I agree We use cookies on this website to help us provide the best user experience. By browsing this site you agree to their use - more information is available here.

Barnett Waddingham
0333 11 11 222

Blog: September 2014 Archive

Fall in the cost of dying

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.

Taxation of pensions and Real Time Information reporting to HM Revenue & Customs

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.

Mark Carney, Barnett Waddingham, IFoA, General Insurance Conference (GIRO), Insurance Consulting
Mark Carney is putting the right ideas into practice

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.

Barnett Waddingham, Lifetime Allowance, Individual Protection, Actuarial Services for Employers, Executive Pensions
IP14 - Practice safe saving

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, Barnett Waddingham, Actuarial Services for Employers, Buy-outs and Buy-ins, Corporate Activity and Transactions, Accounting
Softer approach to accounting for surplus under IFRIC 14

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.

Compromise on EU pensions directive grants boon for cross-border schemes

Revised Directive may permit cross-border schemes to use recovery plans – but is this too little, too late?

What is the most important mortality assumption?

It is very important for an insurer to understand its portfolios of business and the assumptions underlying them.

NO vote – but a call for change

Pension schemes should not rest easy as Scots vote No to independence, changes still lie ahead

Volatility Adjustment users to require pre-approval in the UK?

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.

Biases at Play

Our preceding blogs talked about BE. Our final blog talks about some less obvious ways insurers may already be taking advantage of some of these biases.

Author

Nick Griggs (64) Kim Durniat (62) Scott Eason (49) Malcolm McLean (45) Cherry Chan (40)
James Jones-Tinsley (34) Damian Stancombe (28) Tyron Potts (25) Andy Leggett (13) Chris Ramsey (11) Danny Wilding (11) Chris Tagg (10) John Hoskin (10) Gavin Markham (10) Martin Hooper (10) Vivienne Maclure (9) Bhargaw Buddhdev (9) Laura Matthews (9) Andrew Roberts (8) Paul Hamilton (8) Mark Futcher (8) Rob Thomas (7) Matt Tickle (7) Andrew Vaughan (6) Adam Poulson (6) Graeme Muir (6) Simon Taylor (6) Iain Poole (5) Ben Roach (5) Julia Turney (5) Melanie Durrant (5) Nilesh Shah (5) Michael Henderson (4) Lisa White (4) Peter Meyler (4) Liam Mayne (4) Barry McKay (4) Jane Ralph (4) Chris Hawley (4) Julian Mainwood (3) Dave Grimshaw (3) Harshil Shah (3) Phil Duly (3) Mark Paxton (3) Tom Prime (3) Julie Walker (3) Kevin O'Neill (3) Richard Gibson (3) John Cormell (3) Julie Baillie (3) Martin Willis (3) Trevor Harvey (2) Mark Paulson (2) David Gulland (2) Michael Crawford (2) Marcus Whitehead (2) David Connell (2) Jonathan Marrow (2) Robert Hunschok (2) Riaan van Wyk (2) Christine Kerr (2) Annemarie Allen (2) Pete Smith (2) Paul Maguire (2) Paul Houghton (2) Wan Hsien Heah (2) Louise Lau (2) Paul Leandro (2) Rosie Fantom (2) Carole Ward (1) Andrew Hague (1) Mike Kennedy (1) Ian Ward (1) Andy Greig (1) Heather Martin (1) Mandie Bird (1) Jon Palin (1) Jagdeep Singh Lall (1) Sonia Kataora (1) Ruth Thomas (1) Nick Salter (1) Steve Ellul (1) Amit Lad (1) Roisin McGuire (1) Mark Pipe (1) Jemma Arfield (1) James Jordan (1) Peter Daniels (1) Ian Mills (1) Matthew Paton (1) Wendy Kriz (1) Andy Parker (1) Esther Hawley (1) Tom Hargreaves (1) Ross Anderson (1) Chris Pritchard (1) Rod Goodyer (1)

Updates delivered to you

Stay ahead with our latest comment, expert insight and event details.