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Over 1m pensioners hit higher tax rate from threshold freeze

Jon Greer, head of retirement policy at Quilter, comments on the rumours that Rachel Reeves may extend the income tax threshold freeze to 2030, and particularly its impact on pensioners.
Posted on Monday Oct 21

UK drops out of Global Pension Index top 10

The UK has dropped out of the top 10 of the Mercer CFA Institute’s Global Pension Index. The index compares 48 retirement income systems around the world using more than 50 indicators, with a particular focus on adequacy, integrity and sustainability.
Posted on Monday Oct 21

Loss of NIC pension relief would cost generous employers

The removal of National Insurance Contribution pension relief would be a massive hit to any employers, particularly those wanting to improve retirement income for employees by contributing more than the minimum auto-enrolment (AE) requirement. It would cost a company an additional £442 a year for a 5% contribution to an employee being paid £32k, according to analysis by Hymans Robertson.
Posted on Friday Oct 18

FCAs VFM proposal overlooks valuable nuances in DC universe

Broadstone supports rationale for consistent VfM measures across complex DC scheme universe. Important value within scheme characteristics that should not be standardised. Red, Amber, Green (RAG) rating flags major concerns.
Posted on Friday Oct 18

State Pension Shortfall Day with 2 months of the year left

£2,858 shortfall between the ‘minimum’ of the PLSA’s Retirement Living Standards and the full new State Pension. A pensioner living only on the full new State Pension would exhaust their annual pension income today spending at a monthly rate equal to this ‘minimum’ Standard. Retirees must find significantly more annual income to achieve the higher ‘moderate’ or ‘comfortable’ of the PLSA Retirement Living Standards.
Posted on Friday Oct 18

Comments on the FCAs VFM Consultation

NOW Pensions and the ABI comment on the Financial Conduct Authority’s (FCA’s) Value for Money Framework (VFM) Consultation
Posted on Thursday Oct 17

Governments Dashboards promise confirms connection priority

The Government’s confirmation this week of its commitment to the Pensions Dashboard re-emphasises the priority need for pensions providers and administrators to address how and when they will connect to the Pensions Dashboard’s central digital infrastructure, and to do so sooner rather than later.
Posted on Thursday Oct 17

Excited by that job offer do not forget the pension package

Standard Life analysis highlights the long-term impact of different employer pension packages on retirement outcomes. Analysis shows salary shouldn’t be the only monetary factor considered when taking on a job.
Posted on Thursday Oct 17

How would the removal of NI on pensions impact employers

With rumours abound that the Chancellor could be considering removing the National Insurance relief on employer pension contributions to raise funds in this month's budget, Martin Willis, Partner at Barnett Waddingham offers his perspective on the impact this could have on employers.
Posted on Wednesday Oct 16

Comments as inflation drops below 2 percent

Standard Life, Aegon, Just Group and Broadstone comment as Office for National Statistics confirms September inflation figure as 1.7%. This means the State Pension triple lock will be based on the recently recalculated May-July year-on-year average earnings growth figure, with state pensioners now in line for an increase of 4.1% next April, more than double the inflation rate. Subject to official confirmation in the Budget, those receiving the basic State Pension will see payments increase from £169.50 to £176.45 (£9,175.40 a year) and those on the full new state pension will see payments increase from £221.20 to £230.30 per week (£11,975.60 a year).

Posted on Wednesday Oct 16

New ESG resource for trustees to exceed minimum compliance

Mark Hill, The Pensions Regulator’s Climate and Sustainability Lead, explains how he wants trustees to go beyond minimum compliance with environmental, social and governance (ESG) duties and seek continuous improvement. Mark is calling on trustees to access TPR’s new suite of essential resources which will help them build their knowledge and understanding and embed ESG decision making into every area of scheme governance and stewardship.
Posted on Tuesday Oct 15

Workplace pensions are they working hard enough

Royal London report ‘Workplace Pensions: Are they working hard enough?’ reveals generational disparities in retirement planning. Younger people are saving the most, not throwing it away on avocado toast.
Posted on Tuesday Oct 15

Retiring in your 60s to become a thing of the past

A quarter (25%) disagree with the notion that living longer means we will need to work longer. New data from Canada Life shows that we expect to live to 85. However, regardless of what living longer means practically, emotionally and financially, the ideal age we want to live to is 90.
Posted on Tuesday Oct 15

Cost of living crisis eases but pension adequacy is priority

The proportion of UK savers reporting being financially worse off than they were 12 months ago has fallen from 44% to 34% in the last year, which suggests a modest easing in cost-of-living pressures for some; while 41% of households had to make some cutbacks, reduction in pension contributions was the thing they were least likely to do.
Posted on Monday Oct 14

Pension confidence dips as painful Budget looms

Confidence in retirement prospects among Brits has fallen slightly, according to PensionBee’s latest Pension Confidence Index. After a surge to +30 following the General Election in July 2024, the Pension Confidence Indicator has dipped to +28, as Labour prepares to announce what is anticipated to be a ‘painful’ budget.
Posted on Monday Oct 14

SPP responds to FCA Value for Money consultation

The Society of Pension Professionals (SPP) have responded to the current FCA consultation on its proposals for a new Value for Money (VFM) framework.
Posted on Monday Oct 14

Latest regulations bring clarity to new pensions tax regime

Two sets of regulations have been published in two days on the new pensions tax allowances for tax-free lump sums. LCP’s tax expert, Alasdair Mayes, believes that this will put the new regime on a firmer footing and allow trustees to have confidence in the sums they are paying out to members. The new regulations mean that retirements and transfers that have been on hold since April can now be processed.
Posted on Thursday Oct 10

DC schemes must start preparing now for impact of the Budget

Every DC pension scheme should prepare for the impact of changes in the forthcoming Budget, warns Hymans Robetson as it releases its latest paper. With an expectation that the UK’s pensions system will come under the spotlight on October 30th, the leading pensions and financial services consultancy outlines how potential changes to taxation of the pensions system could affect DC schemes – and how it could affect individuals who save with these schemes.
Posted on Thursday Oct 10

Funding status of DB schemes hits new record surplus

The funding status of the UK’s 5,000 corporate defined benefit (DB) pensions schemes reached a new record surplus of £300bn in September, according to PwC’s Buyout Index, which continues to show a significant surplus above the estimated cost for schemes to ‘buyout’ their pension promises.
Posted on Thursday Oct 10

Gen X workers dream big but save small

87% of UK workers have specific retirement goals, including travel, family time, hobbies, and spending time with partners. But only 15% of workers have set clear financial goals and budgets for retirement, indicating a significant gap between aspirations and preparation. ‘Gen X’ in particular are likely to be confident about retirement, but under-prepared.
Posted on Thursday Oct 10

How much money do you need to make you happy

UK retirees with an income of £1,700 a month are the most likely to be happy in their later-years, according to a new report from Legal & General and the world-leading Happiness Research Institute, an independent Danish think tank focusing on wellbeing, happiness and quality of life. But only a third of UK retirees – four million people (38%) – have this level of income or above. For savers to reach this level of income, Legal & General estimates contributions must increase from the current default of 8% to a minimum of 10%.
Posted on Wednesday Oct 9