The lifetime allowance may have been consigned to the annals of history but the various forms of protection are still relevant in the new world, especially when it comes to the amount of pension commencement lump sum (PCLS) that can be taken.
There’s overwhelming opposition to the proposed introduction of IHT on unused pensions, according to a new survey conducted by SSAS provider WBR Group.
HMRC’s January pension schemes newsletter announced changes to tax codes for pensions, and a few headlines followed proclaiming HMRC had finally fixed the over-taxation issue. It would be fantastic if that was the case, but despite nearly 10 years of getting it wrong, the problem isn’t resolved yet.
Men’s DC pension pots are twice the size of women’s on average, according to new analysis from pensions consultancy Broadstone.
Cheshire-based adviser firm Holborn Assets Ltd (FRN 648817) has been declared in default by the FSCS, opening the door to ex-clients to make claims for compensation.
It was announced on 16 December that Rachel Reeves was pressing pause on the second stage of the pensions review, a review that was expected to contain the long-awaited extension of auto-enrolment and measures to help the self-employed save for retirement.
As the year draws to a close it seems appropriate to keep with tradition and reflect on what has happened in a defining year for pension tax rules.
The majority (95%) of financial advisers believe that the incoming inheritance tax liability on pensions is their clients’ greatest current financial concern, according to a new report.
As we near the end of the year and look forward to 2025, it’s difficult not to reflect on the year to date. 2024 presented new challenges for the pension industry, most notably in respect of the implementation of the lifetime allowance abolishment and more recently, the announcement that from 2027, ‘unused’ pension benefits will be subject to inheritance tax.
New data on mortgage lending from the Bank of England has revealed that lending into retirement has remained at a high level despite falling mortgage rates.