The rules will take effect on 6 April next year, but trustees and managers of existing stakeholder schemes must decide before then whether to meet the requirement of becoming closed schemes that cannot take in new members.
The decision was announced in the Commons by pensions minister Malcolm Wicks, who confirmed the charge cap for pensions managers is being raised to 1.5% a year, but only for the first 10 years. Thereafter it is reduced to 1% at which it will remain capped for existing members.
Richard Le Tocq, head of Locate Guernsey, discusses the chancellor’s approach to high net worth individuals, and why relocation is increasingly attractive to HNWIs
The firm says that the U-turn 'does not alter the need for a fundamental review of the way we tax work' and that the current tax system is in need of reform
Legislation on the NICs changes to be brought forward in the autumn following publication of 'the full effects of the changes to Class 2 and Class 4' in the summer
Following chancellor Philip Hammond’s Spring Budget speech, we explore the key takeaways for businesses and individuals