Tom Selby

The UK pensions system remains relatively ungenerous and unequal compared to other countries, the Organisation for Economic Co-operation and Development (OECD) has said.

HM Revenue and Customs (HMRC) paid out £37m in overpaid tax to pension freedoms users in the third quarter of the year, its quarterly figures have revealed.

Just under 200,000 people accessed their pensions using Freedom and Choice in the third quarter of the year, HM Revenue and Customs figures have revealed.

To promote intergenerational fairness

A total of £12.7bn has been withdrawn from pensions since Freedom and Choice was introduced in April 2015, according to latest HM Revenue & Customs (HMRC) statistics.

Plans to raise the state pension age (SPA) to 68 seven years ahead of schedule by 2039 has been welcomed by the industry as a necessary move to reflect rising life expectancy and keep costs affordable.

The industry has reacted with concern after Labour revealed its plans to increase income tax, maintain the state pension age at 66, and impose new taxes on investments.

The Pensions Regulator (TPR) has warned sponsors against prioritising dividend payments over contributions where there is a significant scheme deficit.

Average amount accessed per person continues to fall

A controversial decision to slash the Money Purchase Annual Allowance (MPAA) from £10,000 to £4,000 will be scrapped as the Treasury seeks to trim the Finance Bill.