Two measures in relation to State Pension age: one to bring forward the increase to State Pension age to 67 by eight years, to take place between 2026 and 2028; and another to enable a regular review of State Pension age in the light of rising life expectancy. Providing for automatic transfer of small dormant pension pots and abolishing short service refunds: A framework for a system of automatic transfers so that someone’s pension pot will follow them to their new pension scheme when they change jobs. It also provides for abolition of short-service refunds for defined contributions trust-based schemes for people who leave a scheme within two years. New objective for the Pensions Regulator: A new statutory objective for the Pensions Regulator to consider minimising any impact on the sustainable growth of sponsoring employers. The Bereavement Support Payment: Reforming the existing suite of bereavement benefits through the introduction of the Bereavement Support Payment - a single benefit to support people following bereavement.
Immigration Bill – the Bill would enable tough action against businesses that use illegal labour, including more substantial fines.
So, lots for us to continue getting our teeth in to, but thankfully no big surprises!
Budget 2014
25 February 2014
A reminder that this year’s Budget will take place on Wednesday 19 March.
The CIPP Policy team will as usual be publishing a summary of the key announcements and will also be producing a webcast to discuss the implications for the payroll profession; be sure to listen in. In addition the CIPP Hot Topic events and National Forums are taking place throughout April where the Budget announcements will form part of the Policy team’s legislation update. Visit our Events Calendar for full details.
CIPP Budget 2014 Summary
19 March 2014
Introduction If you are a beer drinking pensioner who drives, has an abundance of savings and a penchant for Bingo then you will be cock-a-hoop with today’s Budget. For the second year running there will be a penny off a pint and, in response to some hard lobbying, bingo duty is to be halved to 10 per cent. “Support for savers is at the heart of this budget” said the Chancellor and we also have another freeze on fuel duty as the increase planned for September is to be cancelled. Mr Osborne certainly had plenty to say in his hour long budget speech today, but the good news for payroll professionals and employers alike is that there was no mention of any imminent new initiatives that will increase our already overloaded work plates in this tax year. Most of the relevant announcements looked to confirm what we already know, i.e. the personal allowance will increase to £10,000 from 6 April 2014 - more to follow on this in the main summary.
According to Mr Osborne the current government will “fix the roof when the sun is shining to protect us from future storms” , isn’t he just the ultimate marmite man? He continued to
CIPP Policy News Journal
16/04/2014, Page 48 of 519
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