Another busy week for pensions
This week we have seen the National Association of Pension Schemes rebrand as the Pensions and Lifetime Savings Association (PLSA).
They have a simple ambition: to help everyone to achieve a better income in retirement.
Also this week, Pensions Minister Ros Altmann said her key priorities were auto enrolment and protecting Defined Benefit schemes, she said:
“……the time is not right to implement Defined Ambition, Collective Benefits and Automatic Transfers. The time is not right to ask the pensions industry to absorb the new swathe of regulation that would be needed to make such further reforms work effectively. The market needs time and space to adjust to the other reforms underway and these areas will be revisited once there has been an opportunity for that to happen.”
The government has been consulting on the future for the tax privileged status of pensions savings.
The consultation closed last month and we are expecting to hear an announcement, perhaps in the Chancellor’s Autumn statement on the 25th November 2015.
Many are concerned that tax relief could be altered to look more like an ISA innovatively named Pension Isa (PISA).
Whatever happens we will keep you updated with the changes as they occur.
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Levels and bases of taxation are subject to change and depends on the individual circumstances of the investor.
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