Tag: Lord Laird

The below Parliamentary question was asked by Lord Laird on 2014-06-04.

To ask Her Majesty’s Government whether lump sum retiring allowances in public sector pension schemes and the equivalent in private pension schemes including annuity payments and pension commencement lump sums are taxable; if so, whether they are taxed in the same way; and what are their proposals for taxing lump sum payments under the new pension arrangements announced in the Queen’s Speech.

Lord Deighton

At retirement individuals have the option of taking up to 25 per cent of their pension fund as a tax free pension commencement lump sum.

Individuals at retirement can also take their pension pot as a lump sum:

· If their total pension pots under all the schemes they belong to are worth £30,000 or less

· Under certain circumstances, one of their pension pots is worth £10,000 or less

25 percent would be tax free with the rest being taxed at the individual’s marginal rate.

These rules apply to all registered pension schemes and therefore apply to both defined benefit and defined contribution pensions and to both private and public sector schemes.

The below Parliamentary question was asked by Lord Laird on 2014-06-04.

To ask Her Majesty’s Government what is the current membership and remit of the Migration Advisory Committee; on what criteria they appoint its members; and whether they have plans to review those criteria and its remit with a view to tasking the Committee with examining immigration and its impact in the round.

Lord Taylor of Holbeach

The Migration Advisory Committee (MAC) is comprised of economists and migration experts who serve as a chair and committee members. They are appointed to support the remit of the Committee, which is to provide independent and evidence-based advice to the Government on migration issues. Professor Sir David Metcalf is the Chair and is supported by 4 members; Dr Martin Ruhs, Professor Jonathan Wadsworth, Dr Jennifer Smith and Professor Jackline Wahba.

Lesley Giles of the UK Commission for Employment and Skills and John Thompson, the Director of Immigration Policy in the Home Office, also sit on the Committee as ex-officio members.

The Chair and Committee members are public appointments made in line with guidance issued by the Office of the Commissioner for Public Appointments. The current criteria for membership are:

Essential criteria

* Expertise in economics, preferably labour markets.
* Quantitative analytical skills.
* Strong written skills – experience of producing evidence based reports.
* Building effective working relationships with a wide range of groups.

Desirable criteria

* Ability to work as part of a team.
* Knowledge of non-UK migration data and policies.

There are no plans to change or review the remit or the criteria for
appointment to the MAC.