UK Archives - Page 148 of 188 - Pension Policy International

28OctOctober 28, 2019

UK. Retirement income gender gap is the biggest in a decade

At first glance, the latest numbers suggest we’re all finally winning the battle for a comfortable old age. Official figures out this week from the Department for Work and Pensions and the Pension Regulator show equal numbers of men and women are now saving into a workplace pension. Even the number of employees asking to join who don’t automatically qualify – often women in part-time roles who don’t earn enough – has increased dramatically. Commenting on the figures, Guy...

October 28, 2019

News, Slider2019, Gender Gap, UK

28OctOctober 28, 2019

UK. MPs call for end to freeze on State pension for half a million expats living outside of Europe

Pension payments to British expats living in Europe will rise in line with inflation But the same does not apply to payments for pensioners living further afield More than 40 MPs are calling on the Government to overturn the move More than 40 MPs are calling on the Government to overturn an enduring injustice affecting State pension payments to half a million UK nationals living overseas. The cross-party group is sending an open letter to Therese Coffey, the Secretary...

October 28, 2019

News, Slider2019, Income, UK

25OctOctober 25, 2019

UK. Watchdog hails success of auto-enrolment pensions

Regulators and financial experts are hailing a rare public policy success after figures on Britain’s “auto-enrolment” scheme revealed 10 million more people are now saving, with record amounts going into pensions. British workers saved £90.4bn into their pension schemes in 2018, according to the Pensions Regulator – £7bn more than the year before. Behind the surge in saving is auto-enrolment, the scheme set up by the government in 2012 to make sure everyone, whether they work for a supermarket...

October 25, 2019

News, Slider2019, Investment, UK

23OctOctober 23, 2019

UK. British pensioners in Europe struggle to make ends meet, committee told

Retired Britons in Europe are not sipping prosecco on a warm terrace but are struggling to make ends meet and fear further poverty because of Brexit, a parliamentary committee has been told. Jeremy Morgan QC said retirees in the EU living exclusively or almost exclusively on British pensions have already suffered a decrease in their income because of the depreciation in sterling since the referendum. They were hit by a second blow last month when the government revealed it...

October 23, 2019

News, SliderAdequacy, UK

22OctOctober 22, 2019

UK. FCA calls for pension policy simplification

The Financial Conduct Authority (FCA) has called on pensions policy to be simplified for consumers due to the overly complex nature of defined contribution schemes. Speaking at the Cicero event on the future of regulation, FCA executive director of strategy and competition, Christopher Woolard, said that choices that members may not understand can make a “huge difference” to their retirement outcomes. He outlined the importance of advice for consumers in making these decisions and helping them understand the...

October 22, 2019

News, Slider2019, Adequacy, Social Protection, UK

17OctOctober 17, 2019

UK. Breaking pension dashboard rules will carry £50k fine

Pension providers that fail to provide data for the pension dashboards could be fined up to £50,000 by The Pensions Regulator, according to the proposed legislation underpinning the project. Part of the Pension Schemes Bill is devoted to the creation of a framework to support the dashboard project, including new rules to compel pension schemes to provide accurate information to consumers. According to the 187-page document, published yesterday (October 16), the regulator will have powers to issue compliance notices and penalty notices to parties that don’t...

October 17, 2019

News, SliderCoverage, UK

17OctOctober 17, 2019

UK. What does the Brexit deal mean for your personal finances?

At long last, the Government has secured an exit deal with the European Union. Prime Minister Boris Johnson said this morning he has secured a “great new deal” with the EU which “takes back control”. There is still a long way to go before it is agreed – the details are currently not clear, the legal wording is still being worked on and the deal will need to be passed by both the EU and British parliament – but it is undoubtedly a step forward. The key benefit...

October 17, 2019

News, Slider2019, Funding, UK

15OctOctober 15, 2019

UK. Queen’s Speech: Govt announces Pensions Bill

The Pensions Bill announced in the Queen’s Speech today (October 14) will see new rules for pension dashboards, collective defined contribution schemes and new powers for The Pensions Regulator. Queen Elizabeth said: “To help people plan for the future, measures will be brought forward to provide simpler oversight of pension savings. "To protect people savings for later life, new laws will provide greater powers to tackle irresponsible management of private pension schemes.” The government does not have a majority...

October 15, 2019

News, Slider2019, Pension Reform, Regulation, UK

11OctOctober 11, 2019

UK. Pensions tax relief set to cost government almost £40bn

Pensions tax relief will cost the government almost £40bn this year, up more than £2bn on the previous year, illustrating the growing cost of subsidising retirement saving. According to new statistics from HMRC, tax relief on employee pension saving is set to rise to £21.2bn while the tax giveaway on employer contributions to occupational pension schemes hit more than £18bn. The increasing cost of providing pensions tax relief follows a surge in the number of employees paying into company...

October 11, 2019

News, Slider2019, Public Policy, UK

10OctOctober 10, 2019

UK. Penfold launches digital pensions aimed at the self-employed

Penfold, a digital pension scheme built specifically for freelancers and runner-up at AltFi’s Fintech Pitch Off Competition at the AltFi London Summit 2019, launched today. The startup is focused on helping self-employed workers start a pension in just a few minutes, and then works around educating and supporting customers who might not have additional employer-supported pension schemes. “We’re aiming to make pensions not just easier, but more attractive for self-employed people to start planning for later in life,” says...

October 10, 2019

News, Slider2019, Financial Inclusion, Informal Sector, UK

October 2019