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Reaction to reports of Freezing Lifetime Allowance

Reports reveal that the Chancellor is likely to announce a long-term freeze in the Lifetime Allowance for pension tax relief in the Budget next week.
Posted on Friday Feb 26

Special Tax Day announced for 3 weeks after the Budget

Steven Cameron, Pensions Director at Aegon, comments on the special ‘tax day’ scheduled three weeks after the Budget.
Posted on Thursday Feb 25

Comment on Equity Release Councils new competency framework

Legal & General comments on the Equity Release Council’s new competency framework

Posted on Wednesday Feb 24

39 percent of over 50s worse off due to the pandemic

SunLife’s Covid and Over 50s’ Finances reveals that 27% of people over 50 are worse off as a result of the pandemic, by £445 a month on average; across the UK, this is the equivalent of £3bn per month, which, since the pandemic started in March 2020 is a total of £33.2bn.
Posted on Tuesday Feb 23

Details of fraudsters despicable theft from disabled charity

The full story of a former charity boss who stole from a disabled charity’s pension scheme to fund his own lifestyle has been published today by The Pensions Regulator (TPR).
Posted on Tuesday Feb 23

Pensions Build Back Better report from ACA

In a report ‘Pensions: Build back better’, the Association of Consulting Actuaries (ACA) has set out six key areas where it is looking to Government to make further reforms in the current Parliament. The policy recommendations reflect on the findings of the ACA’s 2020 Pension trends survey[i], which exposed a range of weaknesses in the UK pensions system that warrant attention from Government to support changes often widely sought by business and the pensions industry itself to extend and deepen provision.
Posted on Monday Feb 22

Aegon comment on Ubers Supreme Court ruling

Commentary on the Supreme Court judgment that Uber drivers are ‘workers’ rather than self-employed.
Posted on Friday Feb 19

UK Pensions underprepared to combat cybercrime and fraud

25% of all pension schemes admit they do not have an adequate cybercrime breach plan, despite Trustees identifying cybercrime as the top risk to pension schemes, according to findings from Crowe’s annual Governance and Risk Management report.
Posted on Friday Feb 19

Workplace pensions trying to reduce impact of climate change

Eight out of 10 people (83%) think global warming will be a serious problem for the UK if action is not taken, and there is a lack of awareness about the extent to which pension funds are working to reduce the impact of climate change.
Posted on Wednesday Feb 17

Survey shows majority unconcerned over TPRs new powers

Sacker & Partners LLP (Sackers), the UK’s leading specialist law firm for pensions and retirement savings, today announced the results of their most recent webinar survey which showed that most respondents were not overly concerned about TPR’s new powers. The survey of the Pension Schemes Act webinar attendees showed that 43% of respondents have no concerns in relation to TPR’s new powers, 40% are mildly concerned and 17% are either very or extremely concerned.*
Posted on Tuesday Feb 16

FCA urged to crack the whip to boost Pension Wise numbers

Only weeks after Financial Conduct Authority chairman Charles Randell told MPs that poor pension choices are top of his worry list1, the retirement specialist Just Group has called on the head of the regulator to follow up his words with stronger actions.
Posted on Tuesday Feb 16

Key piece of the tax jigsaw missing

Sackers welcomes the new guidance from PASA on the tax issues arising from GMP equalisation.
Posted on Monday Feb 15

PASA issues GMP Equalisation Group note on tax issues

The Guaranteed Minimum Pension (GMP) equalisation working group, Chaired by the Pension Administration Standards Association (PASA), has issued further ‘good practice’ guidance to UK pension schemes.
Posted on Monday Feb 15

Those that benefit most from Pension Wise likely to miss out

Nearly nine in 10 users of the free, independent and impartial guidance service Pension Wise said it helped them but too many are missing out, analysis of the latest Financial Lives report by Just Group shows.
Posted on Monday Feb 15

3 in 5 retired between March and October 2020 due to COVID

Three in five people who retired between March and October 2020 did so because of Covid-19, according to the Financial Lives survey published by the Financial Conduct Authority.
Posted on Friday Feb 12

Increasing the Normal Minimum Pension Age Consultation

Dalriada, Hymans Robertson and Canada Life comment on the government consultation on Normal Minimum Pension Age
Posted on Friday Feb 12

Comments after Pensions Schemes Bill gains Royal Assent

Industry comments from Sackers and Aegon after Pensions Schemes Bill gains Royal Assent
Posted on Friday Feb 12

New pension proposals risk creating second class pensions

A consultation document published today by HM Treasury (NMPA_consultation_2021.02.10.pdf (publishing.service.gov.uk)) on raising the normal ‘minimum pension age’ from 55 to 57 risks creating two tiers of pension schemes according to LCP partner Steve Webb.
Posted on Thursday Feb 11

Pandemic providing perfect camouflage for scammers

The FCA has revealed today that 1.4 million adults have lost money to a Covid-19 scam. Canada Life research suggests that one in ten UK adults has been targeted or knows someone who has, by a coronavirus vaccination scam, for 18-34 year olds this rises to one in four.
Posted on Thursday Feb 11

Pensions Schemes Bill receives Royal Assent

Comments from TPR, Aon and Hymans Robertson on the Pension Schemes Bill receiving Royal Assent
Posted on Thursday Feb 11

January transfer values stay stable but scam red flags fall

XPS Pension Group’s Transfer Watch monitors how market developments have affected transfer values for a typical pension scheme member. It also monitors how many members are choosing to take a transfer from their DB pension scheme and, through its Red Flag Index, the incidence of scam red flags identified at the point of transfer.
Posted on Thursday Feb 11

Transfers to DC master trusts will continue into 2021

Sacker & Partners LLP (Sackers), the UK’s leading specialist law firm for pensions and retirement savings, today announced the results of their recent survey which clearly shows that transfers to DC master trusts will continue well into 2021. The survey showed that 25% of respondents had already moved to a DC master trust, with 50% planning to either do so in the future, or at least signpost a DC master trust as a retirement option for their members.
Posted on Wednesday Feb 10

Pension Protection Fund publish January 2021 PPF7800 Index

This update provides the latest estimated funding position, on a section 179 (s179) basis, for the defined benefit pension schemes potentially eligible for entry to the Pension Protection Fund (PPF).
Posted on Tuesday Feb 9

Funding social care is a huge national priority

According to Aegon’s global retirement study*, social care barely registers as a planning or funding priority when it comes to retirement planning. Less than one in ten individuals (7%) in the UK view putting money away to fund possible future social care needs as a priority, with just 1% viewing it as their single greatest financial priority.
Posted on Monday Feb 8

PASA celebrates 10th Anniversary year

Pensions Administration Standards Association (PASA), the independent body dedicated to driving up standards in pensions administration, celebrates its 10th Anniversary in Industry this year.
Posted on Monday Feb 8