The top ten are: Denmark, Australia, Netherlands, Finland, Switzerland, Sweden, Canada Chile, UK, Singapore.
Greater pension flexibility announced
15 October 2014
HMRC have announced new measures giving greater flexibility when accessing purchase pension savings.
The HMRC policy paper confirms the greater flexibility individuals will have to access their pension savings from age 55. The paper explains that the changes will:
remove the higher tax charges where people take pensions under money purchase pension savings as they wish; increase the flexibility of the income drawdown rules by removing the maximum ‘cap’ on withdrawal and minimum income requirements for all new drawdown funds from 6 April 2015; enable those with ‘capped’ drawdown to convert to a new drawdown fund once arranged with their scheme enable pension schemes to make payments directly from pension savings with 25 per cent taken tax-free (instead of a tax-free lump sum) introduce a limited right for scheme trustees and managers to override their scheme’s rules to pay flexible pensions from money purchase pension savings remove restrictions on lifetime annuity payments; ensure that individuals do not exploit the new system to gain unintended tax advantages by introducing a reduced annual allowance for money purchase savings where the individual has flexibly accessed their savings; and, increase the maximum value and scope of trivial commutation lump sum death benefits.
Taxation of Pensions Bill published
16 October 2014
The Bill to legislate for the recently announced changes to the pension regime has now begun the Parliamentary process.
The text of the Bill and associated information notes have now been issued.
Private sector pension saving rising with young people
17 October 2014
The latest Department for Work and Pensions (DWP) research shows significant increases in pension saving among younger workers, no doubt mainly attributable to automatic enrolment. The research shows that there were 6.7 million eligible workers in the private sector saving in a pension in 2013 (46%) – up from 5.9 million (42%) in 2012. And the highest rate of increase is found among workers in their twenties.
What consumers want from retirement guidance
20 October 2014
CIPP Policy News Journal
08/04/2015, Page 397 of 521
Made with FlippingBook - Online magazine maker