Pensions

Tax / Budget 2018: lifetime allowance for pensions rises

Despite widespread rumours in the run-up to the Budget that pensions tax relief for higher rate taxpayers would be cut, the Chancellor only tweaked pensions allowances

Tax / Q&A: pension tax relief on dividends

Croner Taxwise tax adviser Amaira Badat explains the restrictions on pension contributions, including the annual allowance, the lifetime allowance, and the money purchase annual allowance

Insight / Pension funds failing to assess £7.5 trillion of climate change risk

Some 87% of the assets managed by the world’s largest public pension funds have yet to undergo formal climate risk assessment, leaving $9.8 trillion (£7.5 trillion) unprotected from the economic shocks of global warming, according to analysis by the Asset Owners Disclosure Project (AODP)

Insight / Government to move forward on collective defined contribution pension schemes

The government has signalled its intention to launch a consultation on collective defined contribution (CDC) pension schemes this autumn, in the wake of a proposed deal between the Royal Mail and the Communication Workers Union (CWU) announced earlier this year

Insight / FCA and TPR launch joint regulatory strategy for pensions

The Financial Conduct Authority (FCA) and The Pensions Regulator (TPR) have launched a joint regulatory strategy aimed at strengthening their relationship, and taking joint action to deliver better outcomes for pension savers and those entering retirement

Insight / Call for action over £20bn lost pension pots

As much as £20bn of savings could be sitting in over a million so-called ‘lost pension pots’ where savers have lost touch with their providers according to analysis from the Association of British Insurers (ABI), which says this underlines the need for the government’s proposed pensions dashboard

Insight / FCA sets rules on pension transfer advice

Pension transfer advisers will be required to have specific qualifications in providing investment advice under new rules from the Financial Conduct Authority (FCA)

Tax / Master trusts must register with The Pensions Regulator

Changes to the rules about pension master trusts come into force on 1 October increasing protection for pension savers through mandatory registration with The Pensions Regulator (TPR) and tougher governance standards 

Tax / Editor’s comment: reforming the audit profession

As the clamour for audit reform and a second competition review into market concentration of auditors intensifies, Sara White, editor at Accountancy, considers some of the reform options from an auditor appointment quango to a shared open source technology platform

Tax / Auto enrolment sees pension tax relief hit £38.6bn

Auto enrolment is having a significant impact on levels of pension savings and tax relief, according to figures from HMRC which show record levels of savings, tax relief and of tax paid on pensions in payment

Insight / Pension enrolment companies wound up for misleading employers

Three companies involved with introducing employers to pension schemes have been wound up by the courts for misleading their clients, following an investigation by the Insolvency Service

Tax / Pension planning: money purchase annual allowance (MPAA) - part 6

In part six of our series on pensions, Kay Ingram, director of public policy at LEBC, looks at the current money purchase annual allowance (MPAA) restrictions and what pension savers can do to maximise reliefs

Accounting / Pensions SORP 2018: what has changed?

The Pensions Statement of Recommended Practice (SORP) has been updated to bring it in line with the latest FRS 102 triennial review. Sarah Perrin ACA looks at the key changes including common investment funds, definition of a financial institution and material uncertainty

Insight / Pensions dashboard back on government agenda

The government has signalled it is to go ahead with plans to support a pensions dashboard, bringing together information about all of an individual’s pension pots in one place

Insight / National Fraud Initiative posts record £300m savings

The government’s National Fraud Initiative (NFI) has saved over £300m in taxpayers’ money over the last two years from clamping down on fraud and error in the public sector, a record in any reporting period since its creation in 1996
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