Steve Webb
Five stories you may have missed this week
This week’s top stories included the Pension Protection Fund naming 11 firms to its trustee and support services panel, and the latest analysis of mortality rates from Covid-19 and its impact on pension scheme assumptions.
Steve Webb claims HMRC will 'over-tax' pension freedom users during crisis
Lane Clark & Peacock (LCP) has called out HM Revenue & Customs' (HMRC) tax policy on flexible drawdown as "unacceptable", claiming it could lead to draconian tax penalties during Covid-19.
TPR publishes Covid-19 pension guidance for employers
The Pensions Regulator (TPR) has published guidance setting out how employers can meet their automatic enrolment (AE) duties as they navigate the effects of the coronavirus pandemic.
Public sector workers face 'massively complex' task of choosing scheme rules
Millions of public sector workers will be able to choose whether their pension provision should be accrued under legacy or reformed schemes under government plans announced yesterday.
Tapered allowance thresholds confirmed to rise by £90,000
The government will raise the two tapered annual allowance thresholds by £90,000 in a bid to reduce the tax impact on high-earning NHS staff.
Guy Opperman confirmed as speaker for Professional Pensions Live 2020
Professional Pensions is delighted to welcome back pensions and financial inclusion minister Guy Opperman to open day two of Professional Pensions Live in 2020.
Lessons for policy change
Auto-enrolment reforms have transformed the UK’s pension system. Nick Reeve looks at latest research examining the lessons to be learned from the process.
Guy Opperman reappointed as pensions minister following cabinet reshuffle
Guy Opperman has held onto his role as minister for pensions and financial inclusion after an action-packed cabinet reshuffle yesterday.
The five lessons of AE: Nest report details UK pension reform journey
Former ministers and policymakers reveal how AE was developed in new research project from Nest Insight and the University of Bath. Nick Reeve reports.
Stephen Timms named as WPC chairman
Former pensions minister Stephen Timms has been elected chairman of the influential Work and Pensions Committee (WPC).
UPDATED: The full list of pensions ministers since 1998
There have been a total of 15 ministers responsible for pensions since 1997. Here is the list in full.
Ill-health early retirees fined for breaching pension tax relief limits
Savers who take an early retirement after becoming ill or sustaining severe injury are being increasingly harshly penalised for breaching pension tax relief limits, according to Royal London.
Sir Steve Webb to join LCP
Sir Steve Webb will join Lane Clark and Peacock (LCP) as a partner, leaving Royal London where he is currently director of policy.
Guy Opperman re-appointed as pensions minister
Guy Opperman has retained his post as pensions and financial inclusion minister, the Department for Work and Pensions (DWP) has confirmed.
DB trustees urged to engage with advisers to avoid 'reputational damage'
Pension scheme trustees should actively engage financial advisers if members are looking to transfer out of their defined benefit arrangements and washing their hands of the process does not eliminate risk, a study has found.
Govt in 'quick fix' move to pay NHS workers' pension tax bills
The government is to pay the tax bills of NHS workers caught out by changes to pension contribution limits who have been turning down additional work for fear of running up large tax bills.
Why aren't general election campaigns about pensions?
Pensions are too complex an issue to discuss on the general election campaign trail. Steve Webb says this is probably a good thing.
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.
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).
Pension schemes bill has low chance of quick resolution
With the spectre of Brexit looming over parliament, Jonathan Stapleton has some scepticism that the pension schemes bill will be enacted any time soon.
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.
Royal London and LCP call for wider access to partial DB transfers
There needs to be wider access to partial transfers out of defined benefit (DB) schemes, according to a joint paper published by Royal London and Lane Clark & Peacock (LCP).
Pension transfers pass £60bn mark
Pension transfers have passed the £60bn mark as more than a third of a million people access their defined benefit (DB) pots, a Freedom of Information (FOI) request has revealed.
