December 2025
19Dec

European Financial Ecosystems. Comparing France, Sweden, UK and Italy.

By Stefano Caselli & Marta Zava The study examines the structure, functioning, and strategic implications of financial ecosystems across four European countries-France, Sweden, the United Kingdom, and Italy-to identify institutional best practices relevant to the ongoing transformation of Italy's financial system. Building on a comparative analysis of legislation and regulation, taxation, investor bases, and financial intermediation, the report highlights how distinct historical and institutional trajectories have shaped divergent models: the French dirigiste system anchored by powerful state-backed institutions and deep...

December 19, 2025
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November 2025
06Nov

UK savers pulling cash from pensions ahead of budget, money managers say

 British money managers are reporting a jump in people withdrawing cash from their pensions before this month's budget, amid fears for their tax advantages as the government warns it needs to make "hard choices" to prop up public finances. Most British savers can receive up to 25% of their pension as a tax-free lump sum. Some experts on fiscal policy have speculated that Rachel Reeves, the finance minister, might reduce the amount that can be withdrawn tax-free, a potential motive for savers to withdraw...

November 6, 2025
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05Nov

South Africa. Govt backtracks: Foreign pension income stays tax-free – for now

National Treasury has halted its plans to start taxing foreign pensions – for now. Chris Axelson, deputy-general of tax and financial policy, announced that Treasury has withdrawn its amendment of the draft Taxation Laws Amendment Bill (TLAB), which would have deleted a section of the Income Tax Act that exempts foreign pensions from being taxed. Since 2001, South African tax residents – South Africans and foreign residents who retire in South Africa – who had worked overseas and receive foreign pensions...

November 5, 2025
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October 2025
13Oct

US. New IRS Rule Will Reshape 401k Contributions for Millions of Workers

A new rule issued by the IRS will alter how higher-income Americans approaching retirement can save in their 401(k) and other tax-deferred workplace retirement plans. The regulation comes from the SECURE 2.0 Act of 2022 and is scheduled to take effect at the start of the 2026 tax year. According to reporting by CNN, the change introduces new conditions on catch-up contributions for individuals who earned $145,000 or more in the prior year. These contributions will be redirected into Roth...

October 13, 2025
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10Oct

US. Residence-Based Tax: Social Security, Pensions And 30% Withholding

The endorsement of an elective residence-based taxation model by former IRS Commissioner Charles Rettig and former IRS Commissioner Counselor Tom Cullinan, covered in my earlier Forbes article, has sparked important discussions about fairness for Americans abroad. Their piece highlights the burdens of America’s citizenship-based tax system and calls for a shift to treat expats more equitably. An astute reader recently emailed me and our correspondence hammered out that details matter in an RBT model, especially for older expats. What happens...

October 10, 2025
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September 2025
17Sep

US. IRS finalizes Roth catch-up contribution rules, clarifies SECURE 2.0 provisions

The Internal Revenue Service has finalized regulations implementing key provisions of the SECURE 2.0 Act, including new requirements for catch-up contributions in workplace retirement plans. The rules, announced Monday, set out how plan sponsors and administrators must handle after-tax Roth catch-up contributions for higher-earning participants, as well as increased contribution limits for certain age groups. "The final regulations provide guidance for plan administrators to implement and comply with the new Roth catch-up rule and reflect comments received in response to the...

September 17, 2025
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August 2025
25Aug

UK. Thousands of pensioners overcharged £10,000 on pension withdrawals

Thousands of pensioners have claimed back more than £10,000 after being overcharged tax on their pension withdrawals, new analysis shows. A handful of people in the UK were given a refund worth more than £100,000. The HMRC figures, which were obtained by Royal London through a freedom of information (FOI) request, show an increase in the number of refunds claimed in 2023-24. Pension freedoms, which came into force from 2015, gave over-55s a range of options over how to use their defined contribution (DC) pension pot. Generally,...

August 25, 2025
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19Aug

Big tax changes for these retirement funds in South Africa

South Africans with foreign retirement funds and foreign nationals who become South African tax residents face a major shift from 1 March 2026. This follows a proposal from the National Treasury, which wants to scrap the current exemption and give SARS taxing rights over foreign retirement income. This was explained by Tax Consulting SA’s cross-border taxation legal manager, Delano Abdoll, and team lead, John-Paul Fraser. Abdoll and Fraser stressed that retirement planning is a crucial financial component for South African expatriates and...

August 19, 2025
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12Aug

India. Income Tax Bill 2025: From UPS benefits to commuted pension rules — top 5 things every pensioner must know

The Lok Sabha passed the revised Income Tax (No. 2) Bill, 2025 on Monday, August 11, a move towards replacing the six-decade-old Income Tax Act of 1961. Introduced by Finance Minister Nirmala Sitharaman in the Parliament, the bill aims to streamline and modernise the country’s tax framework. It will now move to the Rajya Sabha and, upon securing Presidential assent, become law. Out of the several provisions mentioned under the proposed bill, some key measures are specifically aimed at pensioners....

August 12, 2025
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July 2025
31Jul

UK. Over half a million still overtaxed by thousands on pensions

Millions is still being refunded to people by HMRC in overpaid pension tax, as experts call for reform to the system. New figures have revealed that more than half a million claims have now been made to claw back overpaid tax since 2015, with the total amount refunded approaching £1.5bn. In the latest quarter alone, 12,767 repayment claims were processed, amounting to £48.7m – an average refund of nearly £4,000 per person. This brings the total tax repaid so far this year to around...

July 31, 2025
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