UK Archives - Page 137 of 139 - Pension Policy International

26AprApril 26, 2017

UK. Hundreds of thousands risk being over-taxed on their pension

Royal London estimates that around 800,000 people under state pension age are receiving pensions but should be non-taxpayers because their total income is below the personal allowance. The company is urging those individuals to check that they are paying no tax and to apply for a refund if they have been over-taxed. This may be a particular issue for those who have multiple sources of taxable income such as a wage and a pension or multiple pensions. In some...

April 26, 2017

NewsUK

24AprApril 24, 2017

Labour joins calls for stronger pension protections after master trust closes

Labour has joined calls for greater protections to be given to members of workplace pension schemes, after New Model Adviser® revealed how one such scheme closed to new members. Our story raised alarm bells after warnings were made last year by then pensions minister Ros Altmann that master trusts had ‘shockingly’ been set up with no customer protection regime in place. Though protections are now in the pipeline, pension scheme members’ savings could be put in peril by further master trust...

April 24, 2017

NewsUK

24AprApril 24, 2017

Voters furious at heartless Tory plans to raid pensions and hike taxes after the election

Angry voters have rejected Theresa May’s heartless plan to hike taxes and raid pensions after the election. A new poll shows nearly a third of people are less likely to support the Tories following Mrs May’s refusal to rule out tax rises or back the triple-lock on pensions. The resounding thumbs-down for the Prime Minister came as she dodged the press, public and awkward questions yesterday by doing a disappearing act. Instead, she sent out floundering ministers to face the music –...

April 24, 2017

NewsUK

21AprApril 21, 2017

UK. Tata Steel offers £520m pensions payment in bid to secure future

Tata Steel could pay more than £500m into its UK pension scheme as part of a deal with regulators that involves the Pension Protection Fund taking a stake in the business. The Indian-owned company needs to find a solution to its pension scheme to secure the future of its UK operations, which employs 8,000 workers and includes the Port Talbot steelworks in south Wales. Tata Steel is trying to hive off its historic liabilities before merging its European steel operations...

April 21, 2017

NewsUK

21AprApril 21, 2017

UK. Regulator pledges to act quickly on DB pension problems

The Pensions Regulator (TPR) has promised to act quickly when it identifies problems with defined benefit (DB) schemes. In its corporate plan for 2017-2020 TPR also said master trust regulation would be a priority. TPR will spend an additional £7.9 million in 2017-18 compared to last year, £3.5 million of which will be spent on the implementation of a master trust authorisation regime and an increase in frontline resources to tackle defined benefit failures more efficiently. The remainder is associated with the...

April 21, 2017

NewsUK

20AprApril 20, 2017

UK. Ready or not – a new data protection regime is coming

The pensions industry has one year to prepare for new regulations coming its way. Europe's new data protection legal framework is set out in the General Data Protection Regulation (GDPR) which will come into force in all EU Member States on 25 May 2018, including the UK. While the changes are not radically different to the current legal requirements, there are important developments that the pensions industry needs to be aware of ahead of May 2018. Key points 1. A new...

April 20, 2017

NewsUK

19AprApril 19, 2017

BMW strike continues in the UK and Mini car production halts

Workers at three BMW plants in the UK are staging a one-day strike in a row over pensions. The walkout, the first by BMW staff in Britain, is part of a wave of stoppages at the carmaker over the closure of a final-salary pension scheme. The Unite union, which organised the action that has halted output of the Mini, called the strike a last resort and accused BMW of "pension robbery". BMW urged the union to return to the negotiating table. According to...

April 19, 2017

NewsUK

18AprApril 18, 2017

UK. Providers Take First Steps Towards Pension Dashboard

The government has challenged pension providers to build a fintech app that will revolutionise retirement planning by showing all a saver’s pensions in one online place. Pension dashboards are a way of urging retirement savers to put more money aside for when they give up work by helping them see just how much they have saved – and how much money they need for a comfortable retirement. According to official statistics, most workers will have at least 11 jobs during their...

April 18, 2017

NewsUK

14AprApril 14, 2017

UK Recognized overseas pension schemes notification list

HM Revenue and Customs (HMRC) has temporarily suspended the ROPS notification list. It will return on Tuesday 18 April 2017. Pension schemes appear on the published list if their scheme managers have agreed to provide certain information to HMRC. They must agree to this undertaking for their scheme to be a qualifying recognised overseas pension schemes (QROPS). Since 9 March 2017 scheme managers have been required to pay tax to HMRC on certain transfers. They had until 13 April 2017 to...

April 14, 2017

NewsUK

13AprApril 13, 2017

UK. Will LISA kill pensions?

The recently launched Lifetime ISA (LISA) is designed to help under 40s (18-39) purchase their first home or save for retirement. While I applaud the introduction of any tax-free saving platform that rewards savers with bonuses, I am not convinced this latest addition to the ISA portfolio, is as some describe, a credible alternative to pensions. Confusion There’s already confusion over the account’s purpose – is it for first-time-buyers or those wishing to save for retirement? Surely such contrasting savings aims...

April 13, 2017

NewsUK