The government wants existing annuity holders to have the freedom to sell their annuity income. The government will set out plans for a secondary annuities market in the autumn, and agrees with respondents to the recent consultation that implementation should be delayed until 2017 to ensure there is an in-depth package to support consumers in making their decision. The government is committed to supporting savers at every stage of their life. From April 2016 the government will deliver a major reduction in the level of tax on savings with the introduction of the Personal Savings Allowance, which will exempt the first £1,000 of savings income from tax for basic rate taxpayers and the first £500 for higher rate taxpayers, and the creation of a new £5,000 dividend allowance.
Pension schemes newsletter 70 28 July 2015
The latest pension schemes newsletter, published by HMRC, includes updates and guidance on all the changes announced in Summer Budget 2015.
Newsletter 70 includes information on:
Summer Budget 2015 Changes to contracting out records Certificates of residence Pension flexibility - forms for claiming repayment of tax Contacting Pension Schemes Services (PSS) Routine changes to Pension Schemes Online
Protect yourself, your clients or your members from pension scams 6 August 2015
Trustees and business advisers play a crucial role in helping to stop scams because they can arm members with the information they need to protect themselves and their pension savings. In support of Scams Awareness Month the Pensions Regulator has added new information to their website. Millions of people fall victim to scams every year and the tactics used by pension scammers to encourage people to transfer their pension savings to them is constantly changing. Some of the tactics used by pension scammers include offering free pension reviews, health checks and promises of better returns on their savings, pension loans, upfront cash or other promotions to tempt them. Most of these are bogus. In support of Scams Awareness Month the Pensions Regulator has added new information to their website as part of their ongoing scorpion campaign. The new products include a video , a warning signs infographic and a new case example in the Trustee toolkit to help identify the warning signs of a pension scam.
Separate new guidance for trustees, business advisers and individuals with the new pensions scams products can be accessed on the Regulator’s website.
Annual Allowance charges for the 2014 to 2015 tax year – Scheme Members 12 August 2015 Aware that an increasing number of pension scheme members will be impacted by the reduction of the annual allowance, HMRC have issued guidance to highlight what action scheme members will need to take should they find themselves subject to an annual allowance tax charge. You may know that from 6 April 2014 the annual allowance for tax relief on pension savings in a registered pension scheme was reduced to £40,000. Your pension scheme administrator will soon be issuing you with an annual allowance pension statement for the 2014 to 2015 tax year if you have contributed more than £40,000 to their pension scheme.
CIPP Policy News Journal
25/04/2016, Page 366 of 453
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