- Gender pay gap reporting for the public sector
Gender pay gap reporting guidelines are already in place for private and voluntary organisations employing more than 250 staff, with initial data due to be captured in 2017. In alignment with these measures, the government has recently concluded consulting on how to implement gender pay reporting within the public sector, looking to expand the current diversity reporting aspects of the Specific Duties Regulations, which forms part of the 2010 Equality Act. The consultation closed on 30 September 2016. http://bit.ly/2c1pdds
- Amendments to tax-efficient benefits
HM Revenue and Customs are investigating the potential impacts of introducing income tax and Class 1A employer national insurance contributions on traditionally tax advantageous, benefit in kind schemes, such as salary sacrifice or flexible benefits arrangements. The consultation will run until 19 October 2016, with any policy changes due to appear in the Finance Bill 2017. http://bit.ly/2clp1oN
- Pensions advice allowance
Following recommendations from the Financial Advice Market Review (FAMR), the government are consulting on whether defined contribution (DC) pension members under the age of 55 should be able to access their retirement savings early to contribute towards the costs of getting financial advice. Running until the 25 October 2016, the consultation highlights the creation of a Pensions Advice Allowance (effective from April 2017), letting individuals access £500 tax free from their funds to redeem against the cost of pre-retirement financial advice. http://bit.ly/2bBlstV
