Pensions

Insight / ‘Squeezed’ generation X falling behind on pension savings

Workers in their forties and fifties from generation X have left organising their pension very late, with indications they are now scrabbling to make up for lost time, as this age group accounted for the largest proportion of contributions last year

Insight / Standard Chartered sees shareholder revolt on exec pay

Standard Chartered Bank has faced a major shareholder revolt over its directors’ remuneration with over a third voting against the company’s policies at its AGM, amid concerns about pension arrangements for senior management

Insight / Pension benefits rules set to align with younger partner

The government is overhauling the date couples can receive pension age benefits so they will only be payable when the second person in the couple reaches retirement age, rather than the eldest as now

Tax / Tax overpayments hit £31m as pension drawdown rockets

A record number of people withdrew funds from their pension pots in the first three months of the year, with 648,000 payments to 284,000 individuals, but problems remain with overpayments of tax, with £31.1m claimed in the first quarter of 2019

Tax / ‘Capricious’ inheritance tax regime needs urgent reform

The triple lock for the state pension should be removed, better-off workers over state pension age should pay National Insurance contributions (NICs) while they continue to work, and the ‘capricious’ inheritance tax (IHT) regime must be overhauled, says House of Lords committee

Insight / Warnings for pensions trustees over chair’s statement

Pensions trustees have been warned to produce a chair's statement which is compliant with the law, after fines against two schemes were upheld in court

Insight / Debenhams sold in pre-pack administration

High street department chain Debenhams has gone into administration in a pre-pack as lenders take over control of the group following the appointment of FTI Consulting LLP, putting more high street jobs at risk

Tax / Lifetime allowance for pensions increases to £1.05m

The standard lifetime allowance for pensions has increased by £25,000 in line with CPI inflation to £1,055,000 for the new tax year from 6 April  

Insight / Pensions dashboard gets green light

Work and pensions secretary Amber Rudd has given the green light for the implementation of the long-awaited pensions dashboard designed to offer a way for people to see all their pension information in one place online, with the initial industry models expected this year

Insight / Half a million pensioners caught by ‘unnecessary' tax

Around half a million people working past state pension age could be paying unnecessary tax on their state pension payments, according to analysis from Royal London

Insight / Pensions funding code changes could add £100bn to deficits

The planned new pensions funding code could add a further £100bn to UK pension deficits and result in a doubling of pension contributions for a typical employer, KPMG is warning

Insight / Auto enrolment contribution increases to 5% for employees

From next month, the minimum contributions employers and their staff must pay into their automatic enrolment workplace pension scheme will increase, and The Pensions Regulator (TPR) is urging all businesses and individuals to make sure they are ready for the change

Insight / ICAEW set to launch pay-per-view system for guidance

ICAEW plans to open up some of the professional content currently available exclusively to faculty members with a new pay-per-view system, which will allow all members to buy one-off guidance without joining a faculty

Accounting / PRAG updates pension scheme accounting guidance after Lloyds case

The Pensions Research Accountants Group (PRAG) has published guidance on how pension scheme accounts need to account for their equalisation liabilities for guaranteed minimum pensions (GMPs) following the Lloyds judgment on pension equality

Insight / Pension regulator gets tougher on risky deficit planning

The Pensions Regulator (TPR) has signalled it intends to get tougher on companies and trustees to ensure pension scheme members are treated fairly, with updated guidance on how defined benefit (DB) schemes should be funded, reports Pat Sweet
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