Please note that suggestions need to try to be neutral in respect of revenue to the Treasury, so taking pensioners out of the tax system all together is not going to be a recommendation put forward.
Minutes from first meeting
18 October 2011 We mentioned earlier in the month that the CIPP Policy team are part of the committee reviewing pension taxation. The minutes from the first meeting are now available to view along with the names and organisations of committee members. OTS Review of Pensioners’ Taxation We would still be grateful if members could provide any feedback around issues that individuals in receipt of a pension may have in relation to tax matters. We are also looking for any suggestions for forthcoming road shows. The Office of Tax Simplification is asking for views on groups and areas that the Committee should be discussing the review with in the form of roadshows around the country. These should include pensioners, their agents, advisers etc. as long as they are relevant to the review. Do any of you have large groups of pensioners experiencing issues? Your thoughts would be most welcome; please contact karen.thomson@cipp.org.uk with your comments. Thank you. CLAMPDOWN ON COMPANIES OFFERING CASH INCENTIVES TO LEAVE DB SCHEMES 26 October 2011 The government is set to take action over companies offering cash incentives to leave defined benefit pension schemes. Speaking to delegates, pensions minister Steve Webb said a working group - chaired by former Pensions Advisory Service chairman Margaret Snowdon - was putting together a code of practice on derisking exercises, which would be published before next summer. But he said he was fully prepared to bring forward legislation on this if he has too - noting the communications language and practice around some incentivised transfer offers and pension increase exchanges were still poor. He told delegates: "I want everybody who is involved in these exercises getting together to put their house in order. It is not in order, it's not good enough and it has to change. "If we have to legislate I'm prepared to convince my colleagues across government that that's what we need to do. I would far rather see the industry put its house in order first." The National Association of Pension Funds said it was vital incentivised transfers were handled "responsibly and in the best interests of employees". Read More from Global Pensions HMRC PENSIONS INDUSTRY STAKEHOLDER FORUM MINUTES 23 November 2011 The minutes of the HMRC Pensions Industry Stakeholder Forum minutes have now been published. The meeting was held on 12 October 2011. If you have any pension issues you
CIPP Policy News Journal
09/10/2012, Page 175 of 234
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