Treasury

The decision to remove tax credits on the payment of dividends to pension schemes was ‘unhelpful' but only one of several reasons why workplace pensions have come under increasing pressure, warns the National Association of Pension Funds.

Treasury officials yesterday left the door open for a new chancellor to change the government's widely discredited fiscal rules following Gordon Brown's expected move to Number 10, reports the Financial Times .

The Isle of Man Treasury is planning to remove the compulsory annuitisation of pension schemes, under its proposals for 'pensions simplification', because there are now fewer annuity providers on the island.

The Information Tribunal has scheduled a full two-day hearing to decide whether the Treasury should be made to reveal detailed information about the effects on pension schemes of the removal of tax relief on dividends in 1997.

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Allan Bell, the Isle of Man Treasury Minister, has announced in the Budget the completion of a review into the Island's funds sector, and the establishment of a £20m economic development fund.

TREASURY OFFICIALS are engaged in urgent talks with tax experts ahead of tomorrow's Budget to tighten new regulations aimed at ending tax avoidance schemes used by up to 250,000 contract employees, says the Daily Telegraph.

A lot of people are still clinging to the hope a form of pension term assurance will continue after the Budget, but there is a strong possibility the product will be scrapped and it may be wise to expect the worst.

A national service providing generic advice will act as a ‘signpost' into the regulated advice market instead of providing competition, claims Ed Balls MP.

Considerable doubts linger over whether the Treasury will allow pension term assurance with tax relief to exist after the Budget next week, but advisers and providers are nonetheless hopeful some form of the product will remain.