UK - The government should replace its £1.4m savings limit with a "contributions limit" to encourage people to save earlier in their career, Legal & General claims.
The firm criticised the Inland Revenue’s plans for a lifetime limit of £1.4m, which would “stifle pension investment” and cause investors to “juggle” their financial affairs to avoid a 60% tax penalty on excess savings.
In contrast, L&G said a lifetime limit on contributions would encourage early investment because people would want to get maximum interest growth on their allowable contributions.
The Pensions Regulator (TPR) has set out plans to use "new regulatory initiatives" with over 1,000 schemes as it aims to tighten its regulatory grip and boost member outcomes.
HM Revenue and Customs (HMRC) has announced it is delaying the provision of data that will enable pension schemes to confirm the guaranteed minimum pension (GMP) benefits to pay to members until the end of the year.
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Engagement in pensions is rising but there are still a number of barriers to overcome. Natanje Holt looks at the key issues that need to be tackled