LV has called for the Money Advice Service (MAS) to consider adding enhanced annuity products.

Differences in the application of VAT in pension administration and corporate wraps are to be tackled at an industry meeting with HM Revenue & Customs (HMRC).

Malcolm Small, director of policy at the Tax Incentivised Savings Association (Tisa), has arranged the meeting in June to iron out differences in practice between tax offices in different regions on how VAT applies to ISAs within corporate wraps.

Pension schemes have been denied the option to delay paying members’ high annual allowance (AA) charges, following an announcement from Mark Hoban.

Treasury makes contact with several corporate wrap providers to gain insight into the development of their workplace ISA offerings

Calculation tables

HM Revenue & Customs (HMRC) has announced the new tables for the calculation of drawdown despite the fact the release comes only two weeks before a European Court of Justice (ECJ) ruling on sex discrimination.

Consultants and providers have welcomed the Treasury’s response to the consultation on ending compulsory annuitisation at age 75 as a “pragmatic” and “simple” solution for trustees.

Under the plans, trustees would not be liable for ‘false agreements’ on a minimum income requirement (MIR) – set at £20,000 – which they enter into in good faith.

The Treasury also confirmed defined benefit (DB) income will be allowed to count towards the MIR in a measure to avoid a flood of members moving away from DB.

The implications for pensions from the emergency/austerity Budget

The Association of Member-Directed Pension Schemes (AMPS) has slammed the Treasury for a lack of clarity surrounding the proposed anti-forestalling measures.

The Treasury Select Committee has urged the government to keep under review its decision to scrap the higher rate of tax relief for those earning over £150,000.

The Treasury will face a high court challenge from the Equitable Members Action Group (EMAG) after it failed to act on the parliamentary ombudsman’s recommendations.

Chancellor Alistair Darling’s proposal to reduce of higher rate tax relief has been criticised by industry commentators following the Budget report.

The government should take steps to better regulate boardroom bonuses and pensions, according to the Trades Union Congress (TUC).

Renowned investor Anthony Bolton has spoken in favour of quantitative easing (QE) – but the National Association of Pension Funds (NAPF) has questioned the controversial economic policy.

Paul Myners has appealed to pension funds and other institutional investors to take governance seriously to address frailties in the economy.