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Business | Tax allowance changes for pension scheme rates for 2016/17

HMRC has published a guide to pension scheme rates for the tax year 2016/17, confirming the capping of the standard lifetime allowance at £1m, while the annual allowance stands at £40,000. From 6 April 2016 the annual allowance is reduced if the taxpayer’s income for the tax year is more than £150,000. The annual allowance is reduced by £1 for every £2 of income above £150,000, subject to a minimum reduced annual allowance of £10,000

Business | One in five contracted-out pension holders likely to lose out under new state pension

Ahead of the introduction of the new flat-rate state pension in April, the National Audit Office (NAO) is warning that pension payments for people with Guaranteed Minimum Pensions (GMP) who contracted out in the 1980s, could receive a lower income, criticising the Department of Work and Pensions (DWP) for poor communications on the issue, reports Pat Sweet
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