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Displaying items by tag: pensions

The Chancellor could introduce a limit to the tax-free lump sums taken from pensions, cut the pension annual allowance, and tax pensions when left to descendants to raise cash in the Autumn Budget.

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HMRC has reported that £2.3bn was withdrawn from pensions flexibly in Q2 - a 17% fall year-on-year from the £2.8 billion seen in Q2 2019.

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Thursday, 16 July 2020 10:32

Provider nudges could triple guidance uptake

A nudge from a pension provider drove three times as many savers to seek guidance during research by the Money and Pensions Service.

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Thursday, 02 July 2020 10:33

UK gender pension gap widens

Single male pensioners receive up to 26% more income than single female pensioners, according to a report using data complied from the Office for National Statistics.

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MPs have urged the Pensions Regulator to help employees who do opt-out due to financial difficulties during the pandemic to re-enrol than would happen normally under auto-enrolment.

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Almost 9 in 10 of eligible employees (88%, 19.2m people) have saved for retirement through their workplace pension: an increase from 55% in 2012 when automatic-enrolment began, DWP figures have said.

However, pension participation among self-employed people continued to fall from 21% in 2009/10 to 14% in 2018/19.

The annual total amount saved for eligible employees was £98.4bn in 2019, an increase of £5.3bn from 2018.

£40.5bn was saved into public sector schemes (41%), with £57.9bn (59%) saved into private sector schemes.DWP data from December 2019 showed 5.44m people were employed in the public sector (16%) compared to 27.55m (84%) people in the private sector.

Following the release of the data, Hargreaves Lansdown shared concerns about the pension savings figures for the self-employed.

Nathan Long, interim head of policy at Hargreaves Lansdown said: “The self-employed continue to be precariously placed with just a handful choosing to save into a pension, showing the existing incentives just don’t resonate. The Government will also be acutely aware that 41% of all pension contributions go to public sector employees that represent less than a fifth of all workers.”

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The Pensions Regulator has so far issued 115,459 auto-enrolment fixed penalty notices since the start of the workplace pension scheme in 2012.

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Wednesday, 10 June 2020 11:23

DB transfer values start to recover

Defined benefit transfer values rose nearly 4% during May with the number of members taking a transfer value also increasing from the record low observed in April.

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Tuesday, 09 June 2020 12:52

BW warns of pension transfer advice shortfall

Barnett Waddingham has warned that there are likely to be too few advisers to meet demand from the 120,000 pension savers a year it predicts will need DB transfer advice.

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Monday, 08 June 2020 14:54

Pension Freedom numbers head for peak

A record 1m more people will reach the Pension Freedom age of 55 his year and this ‘peak’ will last for several years, according to new analysis.

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