On 27 March the government announced it would bring forward legislation in Finance Bill 2014 to ensure that people do not lose their right to a tax-free lump sum if they would rather use the new flexibility this year or next, instead of buying a lifetime annuity.
HMRC has provided more information to help people who want to use the new flexibility. This information is for people who have:
received a tax-free lump sum on or before 27 March 2014 either cancelled an annuity contract within the cooling-off period on or after Budget day (19 March 2014) that was linked to that lump sum or not yet decided how to access the rest of their pension savings.
Further detail is set out on HMRC's website on whether or not the unravelling of actions that were taken shortly before the Budget changes were announced will give rise to a tax charge.
This information relates to how the tax rules will apply. The options available to you will depend on what your pension scheme decides to allow. All references to an annuity mean a lifetime annuity.
Local Government Pensions
CONSULTATION - TAXPAYER-FUNDED PENSIONS FOR COUNCILLORS AND OTHER ELECTED LOCAL OFFICE HOLDERS
10 June 2013
A consultation, launched by the Department for Communities and Local Government, which seeks views on access by councillors and other elected local office holders to the Local Government Pension Scheme 2014 is ongoing. This consultation Taxpayer-funded pensions for councillors and other elected local office holders seeks responses from interested parties, including local taxpayers, councillors and other elected local office holders and their representative bodies, on access by councillors and other elected local office holders to the taxpayer-funded Local Government Pension Scheme to come into force in April 2014.
It also covers the contribution rates that should apply to any such persons who remain active members of the Scheme.
The consultation closes on 5 July 2013.
FIRE-FIGHTERS PENSIONS SCHEMES – GOVERNMENT RESPONSE
10 June 2013
The Department for Communities and Local Government have published a summary of the responses that they collected between 3 August 2011 and 26 October 2011.
On 3 August 2011, the Department published the consultation paper , Amendments to the Firefighters’ Pension Scheme (1992) and the New Firefighters’ Pension Scheme (2006) . The consultation paper set out a number of proposals in relation to the two firefighters’ pension schemes, namely the Firefighters’ Pension Scheme (1992) and the New Firefighters’ Pension Scheme (2006) and consulted and sought views on a range of provisions.
CIPP Policy News Journal
16/04/2014, Page 449 of 519
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