Pickings for providers

Article Abstract:

The UK government aims to privatize the state pension system, and analysts and consumer associations argue that life insurers would be the main group to benefit. The proposal involves scheme members choosing their pensions provider and receiving a rebate from social insurance contributions. The government hopes that insurers could reduce their charges since they will benefit from more business through the scheme. Insurers will still have to compete and will need to invest in marketing. The scheme will only be introduced if the Conservative party is re-elected in 1997.

Life Insurance, Direct Life Insurance Carriers, Pension, health, and welfare funds, Insurance industry, Life insurance industry, Pensions, Welfare reform

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End of the annuity lottery

Article Abstract:

UK investors seeking to purchase an annuity were affected by levels of interest rates at the time of their retirement. The rules have changed since the Nov 1994 budget and holders of personal pensions are able to defer buying an annuity and use some of their pension fund for an income. Deferral is not possible for occupational pension holders and is less practical for those with small pension funds. Financial advisers see 100,000 pounds sterling as the borderline below which deferral may not be practical.

Analysis, Annuities

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Tax system may crash, says Inland Revenue

Article Abstract:

The UK tax system is moving to self-assessment and this could lead to backlogs in processing returns. A trial has been carried out in Leicester, England, with 20% of triallists not achieving deadlines for returning tax forms. Self assessment starts with the 1996 to 1997 tax year. Accountants have argued that the introduction of self-assessment should be delayed. The tax return form itself has had to be redesigned three times. Other tests are to be carried out by the Inland Revenue.

Public Finance Activities, Tax Administration, Management, United Kingdom. Board of Inland Revenue

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