HM Revenue & Customs

The government is set to review an anomaly which sees lower-paid workers in the majority of master trusts lose out on tax relief, it has confirmed.

The proposed cold-calling ban may be ineffective if a collaborative regulatory approach between the UK and the European Union (EU) is not maintained post-Brexit, the Pensions Management Institute (PMI) has warned.

A record £2.3bn was withdrawn from pensions under Freedom and Choice in the second quarter of this year, according to HM Revenue & Customs (HMRC).

One in 10 of this year's retirees will take their entire pension pot as a lump sum, Prudential's 'Class of 2018' research finds.

Respondents were almost evenly split in this week's Pensions Buzz on whether the Competition and Markets Authority's (CMA) remedies for the investment consultant and fiduciary management markets go far enough.

This week's top stories included the Insolvency Service disqualifying four pension directors from running companies for a total of 21 years for their role in the businesses' mismanagement of member funds.

The government should extend its support for schemes seeking to reconcile guaranteed minimum pension (GMP) records until October 2019, Willis Towers Watson has said.

The Office for Tax Simplification has urged HM Revenue & Customs to review the usage of emergency tax codes for lump sum pension withdrawals.

HMRC figures published on Friday suggest almost £17.5bn has been flexibly withdrawn since the inception of pension freedoms, but that figure is not reflective of 'the bigger picture', according to one industry expert.

Total of £15.7bn accessed flexibly