Pensions news: page 4
- May 2023
Hargreaves Lansdown survey finds one in seven workers have stopped pension contributions
A May 2023 survey of 2,000 people for Hargreaves Lansdown found one in seven had stopped pension contributions and 8% had cut them back, with younger workers most likely to have done so.
Saltus survey finds one in five would cut pension contributions to cover mortgage costs
A May 2023 survey of 2,004 people by financial planning firm Saltus found one in five said they would have to cut pension contributions to cover rising mortgage costs.
- April 2023
Lifetime Allowance charge abolished and pension tax limits increased
From 6 April 2023 the lifetime allowance charge is removed and the pension commencement lump sum is capped at 25% of the current lifetime allowance, while four pension tax limits rise.
Full new State Pension rose to £203.85 a week
The full new State Pension rose to £203.85 a week from April 2023, with the annual figure reported as £10,636.60, as the triple lock uprating took effect.
Large pension schemes to connect to dashboards digital architecture from April 2023
The Government's draft Pensions Dashboards Regulations propose that the largest occupational pension schemes connect to the dashboards digital architecture between April 2023 and September 2024.
- March 2023
Government announces delay to State Pension Age increase
The government has delayed the increase in State Pension Age, prompting the International Longevity Centre to warn that the decision leaves future governments facing difficult choices on tax or spending.
Budget announces childcare expansion, pension tax changes and higher benefits conditionality
The March 2023 Budget expanded free childcare, abolished the lifetime limit on tax-free pension savings and raised benefits conditionality, requiring 800,000 more people to work.
Government freezes pension commencement lump sum limit at £268,275 and removes Lifetime Allowance charge
The Government has removed the Lifetime Allowance tax charge and frozen the pension commencement lump sum limit at £268,275 across all pension arrangements, effective from 6 April 2023.
FPC recommends minimum resilience levels for LDI funds
The Bank of England's Financial Policy Committee has recommended that The Pensions Regulator set minimum resilience levels for the LDI funds and mandates that pension scheme trustees can invest in.
Government shelves plans to bring state pension age to 68 sooner than planned
The government has shelved plans to bring the state pension age to 68 sooner than planned, confirming the rise to 67 will go ahead between 2026 and 2028.
Pensions Minister announces reset of the Pensions Dashboards Programme
The Pensions Minister announced in March 2023 that the Pensions Dashboards Programme would be reset, allowing more time to build the digital architecture and connect pension providers and schemes.
Spring Budget 2023 pension tax changes incorporated into relief forecasts
HMRC's December 2024 tax relief statistics confirm that official forecasts for pension tax relief now include the abolition of the Lifetime allowance and the Annual allowance increase announced at Spring Budget 2023.
Top-up deadline moved to 31 July 2023
HMRC has given people until 31 July 2023 to top up National Insurance credits, extending a deadline that had been due to fall on 5 April.
- February 2023
DWP launches consultation on small pension pots
The Department for Work and Pensions has opened a call for evidence on deferred small pension pots, running to 27 March 2023, setting out two possible approaches to consolidation.
- January 2023
Value for Money consultation on pension scheme metrics, standards and disclosures opens
The Department for Work and Pensions, the Financial Conduct Authority and The Pensions Regulator opened a consultation on 30 January 2023 on disclosing, assessing and comparing the value for money of workplace pension schemes.
- December 2022
Pensions Dashboards Regulations 2022 come into force
The Pensions Dashboards Regulations 2022 came into force on 12 December 2022, setting the rules for pension schemes to connect to the dashboards ecosystem and for services that show savers their pensions in one place.
- November 2022
Retirement Living Standards 2022 update published, showing the largest annual increases since the RLS began
The Retirement Living Standards for 2022 show the largest annual increases since the measures began in 2019, with all three budgets rising by more than the 9% rate of CPI in the year to April 2022.
- October 2022
Government response to pensions dashboards further consultation published
The government has published its response to the second consultation on the draft Pensions Dashboards Regulations 2022, covering the Dashboards Available Point and data-sharing between MaPS and TPR.
Five steps to better pensions: time for a new consensus published
Research published on 12 October 2022 finds more than half of UK savers will miss the retirement income targets set by the 2005 Pensions Commission unless the pensions system is reformed.
PLSA publishes five-step pension reform proposals and opens consultation
The Pensions and Lifetime Savings Association has published five pension reform proposals, including raising automatic enrolment contributions from 8% to 12%, and opened a consultation on them.
- 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.
Sharp increase in gilt yields prompted short-notice collateral calls on LDI investments
A sharp rise in gilt yields in late September and early October 2022 triggered short-notice collateral calls on liability driven investment holdings, new official figures show.
- August 2022
Pensions Policy Institute research for B&CE published on pension adequacy
Research published on 31 August 2022 for B&CE by the Pensions Policy Institute found that auto-enrolment combined with a reformed State Pension is not likely to give most people an adequate retirement income.
TPR launches three-year strategy to tackle pension scams
The Pensions Regulator has launched a three-year strategy against pension scams, saying the cost of living crisis could leave more savers exposed to fraudsters targeting pension pots.
- July 2022
Resolution Foundation publishes assessment of workers' pension saving against 'living pension' benchmarks
Resolution Foundation research published on 28 July 2022 finds over 80 per cent of workers outside defined benefit pensions are not meeting any of its living pension benchmarks.
Government response to draft Pensions Dashboards Regulations consultation published
The government has published its response to the consultation on the draft Pensions Dashboards Regulations 2022, setting out how the rules for the pensions dashboards service will be turned into law.
- June 2022
TUC urges shelving of State Pension age rise to 67
The TUC has told the government's second State Pension age review that the rise to 67 should be shelved, with the State Pension age frozen at 66 and future decisions handed to an independent commission.
Further consultation on Pensions Dashboards Regulations launched
The Department for Work and Pensions opened a second consultation on the draft Pensions Dashboards Regulations 2022 on 28 June 2022, covering the Dashboards Available Point and information sharing between MaPS and TPR.
Report says women need to work until 83 to close gender pension gap
A report by Now Pensions and the Pension Policy Institute says women reach retirement with £136,800 less than men on average and would need 18 more years of full-time work to close the gap.
FCA 'stronger nudge' pensions guidance rules come into force
From 1 June 2022 pension providers must offer savers over 50 a free Pension Wise appointment before they access a UK-based defined contribution pension, under FCA "stronger nudge" rules.