The Pensions Commission did not propose changes to higher-rate pension tax relief because it feared the wrath of Gordon Brown, says LibDem Work and Pensions Secretary David Laws.Speaking at an Association of British Insurers’ fringe event in Brighton, Laws said Lord Turner would have liked to have tackled the issue but feared a rap on the knuckles from the Chancellor. Turner’s report was critical of the current tax relief system, stating “pension tax relief is costly, poorly focused and not well understood” but did not offer any solutions. The subject was outside Turner’s remit but Laws said this did not stop the commission examining and reporting on other areas outside its original scope. He said flattening tax relief to the basic rate was fair and redistributive. Laws highlighted the fact that backbench MPs would lose an average of £1,000 tax relief a year under the plan. He also said the Government’s pension reform proposals still failed to deal with public-sector pensions and said he has set up a working committee, including a number of outside experts, to examine the issue and report next year. Laws said: “I think Turner’s commission would like to have been able to delve further into the issue but it would have got an even bigger rap on the knuckles than it actually got from Brown.”
It’s been a busy week of news in the mortgage market as the down-time that is the summer months is now a
Treasury select committee chairman John McFall believes FSA chairman Callum McCarthy’s scathing attack on churning shows the Government and industry needs to act on the distribution modelAt a Standard Life fringe event, McFall said the committee’s report on financial inclusion, due in October, will address churning and its effect. He was glad the FSA was […]
The true size of the UK’s public sector liability has risen to 1,025bn, according to a report by the Institute of Economic Affairs.
The Transport & General Workers Union, Amicus and Community joined forces outside the Labour conference in Manchester on Tuesday calling for 100 per cent restoration of the estimated 100,000 workers’ pensions’ lost when firms were wound up before the Pension Protection Fund was running.
Johnson Fleming has published a step-by-step guide demonstrating the importance of record keeping and reporting, and how it can ensure you operate a successful scheme. The guide takes you through some key questions you need to ask and identifies the information you need to obtain. The topics include: why you need to keep records and the benefits of doing this; registering your scheme; what information you need to record to ensure you meet the Pensions Regulator’s requirements; and what items need to be recorded and when.
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