Treasury

Mark Hoban, financial secretary to the Treasury, was today forced to face down challenges by leading insurers who fear the new regulatory regime will be biased towards banking.

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

The Treasury has confirmed Lord Hutton will publish his final report on public sector pension reform on Thursday 10 March.

Allowing early access to pension funds in some cases could place pensioners' beneficiaries at risk of a 55% tax charge, AJ Bell warns.

Occupational pension scheme members have attacked the switch in indexing benefits to CPI inflation as a Treasury cost-saving exercise aimed at benefitting business over pensioners.

Tony Slocombe, of Heartwood Wealth Management, says pensions alone will not be enough to fund retirement.

The FSA is proposing advice firms contribute 2% less to the regulator's funding next year, a cut of £53 per adviser.

Mark Hoban has dismissed calls for a cross-party group of MPs to have the power of veto over who gets the top job at the powerful new Consumer Protection and Markets Authority (CPMA).

The Serious Fraud Office (SFO) could be merged with a proposed National Crime Agency (NCA) as ministers target corporate corruption and fraud gangs which cost the UK £30bn a year.

The Treasury has confirmed it will remove the potential unauthorized payment charge for people using drawdown caught by changes to the new normal minimum pension age (NMPA).