Steve Webb

The sponsoring employers of the UK’s largest pension schemes may have to put an additional £40-£45bn into their schemes over the next decade, Lane Clark & Peacock (LCP) warns.

The pensions industry is being given a fresh chance to feed into the Pension Schemes Bill as the Public Bill Committee launches a call for written evidence.

The Pension Protection Fund’s (PPF) new tapered approach to its risk-based levy could provide a crucial short-term lifeline for struggling schemes hard-hit by Covid-19, the industry says.

Pensions schemes will face significant additional working costs reaching into the millions of pounds to prepare their data for the pensions dashboard, according to Lane Clark & Peacock (LCP).

Amendments to the Pension Schemes Bill passed by peers in the House of Lords last night will see a wide-ranging suite of reforms for the pensions industry draw another step closer.

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.

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.

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.

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.

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.