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Steve Webb

Displaying items by tag: Steve Webb

A record £2.3bn was taken out of pensions pots under Pension Freedoms rules in the second quarter of 2018, HMRC figures have revealed.
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Royal London’s Steve Webb says the Government was right to resist calls for default decumulation retirement pathways.
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New analysis of 17,000 drawdown customers by a provider has revealed wide variations in the amount taken from pension pots but few signs of pensioners taking out all their cash in one go to buy a Lamborghini.
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Royal London director of policy Steve Webb has called for an end to what he called the “absurd” way pension withdrawals are taxed.
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Wednesday, 18 April 2018 15:10

HMRC takes down inaccurate pension tax website

HMRC has taken down a web page, which allows users to check how much money they can put into a pension, after “blunders” were spotted by tax experts at Royal London.
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Wednesday, 31 January 2018 18:22

HMRC income withdrawal taxation 'out of control'

Royal London’s director of policy Steve Webb, a former pension minister, believes that HMRC is “out of control” when it comes to over-taxing savers using pensions income withdrawal or buying a second home.
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A government service that helps people find lost pension cash is increasing its staff numbers fourfold in anticipation of rising demand as the Budget reforms kick in.
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The Pensions Minister is set to be grilled by MPs in Parliament on Monday as part of an ongoing inquiry into the progress made with automatic enrolment.
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Plans to allow the resale of existing annuity contracts increase the danger of people getting misled by fraudsters, a Sipp provider has warned.
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Retirees will become "guinea pigs" threatened by the "real possibility of another mis-selling scandal" when the pension reforms come in next April, an MP has claimed.

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