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Pension News

Government to pay 3% pension contributions for furloughed staff

The government has confirmed grants to pay workers’ wages during the coronavirus crisis will also cover employer auto-enrolment (AE) pension contributions. This forms part of the government’s ‘job retention scheme’ announced last week, in which it agreed to pay 80% of salaries for employees who are asked to stop working but kept on the company […]

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Pension tax relief is not claimable on in-specie contributions in UK SIPP

HM Revenue & Customs has claimed victory in a major industry case, after the Upper Tribunal ruled pension tax relief is not claimable on in-specie contributions and paved the way for the taxman to reclaim millions. The ruling is of particular importance as it sets a precedent for the pensions industry. Many pensions administrators had […]

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Pensions Regulator suspends UK final salary pension transfers

While transferring your UK final salary pension could unlock more flexible pension arrangements, savers need to be aware that they are sacrificing their guaranteed retirement income. Until now, the choice has been for savers to make. But as a consequence of the Covid-19 pandemic, the Pensions Regulator has introduced emergency measures. Some 5,500 defined benefit […]

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Waspi women demand UK State Pension access

The Women Against State Pension Inequality (Waspi) group is calling on the government to take urgent action to help 1950s women who are experiencing financial hardship as a result of the Covid-19 crisis. The group of women born in the 1950s affected by an increase in the state pension age have called on the government […]

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The retired are missing out on UK state pension payments during lockdown

Pensioners and benefits claimants could be running out of money because they do not know about alternatives to collecting their cash in person. Around 900,000 retirees and those on benefits get their payments in cash at a Post Office counter using a Post Office Card Account. But the coronavirus lockdown means many of this group […]

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Defined Benefit UK Pension Deficit Falls by £80bn in April

The overall deficit of defined benefit (DB) UK pension scheme fell by £80bn to £210bn during April 2020. The fall reverses a £60bn increase in March, following the Covid-19 outbreak, with the deficit now placed at similar levels at the end of January. Defined benefit funding levels returned from the £290bn deficit at the end […]

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UK Pension Transfers risk warning letter

UK Pension scheme trustees will be informing members via a letter about the risks of transferring out of their defined benefit scheme amid the current Covid-19 crisis. According to guidance published by the Pensions Regulator, trustees will be sending Defined Benefit members looking to transfer retirement funds a letter warning them of the risks during […]

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UK Pension Rule Changes For Returning Public Sector Key Workers

The government has announced temporary tax changes designed to protect the pension income of key workers in the public sector returning to work to support Covid-19 efforts, such as NHS doctors and nurses returning to work after the recent Government request. The tax rules in question would otherwise apply “significant charges” to the pension income […]

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11% of employers seek UK pension contribution easements

A recent report stated that 11% of employers that are seeking easements on UK pension contributions have asked for a reduction, while 89% asked for a suspension. The research showed 15% had requested a suspension of all contributions, 67% requested to suspend deficit reduction contributions (DRCs) only, and 15% asked to suspend both DRCs and […]

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British Pensions – Need Innovative Solutions

A recent survey found that 70% of employers argued that the British Pension Schemes lack innovation in the pensions market. It needs new ideas and innovative solutions, 65% of employers suggested that British Pensions were far too complicated and that providers were failing to innovate enough to offer new solutions and progressive ideas in their […]

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¾ of UK Pension funds see reduction in funded levels

¾ of UK pension funds have experienced more than a 6% reduction in funded levels in 2020 when compared to 2017, according to a review of actuarial valuations of 190 pension funds. While reviewing actuarial valuations effective March 31 or April 5,it was found that another 25% of the funds, have seen an improvement in […]

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Lockdown adds £10bn to deficit of UK pension final-salary funds

Companies could be required to find large sums to top up UK pension funds after new figures showed that more than £10bn was added to the combined deficit of the UK’s final-salary-style schemes during March. With the coronavirus shutdown causing mayhem on companies and stock markets around the world, the total deficit of the UK’s […]

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UK Personal Pensions Dominate Isas for Retirement Saving

More than 51% of people would save into a UK Personal Pension to accumulate savings for their retirement, making this the most popular retirement product, according to the latest poll. The poll asked financial advisers which savings vehicle clients were most likely to use to accumulate savings for retirement. UK Personal Pensions were the most […]

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UK Pension Pots Sit Dormant

Dormant UK pension pot numbers have risen to a record high of 18 million. When eligible workers start a new job, they are automatically enrolled, and when they leave that job for the next one, their pension pot stays where it is. Continually changing jobs, low pension contributions and a large number of providers operating […]

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Income Drawdown is the Most Popular Way to Access UK Pension Pot

More than 50% of people are likely to access retirement savings through income drawdown, according to the latest poll. The poll asked financial advisers how their clients were receiving their income in retirement. Income drawdown was the most popular, as 52% of advisers said clients most commonly opted for this approach as a way to […]

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UK Pension Transfer Times Improve

UK Pension Transfer times in the UK have improved over the past year, with simpler UK Pension Transfers taking just seven calendar days. The index showed that average times from point of request to transaction had fallen from 9.3 days in 2018/19, to 8.8 days for 2019/20. Meanwhile simpler transfers had fallen from an average […]

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Thousands missing out on £30,000 in UK state pension

National Insurance credits for military spouses are going unclaimed National Insurance credits could top up the state pension of over 20,000 Britons, but around £480m is yet to be claimed. Partners of armed forces personnel who spent time overseas may be entitled to National Insurance credits towards their state pension. Yet so far, over 80% […]

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Hundreds of companies to stop UK Pension top-ups over coronavirus

Hundreds of companies are expected to abandon attempts to fill shortfalls in their UK pension schemes during the coronavirus crisis. UK Pension experts suggests top-up contributions will be cut by at least £500m. Debenhams has already missed a payment and the Arcadia group, which owns Topshop, plans to stop them temporarily. Regulators are allowing companies […]

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Lifetime allowance rises to £1.073m

The lifetime allowance has risen to £1,073,100 for the 2020-21 tax year, which is the lowest amount the government could have increased it to under current rules. The lifetime allowance, the overall limit of tax privileged pension funds an individual can accrue during their lifetime, will increase in line with September’s inflation figures of 1.7% […]

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The Pensions Regulator gives guidance on salary sacrifice arrangements for UK pension contributions

The Pensions Regulator has given guidance to large employers on UK pension contributions for employees who have agreed to a salary sacrifice arrangement. It emphasised that when employers are calculating the pension contributions of furloughed workers with a salary sacrifice arrangement, any contractual and pension scheme rule obligations will continue to apply as normal. It […]

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HMRC UK pension schemes rates and allowances for 2020-21

HMRC have updated their pensions schemes rates and allowances guidance to the annual allowance and money purchase annual allowance for 2020–21. Standard lifetime allowance Tax year             Amount 2020 to 2021      £1,073,100 2019 to 2020      £1,055,000 2018 to 2019      £1,030,000 2017 to 2018      £1,000,000 2016 to 2017      £1,000,000 2015 to 2016      £1,250,000 2014 to 2015      £1,250,000 2013 to 2014      £1,500,000 2012 to 2013      £1,500,000 2011 to […]

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Beware of UK Pension scams caused by COVID19

UK Pension scams soared by 400% last month. Coronavirus is creating favourable conditions for scammers who prey on the vulnerable people and take advantage of panic, uncertainty and financial strain. If you are thinking of transferring you UK pension, ensure you read this useful advice to avoid financial fraud: If you receive a call you […]

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Are you ready to retire?

As a new retirement survey finds that many people due to retire are prepared to work past the UK State Pension Age? More than half consider working past the SPA More than half (54%) of those surveyed said they would consider working past the State Pension Age in an attempt to make their retirement more […]

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Top 5 UK pension planning tips

There’s been a lot of talk about pensions in the news recently, covering the recent rise in the state pension, pension charges and the possibility of more flexible annuities for retired people. We outline our top five tips so you can be sure your planning is on track. 1. Save and plan The often mentioned […]

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UK Pension withdrawals soar at the start of every tax year, 5 issues to avoid

Many people need to draw an income from their pension investments to cover everyday bills. Since the pension freedoms launched five years ago, April and May of the new tax year have consistently seen the greatest volume of withdrawals. Cash taken out of UK pension pots is up to a third higher in the first […]

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Pension Regulator allows defined benefit UK pension transfers to be paused

The UK Pension Regulator’s move to allow defined benefit UK Pension transfers to be paused to handle the coronavirus crisis could create challenges for advisers. The UK Pension Regulator’s plans to curb the effect of coronavirus on defined benefit schemes will create extra difficulties for advisers as they find that each pension scheme they are […]

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Job retention scheme & auto-enrolment contributions up to 3%

The job retention scheme will give those who may otherwise have faced unemployment in the current crisis a steady income, providing as much as 80% of your usual wages, with employers having the option to increase this amount to your full monthly income. The recent news that government grants would also allow for auto-enrolment contributions, […]

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The Financial Conduct Authority publishes consumer support guidance

The Financial Conduct Authority (FCA) has released updated consumer support guidance for UK pension providers and defined benefit (DB) UK Pension transfer advisers during the Covid-19 pandemic. The organisation warned that providers must still steer clear of giving regulated advice by pointing customers towards specific changes to their investments, but explained that clients should be […]

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The Financial Conduct Authority delays default investment pathways

The Financial Conduct Authority (FCA) has confirmed that the implementation of new default investment pathways will be delayed by 6 months as a result of the Covid-19 pandemic. The regulator has also announced delays to the introduction of more stringent rules for UK pension transfer specialists, which have now been postponed until October 2021. Stating […]

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What happens to my UK Pension during maternity leave?

If you decide to take parental leave (maternity leave, paternity leave or adoption leave), you should remain a member of your workplace pension scheme, and you and/or your employer will continue to make contributions, unless you decide to stop contributing. If you do stop contributing, your employer will also stop their contributions and you will […]

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Workers need explanation of UK pension contribution changes if furloughed

Employers must explain any defined contribution scheme contribution changes to furloughed workers. Employer pension contribution amounts, and what they are based on, must be covered in furlough agreements. Also, in order to adhere to auto-enrolment requirements, contribution rates might need to be changed if they are going to be covered by the Coronavirus Job Retention […]

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UK public service scheme Pension increases for 2020

The annual increase level to career average public sector pension schemes in 2020 have been announced, with fire service and armed forces’ schemes seeing the largest rise. The increases, which take effect from 6 April 2020, are required to be at least in line with the rise in additional pensions (state earnings related pensions and […]

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What should you do about your UK pension if you are made redundant or facing financial difficulty during the virus crisis?

When you are struggling financially, and worried about your job or you are already out of work, you need to prioritise what bills you must pay – food and a roof over your head must come first. If you are looking to make financial changes during the coronavirus emergency, your pension contributions may be something […]

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The State pension will rise nearly 4% from April 2020

STATE PENSION payments are going to increase next week by up to £6.60, its highest rate increase since April 2012. The state pension rises each year, with the increases taking place utilising the governments triple lock mechanism. This means that both the basic and new state pension increases by whichever is the highest out of: […]

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Coronavirus and your UK pension

Since the coronavirus outbreak, stock markets have fallen significantly and are volatile with large swings occurring daily, this will have an impact on your UK pension as the funds are directly invested in the stock market, although this does not apply state pension is unaffected by fluctuations in the stock market as the government pays […]

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