Dropping earnings threshold and extending pensions auto-enrolment to younger and part-time workers could boost Brits’ savings by £2.7 trillion January 5, 2022 Abolishing the earnings treshold and extending pension auto-enrolment to working 18-year-olds and for part-time workers could add around £2.77 trillion to British pension savings, a think tank has said. The current auto-enrolment rules mean bosses must provide a workplace pension for staff aged 22 and over earning £10,000. But Onward, which describes itself as a [...]
Pandemic affects retirement plans for over half the nation, says Aviva November 25, 2021 Covid-19 has affected the retirement plans of 54 per cent of UK adults, with people nearing mid-life bearing the brunt of anxiety, according to new research.
Old school db pension schemes face £450bn liabilities shortfall November 10, 2021 UK defined benefit pension schemes are facing an estimated £450bn hole in their balance sheets due to a shortage of long-dated inflation-linked gilts, according to a new analysis. Up to £450bn worth of inflation-linked liabilities are in jeopardy because the government hasn’t issued enough index-linked debt for pension schemes to match them, according to an [...]
Budget 2021: Government to review further changes to pension schemes charge cap October 27, 2021 As part of his Autumn budget reveal today, Chancellor Rishi Sunak announced that the government will further review the pension schemes charge gap, as a way to encourage schemes to invest in high-growth UK businesses. Under the plans announced today, the government will consider options to amend the scope of the charge cap so that [...]
Fintech PensionBee revenue jumps following listing October 21, 2021 Fintech PensionBee has reported year on year revenue growth of 110 per cent. Its revenue hit £8.9m over the nine months to September 2021, compared to £4.2bn in September 2020, it revealed in results for the nine months to September 30. The company hit 602k registered customers in the third quarter of the year. Adjusted [...]
HMRC annual pension stats: ‘The genie is well and truly out of the bottle’ October 4, 2021 HMRC published its annual update to personal and stakeholder pensions statistics at the end of last week. The document included an update on the impact of the lifetime and annual allowance tax charges. Moreover, HMRC also shared the most recent data for flexible pension payments under the pension freedoms rules. Scrutinising the data for City [...]
Government’s ‘human error over many years’ to blame for UK pensioners underpaid by £1bn September 22, 2021 An investigation by the UK’s spending watchdog has found that “repeated human errors over many years” were to blame for the fact the Department for Work & Pensions (DWP) underpaid 134,000 pensioners over £1 billion in state pension. According to the National Audit Office (NAO), these errors occurred due to complex state pension rules, outdated [...]
State pension scandal: Human errors led to £1bn in underpayments for 134,000 Brits September 22, 2021 Repeated human errors led to more than £1bn-worth of state pensions being underpaid, the UK spending watchdog said this morning. Around 134,000 pensioners were underpaid, the Department for Work and Pensions (DWP) said, adding it plans to pay an average of £8,900 to people affected, the National Audit Office (NAO) said. Most of those affected [...]
PensionBee boss: UK is ‘painfully unaware’ when it comes to pension options September 21, 2021 Legislation dating back almost two decades is contributing to a general inertia in the UK when it comes to pensions and is holding people back with their financial planning, according to online pension provider PensionBee’s CEO Romi Savova. “As a society, we are painfully unaware of the huge benefit that our pensions will have for [...]
DWP apologises after delays in pension payments September 18, 2021 Thousands of pensioners have not yet been paid their state pension because of government backlogs. People who have just turned 66 have not been paid on time after backlogs in processing applications at the Department for Work and Pensions (DWP). Officials have apologised and said the delays were a result of the pandemic and staffing [...]