Comment and Blogs
One of the big headliners in the Spring Statement was the cut in basic rate income tax from 20% to 19% from April 2024.
Read more: Lisa Webster: Pension tax relief cut is just a scratch
I last wrote in my column on SIPPs Professional about the changes to Normal Minimum Pension Age (NMPA) back in October, when the rules were still under consultation. The industry had highlighted many issues with the proposals and asked for a re-think in terms of how the changes were brought in.
It’s been eight months since the DWP made changes to the statutory right to transfer. Over that time the number of transfers being held up by the new anti-scam measures appears to have steadily increased.
I recently presented a technical webinar on pension transfers which included a look at transfers to qualifying recognised overseas pension schemes (QROPS).
Pension scams are not new but are growing in number and constantly evolving. Thankfully, after a slow start the wheels in motion to combat the scammers are starting to pick up speed.
The Ministry of Justice recently launched a consultation on Modernising Lasting Powers of Attorney (LPA).
Read more: Lisa Webster: SIPPs and LPAs need careful handling