New pensions tax rules have now been announced by the Government, taking effect from April 2014. In short, many employees will find themselves with a large annual tax bill from 2014/15 onwards. Action is needed by both employers and employees to communicate with staff and mitigate the impact.
The Fair Deal
Housing associations are considering tendering for public service contracts which are being outsourced by the public sector, such as supported people services, due to budget cuts and the Big Society agenda. If housing associations were able to win these contracts it would be of significant benefit, increasing revenues and surpluses and supplying communities in need with more services.
However, housing associations face a significant barrier to tendering for these contracts. In the majority of cases winning these contracts would involve the transfer of employees from the public sector and the Fair Deal Pensions Policy is a barrier to housing associations being able to do this.
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