UK: PENSION TRANSFERS MAY BE BOOSTED BY TAX CHANGES
Article Abstract:
According to the pension communication manager of Skandia, Adrian Walker, pension transfer business among high earners could expand significantly following changes to the government's tax rules later in 2000. The Inland Revenue is proposing to drop restrictions on the amount of tax-free cash available to high earners, controlling directors, and clients aged over 45, on transfer to a personal pension. Since these people would no longer be subject to special regulations restricting the amount of tax-free cash available at the maturity of the pension, transfers are likely to become far more attractive. High earners will have more impetus to move to new vehicles.
Publication Name: Financial Adviser
Subject: Business, international
ISSN: 0953-5276
Year: 2000
User Contributions:
Comment about this article or add new information about this topic:
UK: CRITICISMS OF PENSION TRANSFER FIGURES
Article Abstract:
Scottish Equitable is calling on the Inland Revenue to take another look at its calculations on pension transfers, which were announced in March 2001. In a paper, which is being sent to the Association of British Insurers, the Financial Services Authority and the Inland Revenue, Stewart Ritchie, Scottish Equitable's pensions development director, says that the Inland Revenue issued the calculations without listening to the warnings from providers that the actuarial factors were out of date. He is calling on an urgent review of the matter, otherwise individuals may be penalised for better than expected performance of investment.
Publication Name: Financial Adviser
Subject: Business, international
ISSN: 0953-5276
Year: 2001
User Contributions:
Comment about this article or add new information about this topic:
UK: PENSION REGULATIONS TO BE REVIEWED
Article Abstract:
The Inland Revenue and the pensions experts from the private sector will review UK pension regulations, at the request of the Economic Secretary to the Treasury, Melanie Johnson. According to Johnson, excluded from the review will be maximum benefit accrual rates, the earnings cap level and higher rate relief. Included will be changes to regulations on the administration of pension schemes, and communications between the schemes and the Inland Revenue. Discussions will be held between the Treasury, the Inland Revenue, the NAPF and other organisations, and the steering group will hand in its report by February 2003.
Publication Name: Financial Adviser
Subject: Business, international
ISSN: 0953-5276
Year: 2001
User Contributions:
Comment about this article or add new information about this topic:
- Abstracts: UK: MORTGAGE BROKERS STILL FAIL TO REFUND FEES. UK: MORTGAGE REGULATIONS CHALLENGED BY LFPA. UK: POOR MORTGAGE PRACTICES PUT HOMES AT RISK
- Abstracts: UK: PORTMAN LAUNCHES FIXED-RATE MORTGAGES. UK: C&G OFFERS FIXED-RATE MORTGAGES. UK: BRISTOL & WEST LAUNCH FIXED RATE MORTGAGES
- Abstracts: UK: STAKEHOLDER PENSIONS MAY PROMOTE SRI IDEALS. UK: Norwich Union plans external fund links. UK: AITC PLANS TO RESTRUCTURE TRUSTS
- Abstracts: UK: NEW MAN AT BIRMINGHAM MIDSHIRES. UK: BIRMINGHAM MIDSHIRES FIXES LOW MORTGAGE RATE. UK: PLATFORM HOME LOANS LAUNCHES FIXED RATE DEAL
- Abstracts: UK: ABI ASKS FOR ANNUITY GUIDELINES. UK: AXA BACKS ISAS WITH PROMOTIONAL CAMPAIGN. UK: ABI SETS UP INTERNET SERVICE FOR COMPARISONS