The government has called for written evidence on the Taxation of Pensions Bill which had its second reading earlier this week in the House of Commons.
As FTAdviser reported on Wednesday (29 October), concerns over a future unwinding of various elements in the bill were alleviated as the opposition did not oppose its passing on to the next stage of legislation, although several MPs took the opportunity to criticise certain parts of it.
In chancellor George Osborne’s Budget this year he announced that from 6 April 2015, people aged 55 and over would be able to access their defined contribution pension savings when and how they choose, subject to their marginal rate of income tax.
This bill would make changes to pension tax legislation to implement this. It would also restrict and reduce certain tax charges applying to death benefits. Related changes, such as the provision for the introduction of a guidance guarantee and a prohibition on transfers from some public service defined benefit pension schemes, except to other defined benefit schemes, are also included in the bill.
It has now been sent to the Public Bill Committee for scrutiny, with that committee due to be selected on 5 November.
The committee is now able to receive written evidence ahead of its first meeting on 11 November, and will stop receiving written evidence at the end of the committee stage on 20 November.
peter.walker@ft.com
