Steven Cameron
Spring Budget 2021: Icy response to lifetime allowance freeze
The industry has provided a predominantly negative response to the confirmation today that the lifetime allowance will be frozen at £1,073,100 until April 2026.
FCA data reveals over £20bn of DB transfers between 2018 and 2020
Some £20.1bn of defined benefit (DB) pensions were advised to transfer between 2018 and 2020, while £10.2bn were recommended not to transfer, Financial Conduct Authority (FCA) data reveals.
DB funds as an economic lever could derail schemes from responsibilities
Opportunities for defined benefit (DB) schemes to pursue investment approaches that help repair the UK’s economy cannot stand in the way of improving member outcomes, Aegon says.
Flexible pension withdrawals slide 2% in 12 months
The £2.3bn withdrawn flexibly from pensions in Q3 represents a 2% year-on-year decrease from monies withdrawn during the same months in 2019, HM Revenue and Customs (HMRC) figures show.
People reaching pension freedoms age to peak this year
The number of people turning 55 and becoming eligible to use the pension freedoms will hit a peak of 941,000 this year, according to Aegon.
New delay for contingent charging ban decision
The Financial Conduct Authority (FCA) has postponed its decision on whether to ban contingent charging on defined benefit (DB) transfers by up to six months.
Treasury confirms increase in NI threshold
The government has confirmed it has increased the National Insurance (NI) threshold from £8,632 to £9,500 from April.
Rate cut 'bittersweet' for schemes and savers
The Bank of England’s decision to cut the base rate by 50 basis points (bps) will prove challenging for both pension schemes and retirees, the industry warns.
Government announces March Budget
HM Treasury has confirmed that the government will hold its Budget on 11 March.
Private pension wealth grows by £2.5trn over ten years
Private pension wealth has grown to £6.1trn in the last decade up from £3.6trn, Office for National Statistics (ONS) data shows.
Conservatives commit to review of taper and net-pay issues
The Conservative party will hold reviews of the tapered annual allowance and net-pay schemes if it is elected back into government, it has said.
UK CPI inflation falls to lowest level in two years at 1.5%
The UK’s consumer prices index (CPI) has fallen to its lowest level since November 2016, according to the Office for National Statistics (ONS).
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.
Revamped wake-up packs 'still not enough' for savers
Simplified, one-page pension wake-up packs launched last week, but the industry does not agree that they will make much difference to members’ saving attitudes. Holly Roach reports
Lifetime allowance to rise to £1.073m as inflation falls to 1.7%
The lifetime allowance will rise to £1,073,000 from next April as inflation in the year to September stands at 1.7%.
Pension savers concerned over Brexit impact on pot values
Some 42% of pension savers think their funds will fall in value as a result of Brexit, with younger savers showing the most concern, according to Aegon.
Retirement confidence on the rise, finds Aegon
Retirement confidence is on the rise, with more than half of savers yet to retire feeling they will be able to do so comfortably, according to research by Aegon.
Boris Johnson will create pension tax relief 'losers' with mooted income tax reforms
Boris Johnson's mooted income tax reforms would create a double-edged sword whereby income tax winners would become pension tax relief losers, according to research by Aegon.
Parliamentary group launches to develop 'promising' longevity strategy
A parliamentary group has been set up to introduce a national strategy which focuses on the benefits of longevity, rather than the "problems" of an ageing UK population.
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.
SFGB renamed Money and Pensions Service
The Single Financial Guidance Body (SFGB) will be rebranded as the 'Money and Pensions Service', the government has announced.
Should the government make it easier for trustees to invest in illiquid assets?
The government is encouraging schemes to invest in illiquid assets with higher performance fees. Kim Kaveh asks if this is a good idea.
FCA reforms wake-up packs; consults further on investment pathways
Pensions wake-up packs must be reformed by November this year to comprise a single-page summary document, the Financial Conduct Authority (FCA) has said.
Health secretary pushes chancellor for NHS pension tax reform
Chancellor Philip Hammond is being pressed to tackle the impact of pensions allowances on the NHS' ability to recruit and retain staff.
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