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.
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.
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.
The £2.3bn withdrawn flexibly from pensions in Q3 represents a 2% year-on-year decrease from monies withdrawn during the same months in 2019, HM Revenue and Customs (HMRC) figures show.
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.
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.
The government has confirmed it has increased the National Insurance (NI) threshold from £8,632 to £9,500 from April.
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.
HM Treasury has confirmed that the government will hold its Budget on 11 March.
Private pension wealth has grown to £6.1trn in the last decade up from £3.6trn, Office for National Statistics (ONS) data shows.
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.
The UK’s consumer prices index (CPI) has fallen to its lowest level since November 2016, according to the Office for National Statistics (ONS).
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.
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
The lifetime allowance will rise to £1,073,000 from next April as inflation in the year to September stands at 1.7%.
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 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'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.
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.
Members of occupational pension schemes claimed £4.3bn in pensions tax relief in 2017/18, as total relief climbed £1.1bn.
The Single Financial Guidance Body (SFGB) will be rebranded as the 'Money and Pensions Service', the government has announced.
The government is encouraging schemes to invest in illiquid assets with higher performance fees. Kim Kaveh asks if this is a good idea.
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.
Chancellor Philip Hammond is being pressed to tackle the impact of pensions allowances on the NHS' ability to recruit and retain staff.