SOCIAL SECURITY BENEFITS/STATE BENEFITS Synopsis: The DWP has issued an update to individuals who have registered their interest in topping up their State Pension via Class 3A NICs. The DWP has recently issued an update to individuals who have registered their interest in topping up their State Pension via Class 3A NICs, our Bulletin dated 3 June […]
NATIONAL SAVINGS Synopsis: The latest NS&I annual report shows that Pensioner Bonds sold more than expected. National Savings & Investments (NS&I) has just published its latest report and accounts for the year ending 31 March 2015. These show that NSI raised £18.2bn last year against £3.4bn in 2013/14. NS&I’s original financing target for 2014/15 had been £13bn […]
PENSION REFORM 2014/15 Synopsis: The ABI has set out what is required to make a secondary annuity market work. The ABI has set out what is needed to ensure that the Government’s plans to create a secondary market for the selling of annuities can work for consumers. In its submission to the Government’s consultation, the […]
Synopsis: This section looks at how divorce is dealt with when schemes are entering or are in the PPF Last Reviewed: Friday, June 19, 2015 The Pensions Act 2008 made provision to enable rights to pension compensation under the PPF to be treated in the same way as other pension benefits where a divorce is […]
ANNUAL ALLOWANCE Synopsis: In January 2015, Regulations made a number of changes to FA 2004 impacting upon the Annual Allowance. Date posted: Wednesday, May 13, 2015 Back in January 2015, the Finance Act 2004 (Registered Pension Schemes and Annual Allowance Charge) (Amendment) Order SI (2015/80). These regulation made a number of changes to Finance 2004. The […]
AUTOMATIC ENROLMENT Synopsis: The Bulletin includes details of TPR’s first auto enrolment escalating penalties. Date posted: Wednesday, May 13, 2015 The Pensions Regulator (TPR) has issued its 2015 Q1 Compliance and Enforcement Bulletin, which includes details of its first auto enrolment escalating penalties Four businesses have been issued with an Escalating Penalty Notice for failure to comply […]
PENSION REFORM 2014/15 Synopsis: As part of pensions flexibility, more people will be encouraged to transfer their pension plans. Those in ill health need to take due consideration of the IHT implications before making a transfer. Date posted: Thursday, May 07, 2015 Individuals with money purchase pension plans who are aged 55 or over (or […]
SOCIAL SECURITY BENEFITS/STATE BENEFITS Synopsis: The DWP has updated its State Pension leaflets. Date posted: Friday, May 01, 2015 The Department for Work and Pensions (DWP) has updated its State Pension leaflets, ‘Your State Pension statement explained’. The leaflets are aimed at helping people understand the information in their State Pension statement. DWP040for men born […]
Research by YouGov for Tilney Bestinvest has revealed a gap between the amount over 50s have saved into a pension and how much annual income they would like to receive for a comfortable retirement. The survey found that the favoured annual income expected upon retirement was between £15,000 and £20,000. Tilney Bestinvest calculate that a pension pot […]
Synopsis: This explains the impact of auto enrolment on those who directly employ personal carers. Does anyone you know directly employ a carer or personal assistant? If the answer is yes, you need to make them aware of their auto enrolment duties. All employers are legally required to automatically enrol certain staff into a pension […]
