Nearly two-thirds of this week’s 133 Pensions Buzz respondents believe the introduction of simpler and standardised annual benefit statements will help more members engage with their pension.
HM Revenue and Customs (HMRC) has announced it will publish its long-awaited tax guidance specific to guaranteed minimum pension (GMP) equalisation in December.
The lifetime allowance will rise to £1,073,000 from next April as inflation in the year to September stands at 1.7%.
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).
The new tax year brings a number of changes for pensions including the long-awaited name change for the Single Financial Guidance Body (SFGB).
The Treasury has confirmed the government will go ahead with its plans to increase the Lifetime Allowance (LTA) in line with inflation from next April.