April 2025
08Apr

UK. DWP secretary Liz Kendall makes Triple Lock state pension announcement

Department of Work and Pensions Secretary Liz Kendall has made an announcement on the future of the state pension Triple Lock as pensioners get a 'pay rise' today. Millions of pensioners will receive as much as £470 more a year added to their State Pension from today because of the pensions Triple Lock. The Triple Lock – which guarantees that the State Pension increases annually by the highest of inflation, average earnings growth or 2.5% – means the basic and...

April 8, 2025
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07Apr

State Pension Rates to Rise for Over 12 Million UK Pensioners Starting April 2025

From Sunday, April 6, 2025, over 12 million UK pensioners will see their weekly State Pension payments increase, as new rates are introduced. The full new State Pension will rise from £221.20 to £230.25 per week, offering an annual boost of £470 for those receiving the full payment. This increase is part of the government’s annual review, which adjusts pension rates each year on the start of the new tax year. The decision to raise these payments comes after careful consideration of inflation,...

April 7, 2025
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04Apr

UK. Taxpayers have until 5th April to top up their state pension by making NICs

Taxpayers with missing National Insurance Contributions (NICs) have until 5th April to make backdated payments to accrue more state pension, say leading audit, tax and business advisory firm, Blick Rothenberg. Robert Salter, a Director at the firm, said: “As part of the changes to state pensions, the Government temporarily extended the time limit to make backdated NIC payments, so that people with missing contribution history can make voluntary NICs for all tax years from 6th April 2006 onwards.” He added: “Before this, UK...

April 4, 2025
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03Apr

UK. AI ‘transforming’ pensions admin; use by members remains limited

Whilst artificial intelligence (AI) is beginning to play an important role in pensions administration, its adoption by individual pension scheme members remains limited, according to the Trafalgar House Trust & Confidence Index. It found that despite a growing awareness of AI-driven tools, most people were not yet using AI to support their retirement decisions. When surveyed, only 8 per cent of the population reported using AI tools for pension planning. Indeed, the "overwhelming" majority (82 per cent) indicated that they had never...

April 3, 2025
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02Apr

UK. Research reveals lack of retirement preparedness as life expectancy increases

Less than two thirds (60 per cent) of professional investors feel they are either fully or almost fully financially prepared to help their clients in living for longer in retirement, research by Fidelity International has revealed. However, the research, which included responses from institutional investors and intermediary distributors across Europe and Asia, found that 40 per cent of respondents felt there was a lack of readiness to support clients in this area. Fidelity International global head of client solutions, Katie Roberts...

April 2, 2025
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01Apr

Seven trends shaping UK employment, incentives and pensions in 2025

As these plans evolve, their ripple effects will be felt into 2025 and beyond. Global forces add further pressure. Regulatory developments in the EU, US and beyond will demand UK employers’ attention as they adapt to the shifting landscape. We’ve identified seven key trends that will define 2025. Employers can use these insights to prioritise their strategies and stay ahead. 1. Employee litigation on the rise—new rights, new risks: The Employment Rights Bill’s sweeping reforms could trigger a surge in claims,...

April 1, 2025
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March 2025
31Mar

UK. FCA to consult on using pension savings to buy first home

The Financial Conduct Authority will consult on whether pension savings should be used to buy a first home in the summer, as part of its bid to widen homeownership.  “One of the biggest challenges prospective homeowners face is raising a deposit,” Financial Conduct Authority chief executive Nikhil Rathi said in a speech on Friday at the JP Morgan Pensions and Savings Symposium in London.  He added: “Australia, New Zealand, the United States, Singapore and South Africa all permit citizens to leverage...

March 31, 2025
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28Mar

UK. Reeves could tax pensions and wealth if economy worsens, says IFS

Pensioners and wealthy people could be the target of tax increases at Rachel Reeves’s autumn budget if the drastically worsening economic backdrop fails to improve, the Institute for Fiscal Studies (IFS) has said. After the chancellor’s spring statement featured deep cuts to welfare to meet her fiscal targets, the UK’s leading experts on the public finances said Reeves could be forced to come back later this year with tax rises. Paul Johnson, the IFS director, said a “risky and changing world – as...

March 28, 2025
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27Mar

UK. Three quarters of pension schemes have now adopted net-zero targets

Three quarters (75 per cent) of schemes have adopted net-zero targets, with more schemes than ever taking action to address climate risks, XPS analysis has revealed. The firm published a new analysis of 48 pension schemes' task force on climate-related financial disclosure (TCFD) reports to review climate change risk management and reporting approaches. This showed that three-quarters of schemes have adopted net zero targets, up from 60 per cent last year. Of these, 75 per cent have indicated clear plans aligned to...

March 27, 2025
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25Mar

UK. Industry reliance on outdated technology could risk ‘stifling’ engagement

Many pension providers are still relying on outdated technology, with nearly half (41 per cent) still posting out letters, despite UK workplace pension savers wanting better digital tools to connect with their pensions, research from Bravura has revealed. The survey also found that 75 per cent of members don't have access to retirement income estimators, savings calculators or retirement goal trackers, despite savers naming all three of these technologies as their preferred tools for retirement planning. In addition to this, just...

March 25, 2025
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