HMRC

Employers are increasingly concerned about the costs and complexity associated with equalising guaranteed minimum pensions (GMPs), according to the Association of Consulting Actuaries (ACA).

This week’s top stories include the outcome of the Queen’s Speech, and HM Revenue and Customs calculation that pensions tax relief will cost the government £40bn this year.

The government will pay out £21bn in income tax relief for pension contributions this tax year, while national insurance relief payments will rise to £18.7bn, according to statistics from HM Revenue and Customs (HMRC).

The GMP Equalisation Working Group has published its first guidance note to assist schemes in undertaking the process. Holly Roach discusses what schemes should do next

The cross-industry GMP Equalisation Working Group has published guidance outlining methods schemes could use to equalise for the sex based inequalities of GMPs.

More than 4,500 pension scheme members breached the lifetime allowance in the 2017/18 tax year, an increase of 36% from the year before, according to HM Revenue and Customs (HMRC).

HM Revenue and Customs (HMRC) does not know how many people it has fined for breaching pension tax allowance rules, a Freedom of Information request has revealed.

HM Revenue and Customs' (HMRC) guaranteed minimum pension (GMP) equalisation working group has revealed the guidance needed to avoid potential tax consequences will not be updated before the autumn.

This week's top stories included Legal & General completing a record-breaking buyout with the Rolls-Royce UK Pension Fund, and the government setting out plans for flexible NHS pensions.

Accidental breaches of lifetime allowance fixed protections could no longer result in onerous tax bills after HM Revenue and Customs (HMRC) dropped its appeal of a landmark case.