It will be interesting to see how useful it will be to have the latest news for pension scheme professionals from HMRC all in one place .
Pension Regulator autumn update
3 October 2014
The autumn 2014 quarterly update from the Pensions Regulator has been issued.
The Regulator’s latest update gives us a useful round-up as always of news across the pensions arena, including sources of help and guidance.
Raising awareness of State Pension changes
7 October 2014
A major new campaign aimed at ensuring today’s workers understand what the new State Pension will give them in retirement is to be launched, Pensions Minister Steve Webb has announced. The announcement from the Department for Work and Pensions (DWP) says that under the tagline ‘Your future, your pension’ the communications drive will aim to broaden the public’s understanding of how the State Pension is being changed from April 2016, and what the reforms mean for their household. Advertisements will start appearing later this year. DWP are also launching a new service giving people a personalised written estimate of what they can expect to receive under the new system, based on their work history and National Insurance (NI) contributions to date.
Warnings to those planning to withdraw their pension funds
7 October 2014
The Pensions Advisory Service (TPAS) is planning to target savers who have indicated they plan to make full use of the pension freedoms outlined at Budget 2014.
Many thanks to Professional Adviser for their report on a talk by TPAS Chief Executive Michelle Cracknell:
Michelle Cracknell said the service plans to contact those who have already told their providers they wish to withdraw their funds.
Chancellor George Osborne announced in March the government would remove the tax restrictions on pensioners accessing their pension pots, effectively ending the requirement to buy an annuity. We are really worried about people withdrawing their benefits and then trying to reverse it From April, the taxable part of a pension taken as cash on retirement will be charged at the normal income tax rate, down from 55%. The government also increased the total pension savings people can take as a lump sum to £30,000. To help savers reach a decision about what to do, Osborne has promised access to free, impartial guidance for those who want it. TPAS is one of the organisations that has been tasked with delivering the guidance.
CIPP Policy News Journal
08/04/2015, Page 393 of 521
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