Treasury

The government has been urged to extend the scheme pays deadline for NHS Pension Scheme members in light of the Covid-19 crisis.

The government’s proposal of temporary changes to pension tax for public sector workers amid the Covid-19 pandemic is the fairest choice, says Royal London.

Potential changes to the Retail Prices Index (RPI) could land some schemes with a fall in their funding level as high as 12% according to Barnett Waddingham.

Millions of public sector workers will be able to choose whether their pension provision should be accrued under legacy or reformed schemes under government plans announced yesterday.

The government has said it will “do whatever it takes” to support businesses through the Covid-19 coronavirus crisis, leading to speculation that there could be a short-term change in auto-enrolment (AE) policy.

The government has launched consultations on overhauling the Retail Prices Index (RPI) methodology and addressing the net-pay anomaly.

The government will raise the two tapered annual allowance thresholds by £90,000 in a bid to reduce the tax impact on high-earning NHS staff.

Reports that new chancellor Rishi Sunak is set to abandon cuts to tax relief on pensions contributions are continuing to circle.

This week’s top stories included the launch of Scottish Widows’ new responsible investment team, and reports of Treasury plans to cut pension tax relief for high earners.

High earners could face significant cuts to pension tax relief in the upcoming Budget under new Treasury plans to rein in the “perverse” system, according to reports.