In the 2014 budget the Chancellor told us that he was reviewing the amount of tax which would be payable from residual pension funds on a member’s death. The basic details of the proposed changes were announced in the Chancellor’s speech to his party conference and they will have surprised most – including us.
All income drawdown pensions are subject to income tax on a PAYE basis and it is crucial that systems are in place to ensure that the tax is correctly remitted on time to H M Revenue & Customs so that penalties are not incurred.
As the keynote speaker at the IFoA’s General Insurance Conference (GIRO), Mark Carney addressed the importance of insurance to the new focus of the Bank of England.
Pension savings currently attract tax relief. The Lifetime Allowance (LTA) is a limit placed by the Government on the value of pension benefits an individual can accrue over their lifetime without paying tax charges.
IFRIC 14 amendment will clarify the treatment of pension schemes where there is a surplus on the IAS 19 accounting basis but no future accrual of benefits.
Revised Directive may permit cross-border schemes to use recovery plans – but is this too little, too late?
It is very important for an insurer to understand its portfolios of business and the assumptions underlying them.
Pension schemes should not rest easy as Scots vote No to independence, changes still lie ahead
The Volatility Adjustment is one of the options available under the long-term guarantees package, introduced under Omnibus II, and allows a prescribed adjustment to the Solvency II risk-free discount. The adjustment will be 65% of the risk-adjusted spread, for each currency, based on a reference portfolio of assets.