Reforms needed on pensions legislation

Article Abstract:

The UK Social Security Committee's report on the operation of pension funds analyzes ownership and control of pension funds and the Maxwell Pension Funds. As a result of the analysis, the committee recommends the introduction of laws that will give members and pensioners veto power over bulk transfers of assets; require statements of accounts and public disclosure of such; and require close monitoring and maintenance of checks and balances to prevent the control of assets by any one person. Furthermore, the committee recommends a public inquiry prior to the enactment of a new Pensions Act.

Admin. of social & manpower programs, Reports, Column, United Kingdom. Department of Social Security

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Inland revenue allows a useful concession

Article Abstract:

Some arrangements have been made on the tax treatment of ex gratia payments and added years payments for severance by the British Inland Revenue. Lump sums are expected to be paid tax free while gratuities awarded as pension are taxable under Schedule E. For lump sum payments to be considered tax free an employee has to meet certain conditions specified by the provision. Conditions specify that lump sums should not be more than 3.75% of taxable earnings for every year up to the 40th year and that the lump sum payable upon death can be only as much as four times the annual salary.

Finance, taxation, & monetary policy, United Kingdom, Taxation, Revenue, United Kingdom. Board of Inland Revenue, Severance pay

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Learning the lessons of the Mirror Group

Article Abstract:

The British government prepares to enact a new pension funds regulation under the Social Security Act 1990 in order to restore confidence among pensioners. This action was spurred by the much publicized Mirror Group Pension Fund crisis which threatened the stability of the pension industry. Associations are joining efforts to establish guidelines for trustees to use in securing investments. Another pension issue, the occupational pension rights case of Barber against the Guardian Royal Exchange Insurance Group, is discussed.

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