Pensions

Accounting / Pensions SORP 2018: what has changed?

The Pensions Statement of Recommended Practice (SORP) has been updated to bring it in line with the latest FRS 102 triennial review. Sarah Perrin ACA looks at the key changes including common investment funds, definition of a financial institution and material uncertainty

Insight / Pensions dashboard back on government agenda

The government has signalled it is to go ahead with plans to support a pensions dashboard, bringing together information about all of an individual’s pension pots in one place

Insight / National Fraud Initiative posts record £300m savings

The government’s National Fraud Initiative (NFI) has saved over £300m in taxpayers’ money over the last two years from clamping down on fraud and error in the public sector, a record in any reporting period since its creation in 1996

Insight / Warning on defined benefit pension transfers

The Pensions Regulator (TPR) has warned the trustees of defined benefit (DB) schemes about potential risks to funds from allowing members to transfer out of their schemes to defined contribution (DC) schemes, suggesting that in some cases transfer valuations are too high

Insight / Self-employed heading towards pensions saving crisis

Self-employed workers are on course to a pension saving crisis as they cannot afford to save for their retirement, with nearly half having no pension at all and a third relying solely on the state pension, according to research from Prudential

Insight / Ireland to bring in auto enrolment for pensions

Ireland – which is one of only two OECD countries without a mandatory earnings-related element to retirement savings – is consulting on the possible launch of an auto enrolment-style pensions regime, to be in place by the end of 2020

Insight / Economic trends: risky decision to raise interest rates

Raising interest rates amidst a climate of trade wars and stalling global trade is a high risk policy, particularly since the pace of economic growth is set to slow in the second half of 2018, argues Chris Williamson

Insight / Regulators launch ads to warn against pension scams

In the wake of changes to the rules on accessing pensions, the Financial Conduct Authority (FCA) and The Pensions Regulator (TPR) are seeking to raise awareness of pension scams, after research showed victims reported losing an average of £91,000 each last year

Insight / First NEDs appointed to new financial guidance body

The Department for Work and Pensions (DWP) has appointed two non-executive directors to the board of the new single financial guidance body (SFGB), which will provide guidance on money and pensions

Tax / Pension savers should keep within annual allowance to avoid tax bill

HMRC has issued guidance for pension savers on use of the annual allowance and clarifying rules on carrying forward unused allowances, particularly where scheme members are planning to use 2015/16 split allowances or have withdrawn money from pensions

Insight / Online petition to save pensions dashboard plan

An online petition to stop the government scrapping its planned pensions dashboard designed to help millions of people keep track of their pensions has attracted over 130,000 signatures in the three weeks it has been open

Insight / FTSE 350 pension deficit halves

The FTSE 350’s pension deficit has almost halved from £62bn to £35bn in 18 months and now accounts for only 17% of total profits, according to actuarial consultancy Barnett Waddingham

Audit / FRC under pressure to publish BHS audit probe

The chair of the House of Commons' work and pensions committee, MP Frank Field, has written to the Financial Reporting Council (FRC) asking why it has yet to publish the report into PwC's audit of BHS

Tax / OTS calls for a new type of sole enterprise

The Office of Tax Simplification (OTS) is calling for further work on the potential for a new form of trading vehicle, the sole enterprise with protected asset (SEPA), which would be simpler to administer

Accounting / Accountant in the dock over false pension information

The Pensions Regulator (TPR) has announced legal action against an accountant accused of falsely claiming that staff at a London cafe had been enrolled in a workplace pension
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