Welcome to the September 2016 issue of Compass

22 September 2016

The September edition of our online monthly publication, Compass, is now available. Compass provides commentary and analysis of recent legislative and regulatory developments affecting pensions and employee benefits.

The Government is consulting on the introduction of a Pensions Advice Allowance (PAA) which is expected to permit the withdrawal of £500 from an individual’s Defined Contribution pension fund to pay for professional financial advice without any tax penalties. It is hoped that the introduction of the PAA will provide greater opportunity for individuals to receive regulated advice for their retirement provision but it faces the dual hurdles of provider/scheme buy-in and member take up. 

Next we consider the Government’s Savings (Government Contributions) Bill which was issued on 6 September 2016. This will legislate for the Government contributions to both the Lifetime ISA and the Help-to-Save accounts; although much of the legislation is only a framework with further regulations to be made by HM Treasury (HMT). 

We then look at the latest position on VAT as set out in the new HMRC Brief 14 (2016) and an update to Brief 17 (2015) which was originally issued last year. Until legal uncertainties have been resolved, HMRC will permit the use of the 70/30 rule until 31 December 2017. The extension will also be reviewed towards the end of this period in case a further extension is necessary.

Elsewhere in Compass we cover:

  • The PPF consultation on changes to assumptions for section 143 and 179 valuations and the introduction of the long service cap
  • A legal case (MB v Secretary of State) on the equal treatment for men and women in relation to state pension age
  • The dash to create the Pensions Dashboard
  • A FCA consultation on changes to the Pension Wise standards to cater for the Secondary Annuity Market
  • The date of the Autumn Statement 2016

This month’s articles may be viewed from the list on the right side of this page.

If you have any questions regarding the topics covered, please email:  cebtechnicalteam@capita.co.uk

Compass September Issue 2016

The September edition of our online monthly publication, Compass, is now available. Compass provides commentary and analysis of recent legislative and regulatory developments affecting pensions and employee benefits.

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