State pension likely to rise 8.2% to almost £11,500 ahead of election

Another bumper increase in the state pension could follow 10.1% hike last April Wage inflation was 8.2 per cent in May-July in official data released today The full rate state pension could top £220 a week if earnings growth sticks at its current 8.2 per cent, as pundits reckon the Government is highly unlikely to break the triple lock pledge …

Pension Freedoms age rise confirmed by Gov’t

The government has confirmed that the minimum age for accessing a pension will increase from 55 to 57 in 2028. In a written question to Parliament, Labour MP Stephen Timms asked the Chancellor of the Exchequer what plans he has to increase the minimum age at which people can access their private pension under the tax rules. In response, Conservative …

Small pension pot withdrawals avoid triggering MPAA tax charge

Advisers can prevent clients from triggering the money purchase annual allowance (MPAA) by ensuring they draw money from small pension pots of £10,000 and under, according to new analysis from Royal London. Advisers can prevent clients from triggering the money purchase annual allowance (MPAA) by ensuring they draw money from smaller pension pots, according to new analysis from Royal London. …

HMRC’s pension freedoms over-taxation reaches £400m

HM Revenue and Customs has now over-taxed savers accessing their pensions via the pension freedoms by over £400 million, it has revealed. HM Revenue and Customs (HMRC) has now over-taxed savers accessing their pensions via the pension freedoms by over £400 million. Current rules require providers to charge emergency tax the first time someone uses the pension freedoms to access …

No rethink of pension freedoms tax despite £37m in overpayments

HM Revenue & Customs (HMRC) has said there will be no rethink of controversial emergency taxes on the pension freedom withdrawals made by millions of savers, despite pressure from the industry to change its approach. The current rules require providers to charge emergency tax the first time someone uses the pension freedoms to access their pension savings. As a result, …

Scam fears prompt new parliamentary inquiry into pension freedom

Concern over the rise in scams is among the reasons prompting a new Work and Pensions Select Committee inquiry into whether the pension freedom reforms have achieved their objectives and if policy changes are needed. The committee, which is chaired by Birkenhead MP Frank Field, said this would follow up an inquiry it conducted shortly after the reforms were introduced …