Five stories you may have missed this week
This week’s top stories included auditor KPMG confirming it is considering reducing pension contributions for 20% of staff amid the ongoing impacts of the coronavirus pandemic. Also, MPs hit out at HM Revenue & Customs over the benefits of pensions tax relief.
1. KPMG confirms staff pension cuts and redundancies proposal
KPMG has begun a consultation on reducing pensions contributions, affecting around 20% of staff if agreed on, Professional Pensions finds.
2. HMRC ‘doesn't understand' impact of pensions tax relief, say MPs
HM Revenue & Customs must evaluate the benefits that are provided by pensions tax relief, MPs have said amid concerns the tax office does not understand the impacts.
3. XPS: Covid-19 could slash scheme liabilities by £90bn
Defined benefit scheme liabilities could reduce by as much as 5% as a result of Covid-19, XPS Pensions forecasting reveals.
4. Nine professional trustees achieve PMI accreditation
Nine trustees have now been given the stamp of approval by the Pensions Management Institute under its professional trustee accreditation regime.
5. Treasury opens pensions tax relief administration consultation
The government has admitted it has never provided a "straightforward and proportionate" solution to the challenges in the current pensions tax relief system in a call for evidence on 21 July.
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First Actuarial's Hilary Salt: We have withdrawn into a world dominated by minimum contribution DC schemes
Professional Pensions spoke to First Actuarial founder and actuarial director Hilary Salt as part of an exclusive series of interviews with the leaders of some of the UK’s leading pension consulting firms. This is what she had to say…
KPMG confirms staff pension cuts and redundancies proposal
KPMG has begun a consultation on reducing pensions contributions, affecting around 20% of staff if agreed on, Professional Pensions finds.
FCA issues warning after website spoofed
The Financial Conduct Authority (FCA) has issued a warning after its website was copied onto a spoof domain.
Providers backlogging pension pot access
Access to the pensions savings of three quarters of savers is often restricted for more than a month, PensionBee research finds.
CMI: Four successive weeks of deaths below 2019 levels
Fewer deaths than might usually be expected at this time of year have been recorded in England and Wales for the fourth consecutive week, according to the Continuous Mortality Index (CMI).
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