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4 ways completing a tax return can help boost your pension

Missing the Self-Assessment deadline not only risks a penalty for late filing but could cost individuals hundreds, if not thousands of pounds in unclaimed tax relief, according to PensionBee.
Posted on Tuesday Jan 21

The long and winding road

Standard Life customer research finds pensions only a top three priority between age 50 and 59. Saving towards homeownership dominates for younger groups. Debt, day-to-day finances, and kids the focus for those 35-49. Savers in their 40’s risk falling in a pension gap, but have time to recover
Posted on Monday Jan 20

Pensions must be used for income rather than wealth transfer

Broadstone supports the Government’s aim to ensure that pensions are used for the primary purpose of providing an income for the member. But holds concerns around the value and control of lump sums from DB schemes and death in service policies in the proposals
Posted on Monday Jan 20

Cheaper and more effective alternatives to IHT plans

The Autumn 2024 Budget included plans to impose Inheritance Tax (IHT) on unused pension funds and death benefits from April 2027. HMRC is now consulting on its proposals to achieve this by making Pension Scheme Administrators (PSAs) liable for the reporting and payment of IHT. However, the same consultation states it is open to any “viable alternatives”.
Posted on Monday Jan 20

Response to Triple Lock means testing comments

Aegon has called for ‘a future focused debate on a sustainable state pension’ following comments on the Triple Lock by Conservative leader Kemi Badenoch. The pension provider has suggested a three year ‘smoothing’ suggestion rather than means testing to give state pensioners more certainty while also having intergenerational fairness at its core.
Posted on Monday Jan 20

Fit for Future proposals risk eroding value for LGPS members

Jill Davys, Head of LGPS at Redington - a Gallagher company, commented: “While we are broadly supportive of some elements of the “Fit for Future” proposals, such as the good governance inclusion and some consideration of how best to deliver local investing, it is vital the government puts greater emphasis on the management of timeframes and potential conflicts of interest when it comes to investment pooling or else it risks eroding value for pension funds and their local stakeholders.
Posted on Friday Jan 17

Response to Governments pensions megafunds consultation

ABI and Hymans Robertson comment on the Governments review of the pensions system, which aims to boost investment in the British economy whilst optimising returns for savers, the Government has sought views from the industry on proposed reforms to deliver scale, accelerate consolidation and drive a focus on value over cost in the Defined Contribution (DC) workplace pensions market.
Posted on Friday Jan 17

Chancellors LGPS investment proposals put GBP400bn at risk

£400bn assets at risk from UK Governments’ overly ambitious plans to overhaul LGPS Investment, warn LGPS pension bosses. More than a quarter of LGPS Funds urge Government to rethink plans to overhaul LGPS investment strategy advice
Posted on Thursday Jan 16

Danger of Government agenda disrupting current pension plans

In their response to the DWP consultation ‘Pensions Investment Review: Unlocking the UK pensions market for growth’ the Association of Consulting Actuaries (ACA) says that, whilst the Association supports the drive for scale and investment in productive assets, the proposals outlined in the consultation could have negative consequences for savers and employer support for pensions at a time when savings adequacy is long-term societal challenge.
Posted on Thursday Jan 16

Two weeks until the self assessment tax return deadline

Self-employed and higher earners need to submit their return online by 31st January. HMRC collected £220 million in late filing fines last year. Those who earnt £50k or more or more and claiming Child Benefit in the 2023/24 tax year also need to fill out a self-assessment by the end of the month – this rises to 60k for the current tax year. Hints and tips from Standard Life on tax self-assessment
Posted on Wednesday Jan 15

DC Pensions Investment Review consultation closing

Commenting ahead of the Pensions Investment Review consultation: Unlocking the UK Pensions market for growth closing, Paul Waters, Head of DC Markets, says: As a firm, we are broadly supportive of the drive to create larger pension arrangements with the scale to better access investment opportunities like private markets. This can deliver better member outcomes as outlined in the consultation.
Posted on Wednesday Jan 15

Retirement savings under threat

Just over a quarter (26%) of DIY Investors say that following Reeves’ Budget, they plan to drawdown money from their pension as early as they can to use it more tax-efficiently. 21% plan to drawdown money from their pension and gift it to their family, therefore not incurring any additional tax on their pension savings in the event of their death. 18% plan to spend their pension pot faster to remove it from their estate
Posted on Wednesday Jan 15

Comments on the appointment of the new Pensions Minister

LCP and the Society of Pension Professionals comment on the appointment of a new Pensions Minister, Torsten Bell
Posted on Wednesday Jan 15

Industry comments on latest PPF7800 figures from the PPF

Broadstone, Standard Life and Gallagher comment comments on The Pension Protection Fund’s 7800 Index January update on the latest estimated funding position for all PPF eligible defined benefit pension schemes:
Posted on Tuesday Jan 14

PPF publish latest PPF7800 Index figures for December 2024

This update provides the latest estimated funding position, based on adjusting the scheme valuation data supplied to The Pensions Regulator as part of the schemes’ annual scheme returns, on a section 179 (s179) basis, for the defined benefit pension schemes potentially eligible for entry to the Pension Protection Fund (PPF).
Posted on Tuesday Jan 14

VFM framework more effective than minimum AUM threshold

Isio comments that VFM framework will be more effective than minimum AUM threshold for improving pension outcomes
Posted on Tuesday Jan 14

Government reforms must provide evidence of member benefit

Government must provide clear evidence of member benefit from its reforms which is currently minimal. Broadstone believes focus should be on creating products that are compelling for pension schemes to invest in
Posted on Tuesday Jan 14

Ready for Micro Retirement

Coming hot on the heels of 'quiet quitting' and 'lazy jobs', the emerging Gen Z/Millennial trend of ‘micro-retirement,’ where individuals take relatively short, intentional breaks from work throughout their careers to boost their work-life balance and wellbeing, could boost people’s retirement saving in the long-run according to new analysis from Standard Life, part of Phoenix Group.
Posted on Monday Jan 13

Pension consolidation must be based on VFM not asset size

TPT Retirement Solutions believes consolidation in the DC pension sector should focus on improving outcomes for members, rather than solely looking to increase the asset size of schemes.
Posted on Monday Jan 13

TPR could play leading role promoting sustainable growth

With leaders of the UK’s main economic regulators due to be called in to Downing Street on Thursday to explain how they will contribute to the government’s growth agenda, LCP partner David Wrigley has highlighted the key part which the Pensions Regulator (TPR) could play.
Posted on Monday Jan 13

Drive to mega funds not in scheme members best interest

The drive to ‘mega funds’ in the DC market is the wrong place to focus to deliver the government’s aim of generating more economic growth according to LCP.
Posted on Monday Jan 13

What you must know to assess pension assets during divorce

The value of pensions is often overlooked when people go through divorce. Pensions can be a considerable asset, and the older the couple are, the more valuable it is likely to be – sometimes worth more than the family home. Pensions are often seen as an individual asset and not one that can be shared on divorce
Posted on Friday Jan 10

Choosing the right insurer more than a box ticking exercise

LCP is urging trustees to ask the right questions about financial strength when selecting an insurer for a buy-in transaction. This is vital to ensure they are fully informed when making one of the most significant decisions that they will ever make for their scheme and its members.
Posted on Thursday Jan 9

DB transfer complainants likely to receive no compensation

Rising gilt yields and falling asset values drive significant decline in redress for a typical DB transfer complainant
Posted on Thursday Jan 9

Why plans to include pensions into IHT must be rethought

The following outlines key regulatory and legislative activity impacting on the UK personal finance, pensions and financial planning industry in the coming month
Posted on Thursday Jan 9