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• Mills asked the government to ensure that changes are made with ten years notice to allow savers to plan for changes in circumstances • He also asked that only one change is made every ten years, not multiple changes • There is no reason to include state pension age planning in the budget process as it does not effect the budget for many years to come • The government has not yet had the chance to review the impact of raising the state pension age to 67 • Government reviews are being released slowly and is not a transparent enough process • The raising of the state pension age from 60 to 67 for some women means a loss of between £59,00 and £77,000 in state pension payments. The Conservative MP for Dover points out that it would be better for workers to understand there retirement age as early as possible in their career so that adequate planning can be undertaken • How is raising the state pension age balanced with the employability of older workers? What can be done to tackle age discrimination? • Sir Stephen Timms pressed Laura Trott, parliamentary under-secretary of state for work and pensions, as to why reports were released before the last six-yearly review, but had not yet been released this time? With the success of automatic enrolment bringing many workers into pension saving schemes, it leaves question marks over the long-term viability of the state pension. However, with this being only ten years in, we are a long way from this becoming a reality. We must now wait for further information to be released by the government. Perhaps something will be teased in the budget?
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Rishi’s cabinet reshuffle creates four new departments Published: 7 February 2023 Emailed: 8 February 2023
This morning, the UK prime minister, Rishi Sunak, announced the creation of four new departments. This means the end of the Department for Business, Energy and Industrial Strategy (BEIS).
The new departments and ministers are as follows:
• Department for Energy, Security and Net Zero - Grant Shapps • Department for Science, Innovation and Technology - Michelle Donelan • Department for Business and Trade - Kemi Badenoch • Department for Culture, Media and Sport - Lucy Frazer
We will need to wait and see how this shake up affects the work BEIS does in the payroll space, especially the open consultations regarding holiday entitlement. Although, it seems likely these duties will fall under the Department for Business and Trade.
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UK government in tax surplus Published: 21 February 2023 Emailed: 22 February 2023
With the budget growing closer each day, the economic outlook of the UK has seemed worrying to say the least. However, a glimpse of light has been given that could alleviate some doubts and set us up for a less than bleak budget. In January, the UK government spent less than it received in taxes, a surplus of £5.4 billion. This does usually happen every January as self-assessment receipts are received, this year a record number of returns were received providing us with this addition tax revenue.
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