Employee Benefits poll: More than half (58%) of employer respondents are not aware of the legislative delay to the changes to the money purchase annual allowance (MPAA).
A poll of www.employeebenefits.co.uk readers, which received 33 responses, found that 42% of respondents are aware that the reduction to the MPAA was not included in the final version of the Finance Bill 2017 as planned.
The MPAA was due to be reduced from £10,000 to £4,000 from April 2017, as announced in the 2016 Autumn Statement. However, it was among the clauses omitted from the Finance Bill in order for it to pass before the close of this Parliament.
During a debate of the revised bill on 25 April 2017, Jane Ellison, financial secretary to the Treasury, confirmed that the government still plans to proceed with the measures included in the omitted clauses but these would be legislated for in the next Parliament.
The Finance Bill received Royal Assent on 27 April 2017, alongside a number of other bills, including the Pension Schemes Bill 2017, which legislates for greater protections around master trusts.