Pensions - Articles - Hymans Robertson on 'early access to pensions savings'


Hymans Robertson response on 'early access to pensions savings' consultation

 Following the Treasury’s response to its ‘Call for Evidence’ yesterday, which stated it would not grant early access to pension savings but instead would throw its support behind ‘innovative workplace savings models’ to encourage greater saving, Paul Waters, Partner at Hymans Robertson who has been working with the Treasury on this issue said:

  

 “One way to encourage greater saving in the workplace is to follow the example set by employer-sponsored pensions and ease the legislative requirements for workplace savings products such as corporate ISAs. Ways to do this would be to make it easier for employers to recommend default funds for such products (as with pensions now), and simplify compliance requirements such as money laundering checks. This would make it easier for employees to use and understand, as well as easier for employers to offer, reducing the burden of administration and compliance.

  

 “Other ways products could be tweaked to make them more suitable for employers include allowing funds to be ‘locked in’ to an ISA for a period (e.g. 3 years, to allow employers to offer a genuine medium term savings product and provide funding which cannot be just spent immediately). In exchange for the ‘lock-in’, there could perhaps be an National Insurance contribution incentive for both employees and employers, in a similar vein to pensions, encouraging the introduction of such products and enabling more people to save effectively.”

Back to Index


Similar News to this Story

94 percent view State Pension as an entitlement not benefit
Majority of adults aged 66+ say that Triple Lock is affordable and fair to older generations. Around one in seven rely on the State Pension to provide
Fair play off the pitch
Male players in the English Premier League earn an average of more than £3 million per year, while their female counterparts average around £47,000. T
Why Bitcoin matters to Pension Schemes
Back in November 2024, Cartwright Pension Trusts announced its role in facilitating the first-ever UK DB pension trust investment in Bitcoin. With the

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.