Latest Blogs
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James Jones-Tinsley: Guided Retirement Duty could be game changer
During May, the Pensions Policy Institute (PPI), sponsored by The Pensions Regulator (TPR), concluded that defined contribution (DC) pension savers – including those in SIPPs, as well as in Workplace Pensions - require more guidance when choosing suitable retirement products.
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Lisa Webster: Overcomplicated rules are a threat
It may be more than a year since the Lifetime Allowance was formally abolished but issues are still emerging from the mess made by rushed legislation.
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Lisa Webster: To gift or not to gift?
Since the announcement that pensions are to be included in estates for inheritance tax (IHT) purposes the question of whether those with large pension pots should be giving some funds away has become increasingly common.
Popular News
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Barnett Waddingham appoints new CEO of BW SIPP
Pensions and SIPP consultancy Barnett Waddingham has promoted Nick Cooper to be CEO of BW SIPP, as the business says it enters a new phase focused on market growth.
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SIPP administrator Nucleus poaches new CFO from FNZ
Platform group and SIPP and SSAS administrator Nucleus Financial Platforms has appointed FNZ chief financial & commercial officer Andrew Ring as chief financial officer, subject to regulatory approval.
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Petition demands 10-day pension switch guarantee
Retirement specialist PensionBee has launched a petition demanding the government take action on pension delays as frustration mounts over the slow pace of pension transfer switches.
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State pension gender gap ‘almost eliminated’
The gender pension gap has been almost completely eliminated when it comes to the state pensions of people retiring today, according to new data.
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Pension transfer times fell after tax year end
Simpler pension transfers took an average of just 10.8 days to complete as the industry moved out of the busy tax year end period and into early summer.
Almost 9 in 10 of eligible employees (88%, 19.2m people) have saved for retirement through their workplace pension: an increase from 55% in 2012 when automatic-enrolment began, DWP figures have said.
However, pension participation among self-employed people continued to fall from 21% in 2009/10 to 14% in 2018/19.
The annual total amount saved for eligible employees was £98.4bn in 2019, an increase of £5.3bn from 2018.
£40.5bn was saved into public sector schemes (41%), with £57.9bn (59%) saved into private sector schemes.DWP data from December 2019 showed 5.44m people were employed in the public sector (16%) compared to 27.55m (84%) people in the private sector.
Following the release of the data, Hargreaves Lansdown shared concerns about the pension savings figures for the self-employed.
Nathan Long, interim head of policy at Hargreaves Lansdown said: “The self-employed continue to be precariously placed with just a handful choosing to save into a pension, showing the existing incentives just don’t resonate. The Government will also be acutely aware that 41% of all pension contributions go to public sector employees that represent less than a fifth of all workers.”
Almost two thirds of Britons surveyed (62%) that had received recent financial advice said they had detailed knowledge of Pension Freedoms, compared to a third (33%) of over-55s that had never received financial advice.
Adviser tech firm O&M, part of fintech Iress, is to provide free CPD-qualifying webinars on drawdown for advisers.
The Coronavirus pandemic has forced a widespread rethink of retirement plans as 18% change their retirement age and 20% of over-55s have considered raiding their pension savings, according to a new report.
The Pensions Regulator has so far issued 115,459 auto-enrolment fixed penalty notices since the start of the workplace pension scheme in 2012.
LV=, the mutual financial provider, has declined to comment on reports that it will sell off or float the business.