Have your say on the Taxation of Pensions Bill

Have your say on the Taxation of Pensions Bill
30 October 2014

Do you have relevant expertise and experience or a special interest in the Government’s Taxation of Pensions Bill?

If so, you can submit your views in writing to the House of Commons Public Bill Committee which is going to consider this Bill.

Taxation of Pensions Bill 2014-15

Aims of the Taxation of Pensions Bill

At present, most people with defined contribution (DC) pension savings use them to buy an annuity. This is because pension tax legislation allows lump sum or flexible withdrawals only in limited circumstances.

In Budget 2014, the Government announced that from 6 April 2015, people aged 55 and over would be able to access their DC pension savings when and how they choose, subject to their marginal rate of income tax. This Bill would make changes to pension tax legislation to implement this. It would also restrict and reduce certain tax charges applying to death benefits.

Related changes, such as the provision for the introduction of a guidance guarantee and a prohibition on transfers from some public service defined benefit pension schemes, except to other DB schemes, are in the Pension Schemes Bill 2014-15.

Follow the progress of the Taxation of Pensions Bill

The Taxation of Pensions Bill 2014-15 was introduced in the House of Commons on 14 October 2014. The second reading of the Bill took place on 29 October 2014, giving MPs their first opportunity to debate the main principles of the Bill.

The Bill has now been sent to the Public Bill Committee, where detailed examination of the Bill will take place.

Guidance on submitting written evidence

Deadline for written evidence submissions

The Public Bill Committee is now able to receive written evidence. The sooner you send in your submission, the more time the Committee will have to take it into consideration. The Committee is expected to meet for the first time on Tuesday 11 November; it will stop receiving written evidence at the end of the Committee stage on Thursday 20 November.

Please note: When the Public Bill Committee reports, it is no longer able to receive written evidence and it could report earlier than Thursday 20 November.

What should written evidence cover?

Your submission should address matters contained within the Bill and concentrate on issues where you have a special interest or expertise, and factual information of which you would like the Committee to be aware.

It is helpful if the submission includes a brief introduction about you or your organisation. The submission should not have been previously published or circulated elsewhere.

If you have any concerns about your submission, please contact the Scrutiny Unit (details below).

How should written evidence be submitted?

Your submission should be emailed to [email protected]. Please note that submissions sent to the Government department in charge of the Bill will not be treated as evidence to the Public Bill Committee.

Submissions should be in the form of a Word document. A summary should be provided. Paragraphs should be numbered, but there should be no page numbering.

Essential statistics or further details can be added as annexes, which should also be numbered. To make publication easier, please avoid the use of coloured graphs, complex diagrams or pictures.

As a guideline, submissions should not exceed 3,000 words.

Please include in the covering email the name, address, telephone number and email address of the person responsible for the submission. The submission should be dated.

What will happen to my evidence?

The written evidence will be circulated to all Committee Members to inform their consideration of the Bill.

Most submissions will also be published on the internet as soon as possible after the Committee has started sitting.

The Scrutiny Unit can help with any queries about written evidence.

Scrutiny Unit contact details

Email: [email protected]
Telephone: 020 7219 8387
Fax: 020 7219 8381
Address: Ian Hook
Senior Executive Officer
Scrutiny Unit, 7 Millbank
London SW1P 3JA

Further information

Image: iStock

This article was produced by the Commons Digital Outreach Team. Follow the @HouseofCommons on Twitter for updates on the UK House of Commons Chamber.

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