News – Page 32
-
Article
Budget 2011: 50% tax rate for higher earners is only temporary
Chancellor George Osborne has said that the 50% tax rate for high earners will stay put for the moment, but it will be temporary.The tax, introduced by the former Labour government in April 2010, means those that earn more than £150,000 a year pay 50p tax on every pound they ...
-
Article
Budget 2011: Abolished tax reliefs to include life assurance premiums
The government intends to abolish the tax relief on life assurance premiums and life assurance premiums paid by employers under employer-financed retirement benefit schemes after 2012 in future finance bills or other legislative vehicles, with a final date set out after consultations.Based on the recommendations of the Office of Tax ...
-
Article
Budget 2011: Government to consult on merging income tax and NI
The Chancellor George Osborne has announced the government will consult this year on options for integrating the operation of income tax and national insurance (NI) contributions.The consultation will cover the options, stages and timing of reforms for a merger, which the government believes can remove distortions, reduce burdens on businesses ...
-
Article
The Pensions Regulator in legal challenge with administrators
The administrators for Nortel Networks and Lehman Brothers have launched a legal case to challenge the Pensions Regulator’s ability to impose an order that requires them to provide financial support for underfunded pension schemes.The regulator has issued a Financial Support Direction (FSD) against the two companies on the grounds their ...
-
Article
Employers fear the removal of the default retirement age will increase legal claims
Nearly half of employers (48%) are concerned the removal of the default retirement age in April will lead to an increase in age-related legal claims, according to research conducted by the Confederation of British Industry (CBI) and recruitment firm Harvey Nash.The Gearing up for growth survey of 330 UK employers ...
-
Article
Ford faces legal action over pensions
Ford Motor Company is facing legal action over the pensions rights of employees who transferred to car parts company Visteon UK, which later went into administration.Trade union Unite has warned Ford about legal action for providing ‘misleading’ advice to employees who subsequently lost their jobs and pensions when Visteon UK ...
-
Article
Britannia Building Society's pension trustees file High Court Claim against advisors
Law firm Eversheds, financial adviser Sedgwick Noble Lowndes and consultancy firm Mercer are facing potential legal action from the pension trustees of the Britannia Building Society, reports The Lawyer.Read full story here: Pensions time bomb threatens A&O, EvershedsSummary of The Lawyer report:Employee Benefit’s sister title The Lawyer has reported that ...
-
Article
High Court rules long service is contractual benefit in redundancy selection
The High Court has ruled that taking length of service into account when setting redundancy selection criteria is not age discriminatory as it should be considered a contractual benefit.In the case of Rolls Royce versus Unite the Union, the car firm sought to use Employment Equality Age Regulations to claim ...
-
Article
High Court ruling could prompt firms to question final salary commitment
Employers may question their commitment to defined benefit (DB) pension schemes following a ruling by the High Court that government ministers were guilty of maladministration in their communication of the safety of final salary plans.The ruling in the case, which was brought by four pensioners who have lost either all ...