David Brooks says schemes must think now about helping members claim the top-ups
Government estimates low take-up of tax relief top-ups as savers to be asked to apply
HMRC figures revealed the cost of pensions tax relief increased by more than £4bn in 2019/20
A freedom of information request submitted by Aegon did not return an answer
Despite the high numbers, an FoI has found the number applying is dwindling
The SPP said the pensions tax system is complex and often misunderstood by savers
A settlement for the Sanofi Pension Scheme and a warning on HMRC tax proposals
Concern that taking a wide definition of ‘tax advice’ could inadvertently impact the pensions market
HM Revenue and Customs (HMRC) has revealed a 6% rise in the amount withdrawn flexibly this quarter versus the same period last year, and a 10% increase in the number of individuals using this freedom.
The GMP Equalisation Working Group has published further good practice guidance covering the tax issues relating to the equalisation of GMPs.