Spending Review will make LGPS 'unsustainable' - GMB
The Local Government Pension Scheme will become "unsustainable" following cuts outlined in last month's Comprehensive Spending Review, the GMB warns.
The trade body said under measures laid out in government's CSR to save an additional £1.8bn a year by 2014-15, 1.7 million council workers will be obliged to pay three percentage points extra into their...
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Increased pension transfers reduce FTSE 350 schemes' buyout deficit by £2.5bn
The buyout deficit of FTSE 350 pension schemes has reduced by £2.5bn since the introduction of Freedom and Choice due to an increased number of transfer exercises, Barnett Waddingham has found.
OTS outlines demands for pension tax system overhaul
The Office of Tax Simplification (OTS) has called on the government to review its “complicated” pension tax measures and simplify engagement with the system.
Five stories you may have missed this week
This week’s top stories included B&CE entering into a redundancy consultation with staff, and the National Grid UK Pension Scheme completing a £2.8bn buy-in.
Pensions tax relief to 'cost' government £40bn this year
The government will pay out £21bn in income tax relief for pension contributions this tax year, while national insurance relief payments will rise to £18.7bn, according to statistics from HM Revenue and Customs (HMRC).