The pandemic has posed problems for the Office for National Statistics (ONS) when it comes to calculating the rate of inflation.
A new consultation paper has set out more details of an increase in the normal minimum retirement age.
In February the Treasury and HMRC published a consultation paper on implementing an increase in the normal minimum pension age (NMPA) from 55 to 57.The NMPA sets the earliest age at which retirement benefits (lump sum and/or income) can normally be drawn from a pension. The rise to 57 was originally announced back in 2014, but all then went very quiet. Eventually, in September last year, the Treasury replied to a question from the chair of the Work and Pensions Select Committee by confirming the 2014 announcement remained in force: the minimum pension age would indeed rise to 57 in 2028.
2020/21 is drawing to a close, with a Budget now slated for early March. Ahead of that, HMRC is easing some of its traditional deadlines in the light of the ongoing pandemic.
If you’re struggling to prepare your self-assessment tax return due to the effects of the pandemic, you may get some relief. It has been reported that HMRC will consider being affected by Covid-19 as a reasonable excuse for anyone filing late returns or making late payments this year.
In this WEBINAR William Marshall, Hymans Robertson LLP (HR) and Rob Tinsley, Financial Planner at Chantler Kent Investments, discuss the challenges that advisers face in building decumulation solutions and how these challenges can be overcome.
The lockdown period has given us all time to think about what is important in life. Material things may now be far less important and looking after your family has become the key focus. Many of us may have thought about our own mortality, particularly those of us who are responsible for little ones.