HMRC

Alan Casey sets out how schemes can use HMRC GMP listings even where they are riddled with errors

A total of 340,000 people withdrew £2.3bn in flexible payments from their pensions in the second quarter of 2020, according to HM Revenue & Customs (HMRC).

Pensions scams will be the key focus in the first part of a Work and Pensions Committee (WPC) inquiry reviewing the impact of the introduction of pension freedoms five years on.

HM Revenue & Customs (HMRC) must evaluate the benefits that are provided by pensions tax relief, MPs have said amid concerns the tax office does not understand the impacts.

HM Revenue and Customs (HMRC) has updated its tax guidance for GMP equalisation, detailing how pension schemes can resume paying lump sum benefits to members without adverse tax consequences.

This week’s top stories included amendments to the Pension Schemes Bill being passed by the House of Lords, while The Pensions Regulator revealed its intentions to tighten expectations on the industry with the release of its 2020/21 corporate plan.

This week’s top stories included the Pension Protection Fund naming 11 firms to its trustee and support services panel, and the latest analysis of mortality rates from Covid-19 and its impact on pension scheme assumptions.

Lane Clark & Peacock (LCP) has called out HM Revenue & Customs' (HMRC) tax policy on flexible drawdown as "unacceptable", claiming it could lead to draconian tax penalties during Covid-19.

While furloughed workers are still entitled to pension contributions, Justin Corliss says employers must consider the impact of Covid-19 on their duties.

While HMRC guidance on GMP equalisation contains both good and bad news for schemes, it does allow them to get going on the process, says John Wilson.