Ruby Hinchliffe
NewsGovernment says 12.5mn people are under-saving for retirement
The Department for Work and Pensions has said that 12.5mn people are under-saving for retirement, prompting providers to call for further pension reforms.
NewsPensions industry should look ‘beyond narrow compliance’
The Pensions Regulator and the Financial Conduct Authority want the industry to look "beyond narrow compliance" and consider consumer outcomes.
NewsSingle mothers face £246,000 pension shortfall
Single mothers in the UK are facing a £246,000 shortfall in their pension pots compared with the average couple, and this is being further exacerbated by rising inflation and falling wages
NewsPension savers face ‘double’ tax hit as inflation soars
On the go: The government’s decision to freeze the lifetime allowance could yield up to £2bn for the Treasury, double the £1bn it previously projected due to a surge in inflation this year.
NewsTPR to prosecute former trustees over ‘illegal’ pension loans
Two former trustees will appear before court as part of a prosecution brought by the Pensions Regulator over allegations that the pair made illegal loans and investments.
NewsChancellor non-committal on pensions triple lock
On the go: Chancellor Jeremy Hunt says he is “not making any commitments” on the pension triple lock, just weeks after his predecessor Kwasi Kwarteng reiterated the government’s commitment to this safeguard.
NewsRogue trustees to pay £880,000 redress bill
Trustees of the BWFS Occupational Pension Scheme were found to have committed “multiple breaches of trust and many acts of maladministration” by the Pensions Ombudsman.
NewsSavers accessing pension pots for the first time rises 18%
On the go: The number of pension pots accessed for the first time in 2021-22 jumped by 18 per cent, according to new figures from the Financial Conduct Authority.
NewsLDI: L&G admits markets turmoil ‘caused challenges’ for clients
Market moves: Legal & General notes the problems posed for clients by the speed of recent rate increases, asset managers limit withdrawals from property funds, and soaring gilt yields supercharge defined benefit scheme funding levels.
NewsACA: Early pensions access could encourage people to save
On the go: Younger generations could be encouraged to save more for the long term if they were allowed to dip into their retirement savings early in order to cover urgent, essential expenditure.
NewsFCA extends DB transfer redress consultation deadline
On the go: The Financial Conduct Authority has extended the deadline for responses to its consultation looking at how it could change the way it calculates redress for those who were wrongly advised to transfer out of a defined benefit scheme.
NewsAviva faces £3.5mn Barber window pension error claim
Aviva’s application to strike out a £3.5mn professional negligence claim, allegedly due to an administrator missing the window to equalise men and women retirement ages in a scheme, has been dismissed by the High Court.
NewsOpperman resigns as pensions minister
Pensions minister Guy Opperman has resigned, becoming the 51st MP to quit their government role as calls grow louder for the UK prime minister’s leadership to end.
NewsPrime minister Boris Johnson set to resign
On the go: The prime minister has reportedly agreed to step down after a dramatic few days of resignations.
NewsOpperman: AE reforms are ‘doable’ by 2025
On the go: Pensions minister Guy Opperman remains committed to introducing auto-enrolment reform, noting that implementation of new legislation is “doable” by 2025.
NewsState pension errors continue despite correction exercise
On the go: The Department for Work and Pensions has been accused of continuing to “wrongly” tell women they have no pension entitlement when, in some cases, they were due thousands each year.
News‘Broad dissatisfaction’ felt over govt’s pensions policy
On the go: Dissatisfaction has mounted over the government’s handling of pensions policy during the past year.
NewsMaps aware living squeeze could see savers dip into their pensions
On the go: The Money and Pensions Service has said it is “mindful” of the ongoing living cost crisis and the pressure it is placing on savers’ pension pots.
NewsRegulators warn P&O staff over DB pension transfers
On the go: Regulators have warned current and former employees of P&O Ferries “not to make any quick decisions” with their defined benefit pension following mass redundancies.
NewsTimms probes Treasury on tax charges to pension scam victims
On the go: Work and Pensions Committee chair Stephen Timms has written to HM Treasury asking for “clarity” on the tax treatment of pension liberation victims.