Taxation Archives - Page 8 of 13 - Pension Policy International

10MayMay 10, 2022

More tax for thousands of retirees in South Africa

Thousands of retirees will find lower-than-expected pensions in their bank accounts at the end of this month owing to higher tax deductions. Thousands more already had this experience at the end of last month. This is as a result of administrators implementing tax directives issued by the South African Revenue Service (SARS) in an attempt to ensure the correct tax is collected upfront from retirees who receive more than one pension or a pension and salary income, said consumer financial...

May 10, 2022

News2022, South Africa, Taxation

11AprApril 11, 2022

Changes in Retirement Savings during the COVID Pandemic

By Elena Derby, Lucas Goodman, Kathleen Mackie, & Jacob Mortenson This paper documents changes in retirement saving patterns at the onset of the COVID-19 pandemic. We construct a large panel of U.S. tax data, including tens of millions of person-year observations, and measure retirement savings contributions and withdrawals. We use these data to document several important changes in retirement savings patterns during the pandemic years relative to the years preceding the pandemic or the Great Recession. First, unlike during the...

April 11, 2022

Articles, Savings2022, COVID-19, Public Policy, Taxation, US

11FebFebruary 11, 2022

The Taxation of Pensions

By Robert Holzmann & John Piggott Theoretical and policy perspectives on the taxation of pension, viewed in an international context. Policy makers and academic researchers have been preoccupied in recent decades with the design of pension schemes and effective pension system reform. Relatively little attention has been given to the taxation of pensions and, more broadly, the provision of retirement income. In this book, experts from a range of countries explore the interconnection. Their contributions are especially timely, given recent demographic...

February 11, 2022

Books, Regulation, Savings2018, Income, Public Policy, Taxation

18JanJanuary 18, 2022

UK. Lack of guidance for pension savers risks freedoms ‘failure’, MPs warn

A Work and Pensions Committee report calls on Government and regulators to play more active role in supporting savers to make better decisions about their money. The Government should commit to trial of automatic Pension Wise guidance appointments and set a target of at least 60% needed to boost uptake of pensions guidance and advice Automatic appointments with the Pension Wise service should be trialled as part of a renewed commitment from the Government to support people to make better decisions...

January 18, 2022

News, Slider2022, Risk, Taxation, UK

12JanJanuary 12, 2022

UK. Double tax whammy risk for big pension withdrawals

Thousands of people in the UK are at risk of being hit with huge tax bills when they enter drawdown, insurance provider NFU Mutual has warned. The firm analysed data from the Financial Conduct Authority (FCA) showing that in 2020-21 around 15,296 pension pots worth more than £50,000 ($66,144, €58,500) were fully withdrawn. Worryingly, 61.3% of those who cashed out did so without seeking financial advice, up from the 58.9% of the previous year. A similar trend was also registered for pots...

January 12, 2022

News, Slider2022, Taxation, UK

03DecDecember 3, 2021

EU Pension Taxation: Removing Another Brick in the Wall?

By Hans van Meerten & Philip Bennett On 11 November 2021, the Court of Justice (Third Chamber) decided the case of MH and ILA (Pension rights in case of bankruptcy)(C-168/20). There was no Opinion by the Advocate-General. Although usually a sign thatthe case was not that important,there are exceptions.This seems one o them. This stems from a reference from the High Court of Justice of England and Wales (‘the High Court’) to the Court of Justice. The referred question related to...

December 3, 2021

Articles, Pension design2021, EU, Regulation, Taxation

05NovNovember 5, 2021

The Economic Burden of Pension Shortfalls: Evidence from House Prices

By Darren Aiello, Asaf Bernstein, Mahyar Kargar, Ryan Lewis & Michael Schwert U.S. state pensions are underfunded by trillions of dollars, but their economic burden is unclear. In a model of inefficient taxation, real estate fully reflects the cost of pension shortfalls when it is the only form of immobile capital. We study the effect of pension shortfalls on real estate values at state borders, where labor and physical capital could more easily relocate to a state with a smaller...

November 5, 2021

Articles, Pension design2021, Funding, Income, Public Policy, Taxation, US

05NovNovember 5, 2021

Pensions, Income Taxes and Homeownership: A Cross-Country Analysis

By Hans Fehr, Maurice Hofmann & George Kudrna This paper studies the role of pensions and income taxes in determining homeownership and household wealth. It provides a cross-country analysis, using tax and pension policy designs in Germany, the US and Australia. These developed nations have similar incomes per capita but very different homeownership rates, with the US and Australia having much higher homeownership compared to Germany. The question is to what extent the observed differences in homeownership are induced by...

November 5, 2021

Articles, Pension design2021, Australia, Germany, Income, Public Policy, Taxation, US

18OctOctober 18, 2021

UK. Survey highlights lack of pension tax awareness amongst DC savers

Over a third (38 per cent) of defined contribution (DC) pension scheme members aged 50-65 are unaware of their tax-free pension allowance, a survey from Hymans Robertson has found. The research found that a further 32 per cent believed, incorrectly, that they can withdraw their entire pensions pot without paying tax, whilst nearly a fifth (17 per cent) wrongly believe that they do not have to pay any tax on income from their pension. Hymans Robertson partner, Kathryn Fleming, said that...

October 18, 2021

News, Slider2021, Financial Literacy, Taxation, UK

30SepSeptember 30, 2021

Do Tax Deferred Accounts Improve Lifecycle Savings? Experimental Evidence

By John Duffy, Yue Li Tax deferred accounts (TDAs) are an increasingly popular method of saving for retirement, and have become common across many developed countries. Nevertheless, it is unclear whether TDAs actually improve a household's lifecycle savings behavior and retirement preparedness because it is difficult to perform a counterfactual analysis. Households always have other means of savings so there is no guarantee that a TDA, with its inflexible restriction that funds cannot be drawn until retirement, will be attractive...

September 30, 2021

Articles, Pension design, Savings2021, Behavioral Economics, Taxation

May 2022

More tax for thousands of retirees in South Africa

April 2022

Changes in Retirement Savings during the COVID Pandemic

February 2022

The Taxation of Pensions

January 2022

UK. Lack of guidance for pension savers risks freedoms ‘failure’, MPs warn

UK. Double tax whammy risk for big pension withdrawals

December 2021

EU Pension Taxation: Removing Another Brick in the Wall?

November 2021

The Economic Burden of Pension Shortfalls: Evidence from House Prices

Pensions, Income Taxes and Homeownership: A Cross-Country Analysis

October 2021

UK. Survey highlights lack of pension tax awareness amongst DC savers

September 2021

Do Tax Deferred Accounts Improve Lifecycle Savings? Experimental Evidence