Contracting-out of the State Second Pension on a money purchase basis (known as a ‘protected rights’ basis) will be abolished from 6 April 2012.
The Treasury published draft legislation today (9 December) which is intended to tackle tax avoidance using "disguised remuneration".
Spring is a good time to clear out the clutter and take a fresh look at things.
The world of executive remuneration and the combination of cash and share based incentives is ever under the spotlight.
In a bonus planning case the Special Commissioners decided that bonuses paid to a family benefit trust were not subject to PAYE or National Insurance contributions (NICs) and were not deductible for corporation tax purposes.
Generally, income tax and primary (employee’s) national insurance contributions (primary NICs) are payable by an employee on the exercise of an unapproved share option.
Pensions continue to be subject to legislative change.
There has been a growing trend amongst employers of exploring ways to persuade members to agree to a reduction in benefits or to transfer from a defined benefit to a defined contribution scheme, and the Pensions Regulator is now well and truly on the case.
On 18 January 2007, the Department for Work and Pensions (DWP) published its response to last year’s consultation on the calculation of transfer values.
On 18 January 2007 the Department for Work and Pensions (DWP) published its response to last year’s consultation on the calculation of transfer values.