareholder revolt on exec pay

Standard Chartered Bank has faced a major shareholder revolt over its directors’ remuneration with over a third voting against the company’s policies at its AGM, amid concerns about pension arrangements for senior management

Insight / Pension benefits rules set to align with younger partner

The government is overhauling the date couples can receive pension age benefits so they will only be payable when the second person in the couple reaches retirement age, rather than the eldest as now

Tax / Tax overpayments hit £31m as pension drawdown rockets

A record number of people withdrew funds from their pension pots in the first three months of the year, with 648,000 payments to 284,000 individuals, but problems remain with overpayments of tax, with £31.1m claimed in the first quarter of 2019

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
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