View more on these topics

Pop goes the pension

Pop stars may be condemned to become ageing rockers after an Inland Revenue ruling which prevents them from retiring early.

The Revenue has received early retirement applications from entertainers whose careers are on the wane and want to draw their occupational pension but it has rejected the move in pensions update 120.

Professional sportspeople can take retirement from 35 from their occupational pension schemes, because, as the Revenue states, “most professional sportspeople are not physically able to continue in their chosen profession until the age of 60”.

But the Revenue has ruled that applications from pop stars on the grounds that falling popularity or lack of success are not acceptable.

After-dinner speakers, TV pundits and quiz show contestants will also be barred from taking a pension through a company scheme before 60.

A Revenue spokesman says: “Some entertainers apply to us seeking a low normal retirement date. However, lack of success as a result of waning popularity or the deterioration of a solo singer&#39s or a pop group&#39s technique are not arguments the IR is prepared to accept as sufficient grounds for us agreeing to a low normal retirement date.”

Recommended

Euro vision

Europe is taking a bigger role in financial services, with the aim of a single market by 2005.Cap Gemini Ernst & Young vice-president Shaun Crawford thinks European firms have stolen a march on UK companies. He says the single financial market is not always on the radar here, with UK companies occupied on issues such […]

Legal & General cuts life policy bonus rates and maturity payouts

Legal & General has cut its annual bonus rates by up to 25 per cent on life policies and maturity payouts by more than 15 per cent.Annual bonuses on life policies fall to 1.5 per cent from 2 per cent in 2000 on the sum assured and to 2.75 per cent from 3.5 per cent […]

Dividends

Many company owners will be familiar with the benefits, in the shape of tax deferment and National Insurance savings, of extracting funds for personal expenditure from the business by way of dividend as opposed to salary. It is worth remembering that if a dividend is declared this side of April 6, the tax (at 32.5 […]

Best Direct Mail Pack – Sponsored by Citigate Albert Frank

lowe plus Egg – Egg Card&#39Absolutely nothing pack&#39 Second: HARRISON TROUGHTON WUNDERMAN – Britannic Retirement Solutions – &#39Prescription&#39 Third: WARMAN AND BANNISTER – Norwich Union – &#39Medical Notes&#39

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment