Treasury

Michael Johnson has reignited calls for limiting pensions tax relief, saying the annual £29bn saved by the Treasury from tax relief could increase the state pension by 60%.

The government is on track to begin paying compensation to Equitable Life victims before the end of June, financial secretary to the Treasury Mark Hoban confirms.

The Treasury should ditch plans to use GDP expectations to set public sector pension discount rates because it "fundamentally misrepresents" pension economics, leading figures say.

The government's probe into allowing early access was a political rather than practical move and the Treasury knew the idea would be rejected, a lawyer claims.

Agreeing hikes to local government contribution rates by June is an "extremely optimistic" timeframe, union leaders say, throwing into doubt the Treasury's summer deadline.

A loophole which would have allowed people who have transferred their pension abroad to avoid paying UK taxes has been closed by the Treasury.

The UK's largest trade union has demanded Fair Deal pension arrangements remain untouched after the government issued public consultation on them.

Members could end up cross-subsidising those with high pay rises as a result of the "scheme pays" annual allowance option.

The Treasury says people exceeding the annual allowance on pension savings must meet their tax charges as soon as they arise.

IMA chief executive Richard Saunders