Taxation Archives - Page 3 of 11 - Pension Policy International

16MayMay 16, 2023

Macron promises €2 billion in tax cuts for French middle class

As part of his continued attempt to move past his government’s contentious pensions reform, French President Emmanuel Macron has announced two billion euros of tax cuts for the middle class before the end of his term. In a televised interview Monday evening, Macron said he wants to “concentrate” two billion euros of tax cuts on people “who work hard, who want to raise their children well and who today, because the cost of living has increased… have trouble making ends...

May 16, 2023

NewsFrance, Pension Reform, Taxation

17AprApril 17, 2023

UK. Should pensions tax relief be used to fund care costs?

Getting more people into work and keeping them there for longer was a thread that ran throughout last month’s Spring Budget. Chancellor Jeremy Hunt focused on childcare, state benefit reform and elements of the pensions tax relief system, such as the abolition of the lifetime allowance (LTA). But there was nothing more to add on the funding of social care. Last year’s Autumn Statement, which confirmed the proposed £86,000 cap on social care costs in England would be delayed by...

April 17, 2023

NewsHealth, Taxation, UK

05AprApril 5, 2023

Aging, Inadequacy, and Fiscal Constraint: The Case of Thailand

By Phitawat Poonpolkul, Ponpoje Porapakkarm & Nada Wasi We use an overlapping generations model to study the challenge in developing countries with a large informal sector and aging populations. We use Thailand as a case study and incorporate its labor market structure and its public pension system into the calibrated model. Unlike developed countries, workers in developing countries commonly transit from the formal sector to the informal sector, which can be in the early stage of their working life. This...

April 5, 2023

Adequacy, Aging, Articles2023, Informal Sector, savings, Social Protection, Social Security, Taxation, Thailand

27MarMarch 27, 2023

UK. What are the implications of removing the pensions lifetime allowance?

One of the headline announcements of the budget on 15 March was the scrapping of the lifetime allowance for private pensions. The allowance – which currently stands at just over £1 million – is the maximum that an individual can draw from their pension in their lifetime without paying additional tax. Unsurprisingly, this policy, which will come into force from April 2024, has been criticised by some commentators, as it is higher earners who are likely to benefit most. How does...

March 27, 2023

NewsRegulation, savings, Taxation, UK

17MarMarch 17, 2023

Pension Tax Limits

By Gov.UK Individual members of registered pension schemes who make annual pension contributions over the standard annual allowance (AA), money purchase annual allowance (MPAA), or tapered annual allowance (tapered AA), and who therefore expect to become subject to an AA charge. Individual members of registered pension schemes who already have or expect to have pension savings exceeding either the standard lifetime allowance (LTA) or their protected LTA, and who therefore expect to become subject to an LTA charge. Scheme administrators of registered pension schemes who will need to...

March 17, 2023

Books, Books, Regulation2023, Retirement Age, savings, Taxation, UK

16MarMarch 16, 2023

UK abolishes tax threshold on pension allowance to encourage people to work longer

British finance minister Jeremy Hunt on Wednesday said he would abolish the tax thresholds high earners face when they invest in pensions, in a bid to encourage them to keep working and reduce the number of people taking early retirement. Hunt said in his annual budget that he would scrap the so-called lifetime allowance, which had meant that people faced a 25% levy if they saved around 1.1 million pounds ($1.33 million)in their pension pots. The capped amount of money that...

March 16, 2023

NewsRetirement Age, savings, Taxation, UK

15MarMarch 15, 2023

UK. Budget: Pensions to get boost as tax-free limit to rise

The total amount that workers can accumulate in their pension savings before paying extra tax is expected to be increased in Wednesday's Budget. The final figure has not been confirmed, but people are expected to be able to save up to £1.8m over a lifetime, up from £1.07m currently. The policy aims to stop people - particularly doctors - from reducing hours or retiring early owing to tax. Critics say the move will only benefit a small fraction of the workforce. UK economic...

March 15, 2023

NewsTaxation, UK

23FebFebruary 23, 2023

Australia plans to limit early access to retirement funds, cut tax breaks

Australia's centre-left government said on Thursday it would push ahead with plans to change superannuation rules, including restricting early access to funds until retirement and limiting tax breaks for high-earners. The Labor government earlier this week launched a consultation on reforming superannuation - or retirement fund - saying it wanted the A$3.3 trillion ($2.3 trillion) pension system to become sustainable and equitable in the face of mounting pressure on the federal budget. "We are not trying to revolutionise the system, but...

February 23, 2023

NewsAustralia, Taxation, Withdrawals

22FebFebruary 22, 2023

Higher Pension Costs, Earnings Hits Loom as Interest Rates Rise

Telecommunications giant AT&T Inc. cautioned investors this quarter about a rising corporate cost would ding its full-year earnings guidance. The culprit was pensions, and in particular, higher interest rates affecting its calculation to tally pension costs. The company said it expected adjusted earnings per share in the range of $2.35 to $2.45—a range that trailed analyst estimates—because of nearly 20 cents per share of “headwinds associated with non-cash pension costs,” Chief Financial Officer Paschal Desroches said on the company’s fourth...

February 22, 2023

NewsOccupational Pensions, Taxation, US

13JanJanuary 13, 2023

The Effect of Required Minimum Distributions on Intergenerational Transfers

By: Jonathan M. Leganza How do households use retirement savings accounts in retirement? The answer to this question is important for tax policy pertaining to retirement savings. I shed light on this question by studying how households respond to Required Minimum Distribution (RMD) regulations, which mandate withdrawals from retirement accounts upon reaching a specified age. Using data from the Health and Retirement Study and a regression discontinuity design, I estimate the causal effects of aging into RMD regulations. First, I...

January 13, 2023

Articles, Savings2023, Taxation, US

May 2023

Macron promises €2 billion in tax cuts for French middle class

April 2023

UK. Should pensions tax relief be used to fund care costs?

March 2023

UK. What are the implications of removing the pensions lifetime allowance?

Pension Tax Limits

UK abolishes tax threshold on pension allowance to encourage people to work longer

UK. Budget: Pensions to get boost as tax-free limit to rise

February 2023

Australia plans to limit early access to retirement funds, cut tax breaks

Higher Pension Costs, Earnings Hits Loom as Interest Rates Rise

January 2023

The Effect of Required Minimum Distributions on Intergenerational Transfers