Pensions

Tax / HMRC faces 460k requests for income tax refunds

Around 460,000 people chased HMRC for refunds on overpaid income tax in the year 2018/19, according to an FOI request by insurance company, Royal London

Insight / Hancock NHS pension plan could be 'tax avoidance'

The government has signed off on a change to pension tax rules for NHS high earners which ‘could constitute tax avoidance’

Insight / Regulator fines nursery over pension scheme failings

A court has ordered a pre-school nursery and its main director to pay £8,200 for failing to comply with their pension duties

Tax / NHS could pay doctors pension tax ahead of hectic winter

Doctors have been promised their tax bills for higher rate pension relief could be covered by the NHS in efforts to get them working overtime shifts

Insight / Gig workers lose out on pension savings

The growth in the gig economy and the lack of flexible schemes for younger pension savers is creating a pension black hole as more workers fall outside auto enrolment 

Tax / Pension tax pitfalls - lifetime and annual allowances

Staying on top of the pensions tax rules is an important part of managing a pension. But the provisions can be disconcertingly complex. Karen Goldschmidt, partner at LCP, unpicks some of the tax complexity surrounding the annual and lifetime allowances

Insight / Pension savers face increased risk from scammers

People with degree-level education are more a risk of falling victim to a pension scam than others, claims the Financial Conduct Authority (FCA) and The Pensions Regulator (TPR)

Insight / Consultation on plans to simplify pension statements

The Department for Work and Pensions (DWP) is planning to review the way annual benefit statements for workplace pensions are written to make them easier to understand

Tax / Pension tax repayments top £54m

HMRC has handed back almost £55m to savers who had overpaid tax on pension withdrawals in the past three months, the highest figure since drawdown rules were relaxed

Tax / HMRC issues early guidance on moving pension holders between payrolls

HMRC has released an alert advising that it plans to update the guidance on paying a company pension or annuity through company payroll, with preliminary details now available

Tax / Government U-turn on probate fees hike

The Ministry of Justice (MoJ) has backtracked on long-standing plans for a substantial increase in probate fees, which will now remain at a flat rate, after proposals for a new tiered approach met with strong opposition on the grounds they amounted to a ‘stealth tax’ on bereaved families

Insight / Regulator orders pensions trustees to check data

The trustees of hundreds of pension schemes are to be ordered to urgently review the data they hold as part of a crackdown on poor record-keeping by The Pensions Regulator (TPR), which could result in fines of up to £50,000 for those found to be non-compliant

Tax / Parents warned on deadline for high-income child benefit charge

Saturday 5 October marks the deadline for those hit by the high-income child benefit charge (HICBC) in 2018-19 tax year to notify HMRC, so that they can receive a tax code adjustment

Insight / Shareholder pressure to curb excessive pensions for top bosses

Listed companies are under pressure to align executive pension contributions with the workforce, after the Investment Association (IA) said it will give a ‘red top’, its highest level of warning, to any companies with existing directors who are paid more than 25% of salary as a pension contribution

Insight / Rise in savers withdrawing pension funds without advice

The introduction of pension freedoms has seen an escalation in savers entering into pension drawdown arrangements without professional advice, raising concerns that they risk running out of money to fund their retirement, the Financial Conduct Authority (FCA) has warned
Subscribe