Access to pensions at 55 blocked
Millions of savers will be blocked from transferring their pensions to access them at age 55 after the Treasury closed a loophole.
Pensions warning as divorces rise
Around 10,500 people shared their pensions as part of divorce settlements in 2020, research shows.
Pensions warning for women
Women are likely to struggle in old age as a “part-time pensions penalty’ means they will be £106,000 worse off than men at retirement, a report has warned. Working fewer hours, either to raise a family or care for elderly parents, results in a 47% reduction in women’s pension wealth compared with men by their late 50s.
Pensions schemes slammed
A new report by the Work and Pensions Select Committee, chaired by Frank Field MP, has called on pension schemes to be forced to publish charges in full, including transaction costs. At present, new rules ushered in last April recommend pension schemes publish this information, but disclosing was made voluntary rather than mandatory.
Stop pensions discrimination against women
A United Nations committee has urged the government to ensure the increase in state pension age does not have a discriminatory impact on women (pensions discrimination).
Small businesses cry out for help on pensions planning burden
Barely two months after the last small businesses moved into the auto-enrolment pensions regime, the clock is now ticking to a big increase in the cost of the scheme. From 6 April, the first day of the 2018-2019 tax year, the minimum contribution employers must make to the pension pots of their employees will double from 1% of pensionable pay to 2% (pensions planning).