Taxation of Pensions Bill — New Clause 1 — Report on Impact of Greater Pension Drawdown Flexibility for Those Over 55 — 3 Dec 2014 at 16:45

The majority of MPs voted against requiring a report on the impact of introducing greater flexibility for how those over fifty-five can access their personal pensions.

MPs were considering the Taxation of Pensions Bill^[1][2]

The proposed new clause rejected in this vote was:

• ‘(1) The Chancellor of the Exchequer shall, within a period of no more than two years from 6 April 2015, publish and lay before the House of Commons a review of the impact of the changes made by this Act to the Finance Act 2004 and the Income Tax (Earnings and Pensions) Act 2003 on Government revenue, with particular reference to opportunities for tax and national insurance contributions avoidance.
• (2) The information published under subsection (1) should include an assessment of the impact of this Act on—
• (a) the use of salary sacrifice arrangements;
• (b) income tax receipts; and
• (c) national insurance contributions.’

The bill gives those over 55 with savings in pension schemes more freedom over how they can take their money out of the pension while introducing a limit on money they can put back in.

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• [1] Parliament's webpage on the Taxation of Pensions Bill
• [2] Explanatory notes on the Taxation of Pensions Bill

Debate in Parliament | Source |