Welcome to this month's News on Pensions. In this issue we discuss:
HM Treasury - pensions advice allowance (DC benefits)
HM Treasury is consulting on the introduction of a new Pensions Advice Allowance for defined contribution (DC) pension arrangements.
The new allowance was originally recommended in the Financial Advice Market Review, and would permit individuals approaching retirement age to withdraw up to £500 from their DC pension pots to pay for ‘holistic’ financial advice on all of their retirement products (rather than just the pot from which the money has been withdrawn).
The government is considering whether to allow members to access the advice allowance on more than one occasion and is seeking views of the frequency with which withdrawals will be permitted.
Deadline extension on VAT on pensions costs
HMRC has been consulting with the pensions industry on the changes required to comply with a ruling in the Court of Justice of the European Union (CJEU) relating to the Dutch Company, PPG. We look at the impact that extending this deadline yet again will have on UK employers.
News from TPR
We round-up the latest news from TPR, including:
- warnings for DC trustees
- auto-enrolment analysis
- new guidance for insolvency professionals
- technical news bulletin
- PPF 7800 index update
In other news, we look at:
- ABI stats on pension freedoms statistics
To find out more, you can download the full briefing note below.