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state pension
The Single-Tier Pension
On 17 March 2012, the Chancellor, George Osborne, announced on the Andrew Marr show on the BBC that the Single-Tier pension would be brought forward by one year to 2016 rather than 2017. On 19 March 2013, a Department of Work and Pensions (DWP) press release confirmed speculation that the Single-Tier Pension will be introduced [...]
The Learn Centre’s Annual Conference
March 05 – 07 2013 marks The Learn Centre’s 19th Annual HR, Payroll & Managing People Conference, taking place at the Menzies Welcombe Hotel in Stratford-upon-Avon. We have over 30 different payroll and HR modules scheduled this year with vastly-experienced guest speakers to guide you through the many changes that we can look forward to [...]
OTS Final Report on Review of Pensioner Taxation
On 11 July 2011, HM Treasury asked the Office of Tax Simplification (OTS) to look at simplifying the system for the estimated 5.6 million people of pensionable age who pay tax. Specifically, the remit was to identify the parts of the tax system that caused the greatest difficulty, especially where pensions are received from multiple [...]
Pensions
We already knew from Budget 2012 that legislation would be introduced in the Finance Bill 2013 to remove the tax and NICs advantages of an employer paying a part of an employee’s remuneration into a family member’s pension pot. At Budget 2012, the report stated that ‘technical improvements will also be made to the annual [...]
DWP Pensions Survey 2012
The Department of Work and Pensions (DWP) have published their Attitudes to Pensions: The 2012 Survey. This is the third such survey, the previous two having been conducted in 2006 and 2009. The report is an in-depth look at attitudes towards pensions and saving for retirement and is based on a sample of nearly 2,000 [...]
HMRC Responds to Office of Tax Simplification’s Review of Pensioner Taxation
On 11 July 2011, HM Treasury asked the Office of Tax Simplification (OTS) to look at simplifying the system for the estimated 5.6 million people of pensionable age who pay tax. Specifically, the remit was to identify the parts of the tax system that caused the greatest difficulty, especially where pensions are received from multiple [...]
Business Calls for Tax and NICs Reform
At Budget 2011, the Chancellor of the Exchequer announced that a Government aim was to look at simplification of the tax system. This led to a ‘Call for Evidence’ document, which was followed by a ‘Next Steps’ document in November 2011, following a recommendation from the Office of Tax Simplification (OTS) in their Small Business [...]
State Pensions Reform – The Flat Rate Pension
The Department for Work and Pensions have revealed that the value of the State Pension paid to pensioners could vary by more than £200.00 per week as a result of the current pension system. This system provides for two entitlements and calculation methods – the Basic and the Additional (SERPS / S2P etc). Approximately 130,000 [...]
Budget 2012 – Pensions
Automatic Review of State Pension Age (SPa) Recent legislative changes have seen increases to the State Pension age from the familiar 65 for men and 60 for women. The current legislative position is as follows: SPa will be equalised at 65 for men and women by November 2018 (Pensions Act 1995, amended by Pensions Act [...]
Autumn Statement 2011 (1) – Pensions, Tax & NICs
State Pension Age The Pensions Act 2011 gave the green light to accelerate the State Pension Age increases to 65 for women from 2018 and 66 for men and women by September / October 2020. Now, we are told that it will be accelerated further to 67 between April 2026 and April 2028. This increase [...]
Autumn Statement – 2011
The Autumn Statement on 29 November 2011 focused on the economy and the reducing growth forecasts as a result of European and Global influences. For payroll professionals, there were few surprises in the Statement. Whilst there is another change on the way in respect of the State Pension Age, even this cannot be said to [...]
Increase to State Pension Age Delayed
The Government has announced that its plans to increase the State pension age to 66 is to be delayed. This is with the prime aim of helping women who would be most affected by the rise. From April 2010, the womens’ pension age has already been increasing from 60 to 65. The current Pensions Bill proposes that this increase [...]
