Around 2.5m people will pay tax on the state pension even if the Conservative’s triple lock plus plan were to be implemented, LCP research suggests reported in FTAdviser.
The issue has bubbled up in the general election of course, though one assumes many if not all clients of IFAs will be paying the tax already.
That would seem to be confirmed by the research. IFA Magazine carries a lot of the details – as follows -
"There are currently two separate state pension systems in operation in the UK, and most pensioners are not on the new system; in 2023/24 there were 8.4m pensioners who reached state pension age before 6th April 2016 who come under the ‘old’ state pension system, and 3.2m who reached pension age after this date who come under the ‘new’ state pension;
"LCP analysis of DWP’s figures on state pension receipt suggests that a significant number of pensioners have a sufficiently large state pension – mostly built up under the old system – that they are over the existing income tax personal allowance purely on the basis of their state pension; these people would, for the most part, still be taxpayers even if a ‘triple lock plus’ policy were to be introduced."
A group of influential pension providers and funds have criticised FCA plans for listing regime changes such as allowing for dual-class share structures that dilute shareholder rights. The group says it will make UK-listed companies less appealing to long-term investors, lowering company values and increasing capital costs due to greater perceived risk. They argue that a decrease in firm value could lead to worse outcomes for pension scheme members. Corporate Adviser leads on the story.
Aviva has announced its protection business plan following the acquisition of AIG Life in April as Money Marketing reports.
It includes strategies for integrating the two protection businesses and some changes in the combined senior leadership team.
Aviva said it is keen to retain several attributes of AIG Life’s business, specifically its high-net-worth channel and strong partnership distribution
The government collected £701m from IHT receipts in May, an increase of £92m on the same period last year reports New Model Adviser.
True Potential's 8% offer to joining firms based on asset transfers to its platform appears to have been dropped or deemphasised. This blog on Citywire asks What has happened to True Potential’s 8% offers?
