BusinessCompany NewsPension tax schemes to be simplified

Pension tax schemes to be simplified

Tomorrow's pensions green paper will concentrate on simplifying the over-complex tax regime in an attempt to persuade people to save more for retirement.

Link: Known fault caused Revenue pensions woe

The present system includes eight different tax schemes and, although complicated, cutting them down into one will not come without its problems.

This could include some people losing their rights to higher lump sums, or different benefit levels.

Despite the measures the paper is set to create a huge amount of disappointment in the industry. Many workers are being moved from final salary schemes into money purchase products, where the employers will ultimately contribute less.

Related Articles

M&S business rate liabilities based on £570m rateable value

Company News M&S business rate liabilities based on £570m rateable value

1w Emma Smith, Managing Editor
BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

4m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

8m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

8m Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

11m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

11m Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

11m Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

11m Emma Smith, Managing Editor