PAYE and NI

The financial shortfall for pension funds worsened in June, according to official figures.

The government’s announcement that it is to bring forward a planned review of the default retirement age could mean that employers may lose the right to force staff to retire at 65.

HM Revenue & Customs (HMRC) has said that, as from 13 July, it has started to send penalty notices to employers who have not yet filed their 2007-08 form P11D(b) Annual Returns.

A radical alternative to laying off staff could see workers, whose firms are suffering a fall in demand, paid to remain at home.

Employers should lose the entitlement to force employees to retire at 65, the House of Commons Work and Pensions Select Committee has argued.

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