Confirmed: State pension age rise to 68 paused as life expectancy increase slows, but decision branded ‘politically expedient’ March 30, 2023 Government plans to raise the state pension age to 68 could be delayed due to a slowing of the increase in life expectancy, the government has said. Work and pensions minister Mel Stride told MPs “rapid rises” in life expectancy had slowed in the last decade, and plans for the date at which state pension [...]
Backlash from over 50s may force government to delay increase in state pension age to 68 until after election March 30, 2023 Plans to increase the state pension age to 68 have been delayed, according to reports. Work and Pensions Secretary Mel Stride is expected to address MPs in the Commons on Thursday, when he is expected to update them on the latest statutory review on the pension age. According to reports in the i and the [...]
How a £50bn pension super fund with an appetite for UK innovation could help make the City great again March 27, 2023 The UK’s pension funds should pool their assets in a £50bn ‘future growth fund’ or more firms will continue to shun London and list overseas, the Lord Mayor of London has warned today.
Ministers shelve plans to lift state pension age due to fear over backlash from middle-aged voters March 22, 2023 Ministers have reportedly shelved plans to raise the UK’s state pension age, over concerns of a backlash from middle-aged voters in the run-up to the next general election. The UK’s state pension age is currently set to rise from 66 to 68 after 2044. The UK government had, however, planned to bring this date [...]
Pension pain: Savers who bought lifetime allowance ‘protection’ warned they may still find their tax-free lump sum capped March 17, 2023 Chancellor Jeremy Hunt’s decision to scrap the pension lifetime allowance (LTA) in Wednesday’s Spring Budget, was heralded as an incentive for wealthier employees over 50 to stay in the workforce. But some pensions experts say for those who took out a form of LTA protection may still have to watch they do not go over [...]
‘Wrong priority’: Labour pledges to reintroduce pensions allowance March 16, 2023 Labour says it will reverse the abolition of the lifetime pensions allowance limit, branding the move the “wrong priority”. Chancellor Jeremy Hunt announced plans to scrap the £1m tax free limit on lifetime savings in pensions in Wednesday’s budget. The move is aimed at keeping Brits – including top NHS staff – in work for [...]
Budget ‘returnerships’: Will Jeremy Hunt’s plans to get over 50s back to work, work? March 15, 2023 Scrapping the lifetime allowance on pensions was just one of several measures announced in the Spring Budget aimed at getting the over 50s back to work, Many argue the move will only affect one per cent of the population, and was aimed at stopping an exodus of NHS doctors – who have often built up [...]
Budget: Chancellor abolishes lifetime pension allowance saying ‘no one should be pushed out of the workforce for tax reasons’ March 15, 2023 Chancellor Jeremy Hunt has abolished the pension lifetime allowance and increased the annual tax free pension allowance by 50 per cent to £60,000 a year. The measure was one of several unveiled in the Budget and aimed at encouraging an estimated 3.5m people of pre retirement age back into the workforce. Hunt said: “Turning 50 [...]
Pension explainer: The lifetime allowance and why it’s not just for wealthy savers March 14, 2023 Speculation is growing that the Chancellor of the Exchequer Jeremy Hunt is looking at increasing the pension lifetime allowance (LTA). The move is being interpreted as attempting to reverse the trend of early retirements and get more over 50s to consider re-joining the workforce. Mr Hunt is keen to bolster Britain’s workforce as he looks to deliver [...]
Budget: Hunt considering pension changes to encourage over 50s back to work March 14, 2023 The Chancellor is understood to be looking at increasing the pension lifetime allowance (LTA) in a move that is being interpreted as attempting to reverse the trend of early retirements. The PA news agency understands Jeremy Hunt is considering allowing workers to put more money into their pension pot before being taxed as part of [...]