When I was young and economics were sound, pension provision was relatively simple. Individuals contributed with full tax relief on what they paid in and employers often matched or exceeded those contributions as a tax free benefit to the recipient employee. Income and gains earned on the fund savings were also received tax free, at this stage at least.
The quid pro quo was when the pension was finally paid it was subject to income tax on the recipient. Simplistically, contributions were tax deductible when they went in but taxable when they came out....
Errors in the Competition and Markets Authority's (CMA) data analysis make its provisional decision on the investment consultants market investigation "flawed", and lacks an "adequate evidential basis" to impose remedies, Mercer has said.
Environmental, social and governance (ESG) issues could be the key to greater engagement with members if the power of investments is communicated well, says Emma Douglas.
Life expectancy in the UK saw no improvement between 2015 and 2017 as the number of people aged over 90 hit a record high, latest Office for National Statistics (ONS) data reveals.
Self-administered pension funds spent £14bn on payments to pensioners in Q2 2018, but only received £11.4bn of contributions (net of refunds), latest Office for National Statistics (ONS) data reveals.