PENSIONS – SIMPLIFIED TAX REGIME Synopsis: Individuals who have an election for Enhanced Protection and both forms of Fixed Protection need to be aware that the protection may be lost if they join their employer’s Group Life Scheme. Date posted: Friday, July 25, 2014 Full details of the conditions that must be adhered to for […]
PENSIONS – STATISTICS Synopsis: The Office for National Statistics has been examining healthy life expectancy figures in England. Its research poses some interesting questions about the consequences of raising State Pension Age in line with life expectancy. Date posted: Friday, July 25, 2014 Life expectancy in the UK is rising and the government is intent […]
PENSIONS – PENSION REFORM 2014/15 Synopsis: The government have published their response to the Freedom & Choice in Pensions consultation. Date posted: Tuesday, July 22, 2014 Further to our bulletin detailing the Ministerial statement as a forerunner to the full response, the full government response to the Freedom & Choice in Pensions consultation has now […]
ENHANCED FLEXIBILITY FOR ANNUITY PRODUCTS UNDER NEW PENSION REGULATIONS PENSIONS – PENSION REFORM 2014/15 Synopsis: As a result of increasing the flexibility with which people can take retirement benefits from DC schemes, the Government will be easing the tax rules to enable product providers to develop new retirement income products that more closely meet the […]
PENSIONS – SIMPLIFIED TAX REGIME Synopsis: The periodic Pension Schemes Services Newsletter has been published which covers updates on Individual and Fixed Protection 2014 together with an update on administrative requirements. Date posted: Monday, July 07, 2014 HMRC have published their latest Pensions Newsletter (63). The newsletter covers: 1) Update in iForms – there is a project underway […]
PENSIONS – PENSION REFORM 2014/15 Synopsis: Pre A day pensions in drawdown will be tested against the LTA when the first BCE occurs post A Day. If the first test post A Day has not occurred to date, the increase in the maximum drawdown income to 150% of the relevant annuity will have a sizeable […]
PENSIONS – PENSION REFORM 2014/15 Synopsis: At the April 2014 Pensions Industry Stakeholder Forum the dates concerning the response to the consultation on the April 2015 changes, and the further steps to introduce this legislation, were announced. Date posted: Monday, June 09, 2014 The minutes of the HMRC Pensions Industry Stakeholder Forum held on 17 […]
SOCIAL SECURITY BENEFITS/PENSIONS – STATE BENEFITS Synopsis: If you think that you can now obtain a BR19 projection based on the single state pension tier system, then think again. There may be a new booklet explaining the state pension statement, but there are no new numbers yet. Date posted: Wednesday, May 28, 2014 You might […]
PENSIONS – CONTRACTING OUT Synopsis: The government has published a consultation on the abolition of defined benefit contracting-out. Defined benefit contracting out of the additional State Pension will end when the current 2-tiered system of basic and additional State Pension is replaced by a single-tier pension in April 2016. Date posted: Tuesday, May 27, 2014 […]
SOCIAL SECURITY BENEFITS/PENSIONS – STATE BENEFITS Synopsis: The Government have issued updated tables confirming how the changes in State Pensions Age will be phased in. Date posted: Thursday, May 22, 2014 The Government has published state pension age (SP) timetable which shows the phasing in of the increases in SPA. Increases under the Pensions Act […]
