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Under-40s picking LISA over workplace pensions – MetLife 12 May 2017
The new Lifetime ISA which was introduced last month is causing many under-40s to rethink their retirement saving plans.
According to research by MetLife (reported by Professional Pensions ) nearly a third of under-40s will cut back on pension saving and instead put money into the Lifetime ISA (LISA).
Almost a quarter (23%) of under 40s said they would reduce the amount they were investing in their pension, while roughly one in 10 (9%) said they actually planned to leave their workplace pension scheme to concentrate on saving into their LISA.
The survey, which canvassed the views of 1,071 employed adults aged 18 and over during February 2017, also found one in five (21%) members of the same demographic admitting they had not heard of the savings product.
Separate research from MetLife, meanwhile, found more than two-thirds (69%) of advisers are concerned the launch of the LISA could deter young savers from investing in pensions - potentially resulting in a two-tier system for retirement planning. Back to Contents
Guaranteed Minimum Pension checker: service availability and issues 15 May 2017
HMRC is aware of an issue with bulk uploading on the Guaranteed Minimum Pension (GMP) checker. This issue should be resolved by 26 May 2017.
This message was published on the Guaranteed Minimum Pension checker: service availability and issues page.
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Pension schemes Scottish Rate of Income Tax newsletter 16 May 2017
This newsletter is published by HMRC’s Pension Schemes Services to update stakeholders on the latest news for pension schemes in relation to the effect of the Scottish Rate of Income Tax.
The introduction of the Scottish rate of Income Tax means that pension scheme members receive tax relief on their contributions based on their residency tax status. For scheme administrators operating relief at source pension schemes, if the Scottish rate of Income Tax differs from the rest of UK rate, this affects the amount of tax relief given to each member.
From January 2018, HMRC will tell pension scheme administrators operating relief at source pension schemes their individual scheme members’ residency tax status.
Read the May issue of the Pension schemes Scottish Rate of Income Tax newsletter for information on:
Using the Secure Data Exchange Service Advisory reports Notification of individual scheme members’ residency tax status - January 2018 Residency tax status look up service
The Chartered Institute of Payroll Professionals
Policy News Journal
cipp.org.uk
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