HM Revenue & Customs has a full PAYE history of more than 30 years’ employment. I have paid tax and national insurance in full. I have never claimed benefit and they even had a full self-assessment tax return submitted through my accountant for the six month self-employment up to year end March 2020.
So please tell me, what is the risk of fraud and why is it so difficult to understand the complete loss of earnings for someone whose work has been shut down?
Also, why is it so difficult, if nothing else, to offer a basic living wage for the months of missed income?
I will be expected to pay my tax return later this year from my savings and pension; tax which will have supported the millions who have been furloughed, and yet I haven’t had, nor will I, get a single penny.
Name and address supplied
What about DC savers?
Regarding your live coverage on Nikhil Rathi’s first appearance before the Treasury Committee. ‘FCA boss on FSCS costs, PI premiums and crisis response’ (Nov 4).
Thank you for your coverage of last week’s Treasury Committee virtual session attended by FCA chairman Charles Randell and chief executive Mr Rathi.
The evidence once again highlighted the chasm in consumer protection that exists between members of DB and defined contribution pensions when seeking to transfer or access their money.
Mr Randell said that the issue of people making poor pension choices was “probably the issue I worry about most of all” and said the safeguards should be “as strong as they humanly can be”.
While we applaud their efforts in the DB world, that activity is not mirrored for DC savers.
We are still awaiting the FCA response to the duties placed on it by the Financial Guidance and Claims Act 2018 to boost guidance usage.
Mr Rathi raised further questions by telling the committee there have been no targets set for increasing usage of Pension Wise.
He said guidance would be a matter of balancing “capacity versus the demand”.
The entitlement to free, impartial and independent guidance was created as a key pillar of the pension freedom and choice policy in 2015.
It should be for everybody, not subject to rationing.
There appears to be a view among government and regulators that DB members must be shielded, but for DC pension savers, well it’s up to them to ask for help.
The retirement savings of a DB member are no more or less valuable than those of a DC member, and policy and regulation needs to reflect this.
Stephen Lowe
Just Group
