tax charges

Increased retirement flexibility, changes to tax rules and falling numbers of individuals staying with one employer are making it difficult to track pensions, Towers Watson have said.

HM Revenue and Customs is releasing an online service allowing employees to track their queries about the tax on their company pension.

The government has promised it will only implement changes to tax legislation retrospectively in "wholly exceptional circumstances", after concerns were raised that it could damage the UK's reputation.

Labour's latest policy document on pension charges is "hugely misleading" and ill-timed ahead of the launch of auto-enrolment, according to the Association of British Insurers.

A European Parliament committee has voted to exclude pension funds from the Europe-wide financial transaction tax.

Her Majesty's Revenue and Customs' Real Time Information project is an "enormous challenge" to be completed by a "politically mandated" date, an expert warns.

State pension payments will rise to an average of £124 a week, an increase of £6 from last year, the government has said.

The point at which people start paying income tax has been increased to £9,205, George Osborne announced in today's Budget.

The 50p top rate of income tax will be reduced to 45p from April next year, Chancellor George Osborne announced this afternoon.

Jenna Towler investigates the opaque world of pension liberation and loans.