Comment and Blogs
Recent news of the revival of a Pensions Commission was music to my ears.
Since the announcement that pensions are to be included in estates for inheritance tax (IHT) purposes the question of whether those with large pension pots should be giving some funds away has become increasingly common.
During May, the Pensions Policy Institute (PPI), sponsored by The Pensions Regulator (TPR), concluded that defined contribution (DC) pension savers – including those in SIPPs, as well as in Workplace Pensions - require more guidance when choosing suitable retirement products.
It is now two years since new pension transfer regulations were brought in to help the fight against fraudsters. The new rules give pension scheme trustees the power to stop transfers if they think the member is at risk of being scammed.
It may be more than a year since the Lifetime Allowance was formally abolished but issues are still emerging from the mess made by rushed legislation.
When the first set of draft legislation on removing the lifetime allowance came out in July, it was the accompanying policy statement that caused the biggest stir rather than the legislation itself.