Pensions - Articles

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Pensions over taxation bill continues to climb

Brits reclaimed £44 million in overtaxation on pension withdrawals in January, February and March 2025, the latest HMRC figures reveal. Over 15,000 reclaim forms were processed during the quarter, with an average reclaim of £2,881. Over £1.4 billion has now been reclaimed by people overtaxed on pension withdrawals since 2015. How taking a small withdrawal at the start of the tax year could ease overtaxation pain. Alternatively, savers can fill out one of three HMRC forms and get their money back within 30 days
Posted on Friday Apr 25

Further comments on DWP Small Pots Consolidation report

Broadstone, Hymans Robertson, Scottish Widows and Now Pensions comment on the DWP announcement on consolidating small pension pots
Posted on Friday Apr 25

Pension industry on sustainability for bulk annuity process

Last year Accounting for Sustainability (A4S), The Church of England Pensions Board and Railpen brought together pension schemes, insurers, pension advisers and the regulatory community to produce a Sustainability Principles Charter for the bulk annuity process.
Posted on Thursday Apr 24

What could the LGPS triennial valuation mean for employers

As at 31 March 2025, the Local Government Pension Scheme (LGPS) is undergoing its latest triennial funding valuation. The LGPS, a defined benefit pension scheme, is one of the largest pension schemes in the UK with over 6 million members, 18,000 participating employers and four actuarial firms appointed to carry out valuations across over 80 different funds.
Posted on Thursday Apr 24

Responses to DWPs Small Pots Delivery Group report

Standard Life, LCP and Aegon comment on the DWPs Small Pots Delivery Group report with proposed legislative programme outlined in meaning that pots won’t be consolidated until 2030 at the earliest. The report also gives further detail around how this would work in a universe of multiple default consolidators, including confirmation that authorisation to act as a consolidator will be built out from the existing Master Trust authorisation framework. Consolidators will need to be financially secure providers offering good VFM to savers and also offer a Sharia compliant fund.
Posted on Thursday Apr 24

New Childcare Act expansion could boost pension savings

A recent expansion of the Childcare Act could increase the retirement savings of parents by £1.2 billion according to new analysis from The People’s Pension
Posted on Wednesday Apr 23

IHT and pensions why it pays to name a pension beneficiary

An expression of wish (EOW) enables you to instruct who you would like to receive your pension when you die. Just 1 in 10 people have completed an EOW under 30. On average men (40%) are slightly more likely than women (34%) to have placed an instruction. 40% over age 60 have not laid out their intentions. HL saw a 26% increase in the number of people updating their instruction between the years 2022 and 2024. IHT changes in 2027 increases the importance of electing and reviewing beneficiary nominations.
Posted on Tuesday Apr 22

Employer payments needed to plug pension shortfalls plummet

Deficit reduction contributions drop to £932 million in Q3 2024 as improvements in scheme funding decrease financial pressure on sponsoring employers. DB pension schemes no longer such a ‘drain’ on employers which could support greater business investment and more secure pensions
Posted on Tuesday Apr 22

How attitudes to work could shape long term saving

#Corporatelife emerges as latest Gen Z-led social media trend – what it could mean for long-term saving. Embracing a “locked in” career approach could significantly boost retirement savings over time. Standard Life analysis highlights how salary growth rates can affect pension outcomes, with differences of up to £80,000 (38%) between career strategies
Posted on Tuesday Apr 22

A third of over 65s gamble beyond the lottery

New analysis conducted by Gambling Research Glasgow at the University of Glasgow, on behalf of PensionBee, reveals that almost one in three adults over the age of 65 gamble beyond the lottery.
Posted on Tuesday Apr 22

Cost of living and economy fears rear their ugly head again

ONS data finds that fears around the cost-of-living and the economy are once more ‘rearing their ugly heads’ for UK households.
Posted on Thursday Apr 17

State of confusion with many in the dark about State Pension

Half of adults (50%) don’t know how much they’ll receive in their state pension, with almost a third (32%) unaware of the age they’ll receive it. With the state pension rising to £11,973 per year this month, Standard Life answers important questions around how it works
Posted on Thursday Apr 17

Rejecting the pension gamble for stability over high returns

New research from PensionBee reveals that UK savers are highly cautious when it comes to their retirement savings, with just 8% willing to invest in high-risk assets.
Posted on Wednesday Apr 16

How pension tweak could save employers thousands

National Living Wage increased this month from £11.44 to £12.21 per hour. Employer National Insurance (NI) has also risen and the threshold at which employers begin paying NI for employees dropped from £9,100 to £5,000. For a business employing someone on average UK earnings of £37,430, the NI changes mean they will pay an extra £955 in NI each year. Switching to salary sacrifice for pension contributions can help businesses keep NI costs down.
Posted on Tuesday Apr 15

2025 is a key year for pensions to consider their endgame

Aon has said that 2025 is a key year for UK pension schemes and has formed the UK Endgame Strategy team to help schemes with the decision-making process as they review their endgames.
Posted on Tuesday Apr 15

Sole trustees use General Code to implement innovations

Sole trustees have embraced the General Code and are using it as an opportunity to innovate their in-house governance approaches and ensure they can be held to the highest account for governance, according to a survey by Hymans Robertson.
Posted on Monday Apr 14

Pension savers call on schemes to get dashboard ready

A series of short films highlighting the difference pensions dashboards will make to savers has been issued by The Pensions Regulator (TPR).
Posted on Monday Apr 14

2024 pension contributions surge but gender gap widens

New analysis from PensionBee highlights a sharp increase in pension contributions in 2024, despite ongoing pressures on household budgets.
Posted on Monday Apr 14

Proactive pension dashboard preparation essential

PwC’s Buyout Index continued to record a surplus position, slightly increasing to £95bn in March 2025, demonstrating that the UK’s 5,000 corporate defined benefit (DB) pensions schemes continue to have, on average, sufficient assets to ‘buyout’ their pension promises.
Posted on Friday Apr 11

Pension funds should sit tight amid US Tariff chaos

Quantum Advisory has urged pension funds to remain calm and avoid making hasty decisions in response to the recent US tariff crisis.
Posted on Friday Apr 11

Small DC schemes must protect savers from climate change

Small defined contribution (DC) schemes which do not take appropriate action to protect savers’ retirements from climate risk should think about quitting the market, says The Pensions Regulator (TPR).
Posted on Thursday Apr 10

DB transfer compensation drops in Q1 2025

Past week’s market movements potentially wipe out the entire downward trend registered through Q1 2025 in a single week unless reversed. Further market falls could continue to drive compensation levels higher in the second half of the year. Broadstone highlights importance of assessing redress cases on an individual basis with compensation still due in many cases
Posted on Thursday Apr 10

Employers must raise awareness of pensions tax changes

Employers should ensure that staff who are in net pay arrangement pension schemes are aware that they could be eligible for extra money from the government, says Hymans Robertson.
Posted on Thursday Apr 10

Charity DB Pensions Report

Average funding level is 100% on an FRS102 basis so trustee attention should turn to endgame planning. 44% of charities are no longer paying deficit recovery contributions compared to 26% in 2024 report. Deficits on an estimated ‘Low Dependency Funding Basis’ average 10% of unrestricted charity reserves meaning pension schemes have shrunk relative to charity balance sheets. Charities should consider reviewing their pension scheme operating model and running costs following an 11% increase in average running costs over the year
Posted on Thursday Apr 10

Professional trustee firms increase influence on DB pensions

The 10 largest professional trustee firms are now responsible for £1tn of pension scheme assets. Their estimated DB market share has increased from 39% in 2020 to 43% in 2024. Firms reported an average revenue growth of 15% in 2024, marking a fifth consecutive year of double-digit growth. Isio projects the 10 largest firms will manage two-thirds of all DB schemes in five years’ time.
Posted on Wednesday Apr 9