Remove the previous restrictions the government placed on how people are able to access their money, and give individuals the freedom and choice to access their pension as they see fit Make provisions for a new legislative framework in relation to the different categories of pension schemes, and establish three mutually exclusive definitions for scheme type based on degrees of certainty in the benefits that schemes offer to members. A scheme would be categorised as a Defined Benefit scheme, a Defined Ambition (shared risk pension scheme) scheme or a Defined Contribution scheme, corresponding to the different types of promise – full promise about retirement income a promise on part of the pot or income, or offering no promise at all Enable ‘Collective schemes’ that pool risk between members and potentially allow for greater stability around pension outcomes, and introduce a number of measures relating to the valuation and reporting requirements for collective schemes
Apprenticeships
Reform Apprenticeships to make them more rigorous and responsive to the needs of employers. By engaging employers this will help to deliver 2 million Apprenticeship starts over this Parliament. We are planning to route funding for Apprenticeship training through employers in the future, to give them greater control and purchasing power over Apprenticeship training
Childcare
Entitle those with responsibilities for a child to access government support with their childcare costs in the form of effective tax relief. For every £8 that a parent pays for childcare, the government will contribute £2. The scheme would repeal an existing government system that currently provides financial assistance for parents with their childcare costs, known as Employer-Supported Childcare, or ESC. Tax- Free Childcare will be launched in autumn 2015 Make some childcare regulations more flexible to meet the needs of working families
Devolution
From April 2016, enable the Scottish Parliament to set a Scottish rate of income tax, through which it will have the flexibility to raise additional funds Provide for a referendum in Wales on whether an element of income tax should be devolved; and allow the Assembly, subject to a vote in favour in a referendum, to set a Welsh rate for the purpose of calculating the rates of income tax to be paid by Welsh taxpayers
Measures to counter various abuses or perceived abuses
Strengthen rules on director disqualifications Tackle National Minimum Wage abuses Stop highly paid public sector employees keeping redundancy payments when they come back to the same part of the public sector within a short period of time Introduce a Targeted Anti Avoidance Rule (TAAR) to prevent people from circumventing new legislation tackling avoidance involving offshore employment intermediaries and employment intermediaries facilitating false self-employment
CIPP Policy News Journal
08/04/2015, Page 446 of 521
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