Annual allowance changes are forcing schemes to offer non-pensionable cash supplements and slower accrual rates to stop employees breaching the £50,000 limit on pension contributions.
Defined contribution schemes are increasingly offering cash in lieu of pension contributions above £50,000, with defined benefit schemes slowing accruals to bring them under the limit, a tax expert says....
More needs to be done to speed up DB to DC transfers but, as Jonathan Stapleton says, more also needs to be done to protect members.
The Pensions Ombudsman (TPO) took on 2,566 early resolution cases in 2018/19 after onboarding a team from The Pensions Advisory Service (TPAS), according to its annual report and accounts.
The lifeboat fund is in a good position despite reserves taking a £0.6bn hit. But the ramifications of the EU judgment on member compensation is an area of concern for CEO Oliver Morley, writes Stephanie Baxter