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  • Events
    • Upcoming events
      event logo
      Admin & Data Forum 2021

      This concise half-day event will explore a variety of different issues affecting scheme managers, through a combination of informative presentations and interactive panel debates, including GMP equalisation, the pensions dashboard, the accuracy and quality of members data and the latest trends in scheme administration.

      • Date: 04 Mar 2021
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      Defined Benefit Consolidation Conference

      Professional Pensions is hosting this concise digital event on the 25th March to provide a crucial update on where the current regulation stands on DB Consolidators, assess the different models available, what the expected funding levels are and the governance requirements. This event will be a combination of short presentations followed by live Q&A’s with our expert speakers allowing plenty of time to answer your questions.

      • Date: 25 Mar 2021
      • Digital Conference
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      Sustainable Investment Festival 2021

      The Sustainable Investment Festival will run online from 22-25 June and will include thought-provoking presentations from renowned keynote speakers, innovative breakout events and sessions specifically tailored to meet the information needs of fund selectors, financial advisers, pension consultants, trustees and scheme managers.

      • Date: 22 Jun 2021
      • Online, Online
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      UK Pensions Awards 2021

      The UK Pensions Awards – now in their 24th year – remain the industry's most prestigious accolades. They shine the light on excellence and recognise the advisers, providers and investment managers that offer the highest level of innovation, performance and service to occupational pension schemes and their members, and have done the most to improve this over the past year.

      • Date: 14 Sep 2021
      • London
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  • Whitepapers
    • How DC schemes can gain exposure to different asset classes in a low-return environment

      So far, DC plans have largely been focused on the onset of auto-enrolment and changes to the regulatory framework - be it the ‘charge cap,' ‘pension freedoms' or consultations around ‘value for money', says Annabel Tonry, Executive Director at J.P. Morgan Asset Management (JPMAM).

      Download
      Pension freedoms three years on

      In 2015 George Osborne, then the UK Chancellor of the Exchequer, decided that those age over 55 could take much more of their pension in cash. This has since opened up a range of possibilities for DC scheme members in the world of pensions.

      Download
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  •  

    You are currently accessing ProfessionalPensions via your Enterprise account.

    If you already have an account please use the link below to sign in.

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HMRC

'No excuse' for industry slipping from GMP equalisation timescale targets
'No excuse' for industry slipping from GMP equalisation timescale targets

The lack of clarity from HM Revenue and Customs (HMRC) on guaranteed minimum pension (GMP) equalisation is “no excuse” for stalling implementation, says Aon.

  • Admin / Technology
  • 20 November 2019
Industry agrees DC master trusts have set a good example for other schemes
Industry agrees DC master trusts have set a good example for other schemes

This week's 88 Pensions Buzz respondents agreed that defined contribution (DC) master trusts have set a good example for other types of DC schemes during the authorisation process.

  • Industry
  • 18 November 2019
Self-employed taking £115,000 workplace pensions shortfall
Self-employed taking £115,000 workplace pensions shortfall

An individual who moves into self-employment after ten years work will miss out on an additional £115,300 in retirement funds after exiting their occupational pension scheme.

  • Defined Contribution
  • 06 November 2019
Pension savers recoup record amount of overpaid income tax
Pension savers recoup record amount of overpaid income tax

HM Revenue and Customs (HMRC) paid back over £54m in tax on pension withdrawals during the three months to 30 September – the highest quarterly amount since the introduction of Freedom and Choice in 2015.

  • Defined Contribution
  • 31 October 2019
HMRC GMP equalisation tax guidance confirmed for December
HMRC GMP equalisation tax guidance confirmed for December

HM Revenue and Customs (HMRC) has announced it will publish its long-awaited tax guidance specific to guaranteed minimum pension (GMP) equalisation in December.

  • Admin / Technology
  • 31 October 2019
Pension freedom withdrawals reach £30bn
Pension freedom withdrawals reach £30bn

Over £30bn has been withdrawn from pension pots since Freedom and Choice was introduced in 2015 for those aged over 55, according to latest data from HM Revenue and Customs (HMRC).

  • Defined Benefit
  • 30 October 2019
HMRC guidance is the 'missing piece of the jigsaw' in GMP equalisation process
HMRC guidance is the 'missing piece of the jigsaw' in GMP equalisation process

One year on from the landmark ruling on GMP equalisation, Holly Roach looks at how far the industry has come and what remains for schemes to do.

  • Admin / Technology
  • 30 October 2019
Widespread concern over complexity and cost of GMP equalisation, finds ACA
Widespread concern over complexity and cost of GMP equalisation, finds ACA

Employers are increasingly concerned about the costs and complexity associated with equalising guaranteed minimum pensions (GMPs), according to the Association of Consulting Actuaries (ACA).

  • Admin / Technology
  • 22 October 2019
Five stories you may have missed this week
Five stories you may have missed this week

This week’s top stories include the outcome of the Queen’s Speech, and HM Revenue and Customs calculation that pensions tax relief will cost the government £40bn this year.

  • Industry
  • 18 October 2019
Pensions tax relief to 'cost' government £40bn this year
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).

  • Industry
  • 11 October 2019
No one-size-fits-all for GMP equalisation
No one-size-fits-all for GMP equalisation

The GMP Equalisation Working Group has published its first guidance note to assist schemes in undertaking the process. Holly Roach discusses what schemes should do next

  • Admin / Technology
  • 09 October 2019
GMP Equalisation Working Group publishes methodology guidance
GMP Equalisation Working Group publishes methodology guidance

The cross-industry GMP Equalisation Working Group has published guidance outlining methods schemes could use to equalise for the sex based inequalities of GMPs.

  • Admin / Technology
  • 30 September 2019
Lifetime allowance breaches cost savers £185m in 2017/18
Lifetime allowance breaches cost savers £185m in 2017/18

More than 4,500 pension scheme members breached the lifetime allowance in the 2017/18 tax year, an increase of 36% from the year before, according to HM Revenue and Customs (HMRC).

  • Industry
  • 26 September 2019
HMRC has 'no clue' how many members have faced pension tax allowance fines
HMRC has 'no clue' how many members have faced pension tax allowance fines

HM Revenue and Customs (HMRC) does not know how many people it has fined for breaching pension tax allowance rules, a Freedom of Information request has revealed.

  • Defined Contribution
  • 18 July 2019
HMRC working group confirms GMP tax guidance 'unlikely' before autumn
HMRC working group confirms GMP tax guidance 'unlikely' before autumn

HM Revenue and Customs' (HMRC) guaranteed minimum pension (GMP) equalisation working group has revealed the guidance needed to avoid potential tax consequences will not be updated before the autumn.

  • Admin / Technology
  • 28 June 2019
Five stories you may have missed this week
Five stories you may have missed this week

This week's top stories included Legal & General completing a record-breaking buyout with the Rolls-Royce UK Pension Fund, and the government setting out plans for flexible NHS pensions.

  • Industry
  • 07 June 2019
HMRC ditches appeal over lifetime allowance breach
HMRC ditches appeal over lifetime allowance breach

Accidental breaches of lifetime allowance fixed protections could no longer result in onerous tax bills after HM Revenue and Customs (HMRC) dropped its appeal of a landmark case.

  • Law and Regulation
  • 03 June 2019
HMRC delays crucial GMP data until end of year
HMRC delays crucial GMP data until end of year

HM Revenue and Customs (HMRC) has announced it is delaying the provision of data that will enable pension schemes to confirm the guaranteed minimum pension (GMP) benefits to pay to members until the end of the year.

  • Admin / Technology
  • 17 May 2019
Employee tax relief receipts rise to £4.3bn; Freedom withdrawals pass £25bn
Employee tax relief receipts rise to £4.3bn; Freedom withdrawals pass £25bn

Members of occupational pension schemes claimed £4.3bn in pensions tax relief in 2017/18, as total relief climbed £1.1bn.

  • Defined Contribution
  • 30 April 2019
Swiss Re Group Watch 2018: Group risk posts 'solid' growth driven by rise in EGLPs
Swiss Re Group Watch 2018: Group risk posts 'solid' growth driven by rise in EGLPs

The number of in-force group risk policies rose by 3.3% in 2018 to 76,906, with nearly 13 million people now insured, Swiss Re's 2019 Group Watch figures reveal.

  • Employee Benefits
  • 15 April 2019
Schemes make slow progress with GMP equalisation five months on
Schemes make slow progress with GMP equalisation five months on

Many schemes are still sitting on their laurels despite the High Court judgment on equalising GMPs being handed down five months ago. Holly Roach explores how much progress has been made.

  • Admin / Technology
  • 04 April 2019
HMRC forms GMP equalisation working group five months after Lloyds judgment
HMRC forms GMP equalisation working group five months after Lloyds judgment

HM Revenue and Customs (HMRC) has formed a working group to help schemes consider the pension tax issues arising from the guaranteed minimum pension (GMP) equalisation process.

  • Industry
  • 01 April 2019
DWP gives green light to CDC; will extend to wider models after Royal Mail scheme
DWP gives green light to CDC; will extend to wider models after Royal Mail scheme

Collective defined contribution (CDC) provision will be introduced slowly, starting specifically with a Royal Mail scheme and then rolling it out more widely, the government has confirmed.

  • Law and Regulation
  • 18 March 2019
GMP equalisation could land DB members with six figure tax bill
GMP equalisation could land DB members with six figure tax bill

More than 100,000 savers face being landed with huge tax bills following tiny uplifts to their pension, a Freedom of Information (FOI) reply has revealed.

  • Defined Benefit
  • 18 February 2019
123

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BT, Ford and M&S schemes granted extension for legal challenge over government's decision to align RPI with CPIH
BT, Ford and M&S schemes granted extension for legal challenge over government's decision to align RPI with CPIH
Chancellor Sunak 'likely' to freeze lifetime allowance
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Scottish Widows adds 289,000 members to build workplace market presence
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DB funding - February 2021: Gilts-plus deficit eliminated, says PwC
DB funding - February 2021: Gilts-plus deficit eliminated, says PwC
Rothesay agrees £120m buy-in with Reach
Rothesay agrees £120m buy-in with Reach
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