Auto-enrolment review: Govt promises ‘more robust and inclusive savings culture’
The government has published its auto-enrolment (AE) review report – unveiling a range of plans to “maintain the momentum achieved so far”. The Department for Work & Pensions (DWP) said the review,...
View ArticleThe 10 key points from the auto-enrolment review
The 10 key points are: Automatic enrolment duties will continue to apply to all employers, regardless of sector and size. The government wants pension saving to be the norm when most individuals start...
View ArticleFCA urges worried steelworkers to halt pension transfers
The Financial Conduct Authority (FCA) has suggested steelworkers who are concerned about the suitability of the advice they have received should stop their pension transfer. In a note on its website...
View ArticleFrank Field attacks govt’s ‘timid’ auto-enrolment review
Labour MP and chairman of the Work and Pensions Committee Frank Field has criticised the government in the wake of what he called its “less than bold” Automatic Enrolment (AE) Review. On Monday, the...
View ArticleACA proposes ‘National Flexible ISA’ to allow £30k pension withdrawals
Greater flexibility in how retirement savings can be used is key to renew ‘social contract’ between generations, the Association of Consulting Actuaries (ACA) has said. In this context, ‘social...
View ArticleElaine Turtle: Continued confusion over LEI Code for SIPP and SSAS
I wrote a piece at the beginning of the summer on the Legal Entity Identifier (LEI) codes. This European initiative is the one that created a global database that identifies every legal entity or...
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Bernadette Lewis: Timely fixed and individual protection reminders
Levels of fixed and individual protection Fixed protection 2012 (FP 2012) – £1.8 million Fixed protection 2014 (FP 2014) – £1.5 million Fixed protection 2016 (FP 2016) – £1.25 million Individual...
View ArticleNeil MacGillivray: Resurrecting the pension v ISA debate
If the last Budget announcement is anything to go by, it would seem the Osborne push for an ISA-centric world has met its maker under Chancellor Phillip Hammond. With no hint of an introduction to the...
View ArticleThousands face unexpected tax bills due to ‘complex’ annual allowance taper
Rules restricting tax relief on pension contributions for people earning over £150,000 are ‘fiendishly complex’ and will result in unexpected bills, Hargreaves Lansdown has warned. The tapered annual...
View ArticleStudent debt results in ‘20% lower pensions for graduates’
The cost of paying back student debt could reduce graduate pension pots by almost 20% compared with previous generations who received grants and had no fees to pay, analysis from Royal London has...
View ArticleFCA orders Cardiff IFA to halt DB transfers over British Steel pensions
Cardiff-based financial advice firm Bartholomew Hawkins has been ordered to cease advising on defined benefit (DB) transfers by the Financial Conduct Authority (FCA). Its entry on the FCA register said...
View ArticleTom Selby: The life expectancy guessing game
Retirement planning is littered with risks and unknowns that advisers and clients need to navigate carefully. What will the impact of inflation be? When will interest rates start to creep up? How...
View ArticleFiona Tait: As DB faces extinction can DC evolve quickly enough?
It has become generally accepted that defined benefit (DB) pensions are a dying breed, at least in the private sector, but what is the evidence for this? Species die out in a number of ways. They could...
View ArticleMatthew Rankine: Why auto-enrolment’s success is only half the battle
When auto-enrolment was introduced, a little over five years ago, it was described as a lifesaver for the millions of workers who were projected to end up relying solely on the state pension upon...
View ArticleTim Orton: The seven ages of retirement planning
All the world’s a stage, And all the men and women merely players So pronounced Jacques – by way of William Shakespeare – in As You Like It, before going on to describe the “seven ages of man”, from...
View ArticleDavid Gauke leaves DWP for Ministry of Justice
David Gauke has been moved from the DWP to the Ministry of Justice as part of Theresa May’s 2018 reshuffle. Gauke, who was until 8 January secretary of state for work and pensions, will become...
View ArticleEsther McVey to head Department for Work and Pensions
Esther McVey has been promoted to Secretary of State for Work and Pensions after David Gauke was moved to the Ministry of Justice as part of Theresa May’s 2018 reshuffle. McVey (pictured) is the fifth...
View ArticleMartin Tilley: SIPP-related compensation claims on downward trend
Understandably, paying for others’ mistakes is a pill that all decent minded people find difficult to swallow and this has been apparent from intermediary comments to articles following the publication...
View ArticleLabour shadow pensions minister Alex Cunningham resigns
Shadow pensions minister Alex Cunningham has resigned from his post, his office has confirmed. Cunningham is understood to have resigned on 20 December after voting against the Labour whip on an...
View ArticleTo do list: Esther McVey’s key pension priorities
Esther McVey must ensure current pension projects are not neglected and continue the success of auto-enrolment (AE) as a priority, industry commentators say. McVey was appointed as secretary of state...
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