Nearly 4,000 members of the Armed Forces Pension Schemes breached their annual tax-free pensions savings limit in 2017/2018, a freedom of information (FOI) request has revealed.
The data, supplied to Quilter by the Ministry of Defence, revealed 3,840 members of the schemes breached the allowance, four times more than in 2015/2016 when 1,010 members were in breach. The armed...
The Pension Regulator’s (TPR) strengthened powers under the Pension Schemes Bill could lead to a revival of its clearance process, according to advisers and lawyers.
The long-debated Pension Schemes Bill has received parliamentary approval, guaranteeing its place on the statute book.
Some £20.1bn of defined benefit (DB) pensions were advised to transfer between 2018 and 2020, while £10.2bn were recommended not to transfer, Financial Conduct Authority (FCA) data reveals.
Pension trustees will have much more involvement in business discussions and corporates will need to think more about pensions when the watchdog’s increased powers come into force, LCP says.
Mediation has been under-utilised historically as a means of dispute resolution in this area. Mark Blyth and Geoff Egerton think this is going to change.