Life Events news: page 2
- July 2024
Current Government will not introduce planned social care charging changes
The Government elected in July 2024 has said it will not bring in the previous Government's planned cap on care costs or changes to the financial assessment rules in England.
- May 2024
Government proposes abolishing Direct Pay and reducing Collect and Pay fees
The government has proposed abolishing Direct Pay and cutting Collect and Pay fees at the Child Maintenance Service, opening a 12 week consultation on the changes.
- April 2024
15 hours free childcare for working parents of 2-year-olds from April 2024
Working parents of two-year-olds in England can access 15 hours a week of government-funded childcare from 1 April 2024, the first stage of an expansion reaching 30 hours by September 2025.
New law gives greater protection to pregnant women and new parents facing redundancy
The Protection from Redundancy (Pregnancy and Family Leave) Act 2023 gives pregnant employees and those recently returned from family leave priority status for suitable alternative roles from April 2024.
Statutory maternity and parental pay rates set at £184.03 weekly from April 2024
Statutory maternity and parental pay rose to £184.03 a week from April 2024, as a survey of 1,039 mothers found money worries and debt rising during maternity leave.
- March 2024
UK redundancy rate hits highest level since 2021
The UK redundancy rate rose to 4.6 per thousand people in the three months to January 2024, the highest since 2021, with around 133,000 redundancies over the period.
- February 2024
ERC research shows retirement confidence falling sharply
An Equity Release Council survey of 5,000 people found 46% are not confident about their future finances, up from 35% in 2021, with the sharpest fall among retirees aged 65 to 74.
PLSA raises required retirement income figures
The Pensions and Lifetime Savings Association has raised its estimate of the income a single person needs for a moderate retirement by £8,000 to £31,300 a year, as cost of living pressures and family support push up required spending.
- November 2023
Carer Support Payment first introduced in Scotland
Carer Support Payment replaced Carer's Allowance in Scotland, piloted from November 2023, rolled out fully from November 2024 and with case transfer completed in Autumn 2025.
- September 2023
Plan 5 introduced for students starting university in 2023-24
Students starting university in England in 2023-24 borrow under Plan 5, which charges RPI-only interest, sets a lower repayment threshold and writes off debt after 40 years rather than 30.
- August 2023
Plan 5 applies to courses started on or after 1 August 2023
Students who began undergraduate courses through Student Finance England on or after 1 August 2023 are on repayment Plan 5, with a £25,000 income threshold and a 40-year write-off.
Student loan repayment rules changed for new students from August 2023
Students starting university from August 2023 face a lower repayment threshold of £25,000, a 40 year write-off period and interest capped at RPI, under repayment rules that differ from earlier cohorts.
- July 2023
Universal Credit childcare maximum amounts to rise
The maximum childcare costs that working parents on Universal Credit can claim rise from July 2023 to £951 a month for one child and £1,630 for two or more.
- March 2023
March 2023 Budget increases UC childcare support
The March 2023 Budget raised the Universal Credit childcare element to £951 for one child and £1,630 for two children from July 2023, and paid the first month of childcare costs upfront for parents moving into work.
Spring Budget announces expansion of free childcare and Universal Credit childcare cap increase
The Chancellor has announced a phased extension of free childcare in England to working parents of children from nine months old, alongside higher Universal Credit childcare caps paid upfront.
- February 2023
Bereavement Support Payment eligibility extended to unmarried cohabiting parents
Eligibility for Bereavement Support Payment was extended on 9 February 2023 to unmarried cohabiting parents bereaved on or after 6 April 2017, with backdated claims possible to 30 August 2018.
Extension to cohabiting couples comes into force
The extension of the definition of "partner" to include cohabiting couples who were not in a legal union when one of them dies came into force on 9 February 2023.
- January 2023
UK Finance code expanded to cover debt separation
The UK Finance voluntary code of practice on financial abuse was expanded in January to include guidance on how banks can deal with debt separation, as charities report rising demand for help.
- September 2022
Committee report calls for consensus on retirement adequacy and reforms to auto-enrolment
The Work and Pensions Committee has called for a consensus on retirement adequacy and legislation on the 2017 auto-enrolment review, with higher minimum contributions and action on self-employed saving.
- July 2022
FCA regulation of funeral plan providers begins
From 29 July 2022 the Financial Conduct Authority regulates firms and intermediaries providing and arranging pre-paid funeral plans, with FSCS protection for customers of authorised providers.
FCA becomes regulator of funeral plans
The Financial Conduct Authority became responsible for regulating pre-paid funeral plan providers in July 2022, after concerns about the conduct of some firms in the sector.
- May 2022
Government announces revamp of lasting power of attorney system
The government has set out plans to let people make a lasting power of attorney entirely online, with new identity checks, while keeping the paper route open.
- April 2022
Basic rate of statutory maternity and parental pay set at £156.66 per week from April 2022
The basic rate of statutory maternity and parental pay stands at £156.66 a week from April 2022, equal to 47% of the National Living Wage for a 35-hour week, according to a maternity charity survey.
- March 2022
National Audit Office publishes report on the Child Maintenance Service
The National Audit Office has published a report finding fundamental flaws in the Child Maintenance Service, with arrears projected to reach £1bn by 2031 and enforcement delays leaving parents owed money.