Key issues in relation to taxation for pension schemes
We help employers and trustees provide smarter and more tax efficient pension benefits for better member outcomes.
We advise on the provision of tax efficient benefits, despite the continuing reduction in the annual allowance and lifetime allowance, as well as ensuring that existing tax protections are maintained. Clients also look to us to help categorise benefits as authorised or unauthorised payments under the Finance Act 2004, advise on tax arrangements for certain investment vehicles, such as special purpose vehicles, and assist with transfers to overseas pension schemes and QROPS issues.
Introduction The first female Chancellor, Rachel Reeves, delivered the new Government’s Autumn Budget on 30 October 2024. Rumours of subjecting...
Introduction Just before the LTA’s removal on 6 April 2024 (“LTA-Day”), HMRC issued Newsletter 158 warning that certain members may wish to...
6 April 2024 (“LTA-Day”) marked the end of the LTA and the debut of two new tax-free lump sum allowances: the “lump sum...
Introduction Ahead of the LTA’s removal on 6 April 2024 (“LTA-Day”), HMRC’s latest newsletter was published on 4 April 2024 (“Newsletter...
Introduction 6 April 2024 (“LTA-Day”) will mark the end of the LTA and the introduction of new allowances, the “lump sum allowance”...
Introduction The Chancellor, Jeremy Hunt, delivered his Spring Budget 2024 today. Following last year’s announcements of major pensions tax...
The Finance Act 2024 paves the way for the LTA’s demise from 6 April 2024. But this brings with it a number of complications, the key one being...
In a guest article for Pensions Age, partner Lucy Dunbar takes a look at the main changes and explains what they mean for pension schemes. She...
Introduction Among the Autumn Statement’s 110 growth measures, the Chancellor of the Exchequer, Jeremy Hunt, announced a “comprehensive package...
Introduction Following on from this year’s Spring Budget, on 11 July 2023 the Finance (No.2) Bill received Royal Assent and, just a week later,...
It’s been hard to miss that pensions was a key area in the Spring Budget, but in all the excitement, it can be easy to lose track of exactly...
Introduction The Finance (No.2) Bill (“the Bill”) was published today, 23 March 2023. With the notable exception of the abolition of the LTA,...
Introduction Rumours of changes to pensions tax were rife in the run-up to this year’s Spring Budget, and many were on the money. Aiming to help...
Georgina Jones, partner, comments on the Chancellor’s latest Budget: “In a quiet Budget for pensions, the Chancellor promised us a...
Introduction On 20 July 2021, the Government published a consultation on draft clauses for the Finance Bill 2021-22. Among these are clauses which...
Introduction Rishi Sunak delivered his much trailed second Budget today. Much of his focus was of course on helping the economy bounce back in these...
Introduction The latest addition to PASA’s suite of GMP equalisation guidance notes was published yesterday, the highly anticipated tax guidance...
Claire Carey, partner, has commented in Professional Pensions on PASA’s new guidance on GMP equalisation and tax issues. Read the full coverage...
Sacker & Partners LLP (Sackers), the UK’s leading specialist law firm for pensions and retirement savings, today welcomes the new guidance from...
Introduction After only a few weeks in the job, the Chancellor, Rishi Sunak, today delivered his first Budget. Whilst much of his focus was on...
On 11 March 2020, the Chancellor, Rishi Sunak, delivered the 2020 Budget Claire Carey, partner, commented: “Having only been in office for a few...
Introduction On 20 February 2020, HMRC released long-awaited guidance (“the Guidance”) on some of the pensions tax issues arising when equalising...
Senior Associate, Katharine Swire, considers changes to tax reform in recent years. 2006’s pensions tax ‘simplification’ has been followed...
Since 6 April 2010, individuals have generally had to wait until their 55th birthday before taking benefits (instead of age 50 as previously),...
Under section 270 of the FA04, the scheme administrator is responsible for the tax affairs of the scheme and for ensuring that it complies with its...
Since A-Day (6 April 2006) payments by registered occupational pension schemes are categorised as either authorised or unauthorised member or...