A Pension Schemes Bill was mentioned right at the start of the King’s Speech, underlining the importance the Government attaches to changing pension investments, partly through consolidation. Read our update: https://ow.ly/G3EE50SF3j3 The Government has said this will include a standardised test for DC schemes to demonstrate value-for-money, while a requirement to offer retirement income options is positioned as giving people ‘a pension and not just a savings pot’. There will be a legislative regime for defined benefit superfunds. Other DB proposals – such as consolidation via the PPF or changes in rules on access to surplus - were not mentioned but could be brought forward later. #pensions #DefinedContribution #DefinedBenefit
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A Pension Schemes Bill was mentioned right at the start of the King’s Speech, underlining the importance the Government attaches to changing pension investments, partly through consolidation. Read our update: https://ow.ly/S16Y50SF3c1 The Government has said this will include a standardised test for DC schemes to demonstrate value-for-money, while a requirement to offer retirement income options is positioned as giving people ‘a pension and not just a savings pot’. There will be a legislative regime for defined benefit superfunds. Other DB proposals – such as consolidation via the PPF or changes in rules on access to surplus - were not mentioned but could be brought forward later. #pensions #DefinedContribution #DefinedBenefit
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The Ontario government has posted draft regulations for Target Benefit Pension Plans (TBPs). Set to take effect on January 1, 2025, feedback on the draft regulations is open until August 12th. In this article, Dean highlights why multi-employer pension plans should start reviewing these rules and consider transitioning to TBPs; developing transition plans and policies on funding, benefits, governance, and communications will be essential. https://lnkd.in/gQ9-eTqN #actuarialsolutionsinc #actuary #pensions #tbp #ontario #retirement #fiduciary #government
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64% tax on inherited pensions? Let’s rethink this. AJ Bell is calling on the Government to reconsider its proposals to subject unused pension assets to inheritance tax. The plans proposed by the Chancellor could cause complexities for families and risk eroding confidence in pensions, which are a cornerstone of retirement planning. Here’s the letter that our CEO, Michael Summersgill, wrote to the Chancellor: https://lnkd.in/efE2zj5r
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Muti award-winning Chartered Financial Planner, Certified Coach, author of The Money Plan, and Sunday Mirror columnist
🔹 State Pension Triple Lock Secured for Now 🔹 Good news for pensioners in the latest budget: the state pension triple lock remains in place. This means that state pensions will increase in line with the highest of earnings growth, inflation, or 2.5%. For retirees, this provides welcome security and keeps pace with the cost of living. But remember, while the triple lock is maintained, other aspects of retirement income—like personal pensions—may benefit from additional planning under new tax rules. #Pensions #StatePension #RetirementPlanning #TripleLock #UKBudget2024
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Our Senior Client Relationship Manager, Katie Stone, has been featured in the June issue of PensionsAge, discussing the importance of financial advice for retirees. For their Question of the Month, Pensions Age asks: Research has shown that many pension holders are retiring without taking financial advice. How big of an issue is this, and what can the industry do to increase the uptake of retirement advice? Despite efforts from pension schemes to provide ‘at-retirement advice’ services, uptake rates remain low. Katie emphasises the need for more effective strategies to increase engagement and ensure members make informed retirement decisions. Read the full article and explore more insights here: https://lnkd.in/dTqyHFm #RetirementPlanning #FinancialAdvice #PensionsIndustry #TrafalgarHouse #Pensions #PensionScheme #Trustee #PensionFunds #FinancialServices #PensionsUK #FinalSalary #DBPension #DCPension #ProfessionalTrustee #PensionTrustee
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🔮 Are pension reforms on the horizon? The 2024 UK General Election has reshaped our political landscape, but what does this mean for pensions? 💷 Our expert, James Jones-Tinsley, breaks down potential reforms that could impact retirement planning for millions: * Abolition of the Lifetime Allowance * Changes to pension tax relief * Revisions to pre-75 death benefits * Possible alterations to the State Pension Triple Lock Read our latest blog to stay informed and prepared for the changes ahead. https://lnkd.in/exHnZM4E #PensionReform #UKPolitics #RetirementPlanning #FinancialAdvisory
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5 decades of pension history. If you want a nostalgic and informative read this report is the one to read.
As Capita Pension Solutions marks its 50th anniversary, we're sharing highlights from the new Pensions Policy Institute (PPI) report on how economic, demographic, and technological changes have transformed pension schemes and retirement planning in the UK over the past five decades. Did you know that in 2014, house prices continued to rise, outpacing wage growth and making homeownership challenging for many? Despite legislative advances, the average salary for women aged 40-49 was £18,300, compared to £32,000 for men. However, the introduction of automatic enrolment in 2012 brought more people into pension saving, increasing participation rates. Download the full PPI report, sponsored by Capita Pension Solutions to find out more 👇 #CreatingBetter #Pensions #Retirement Anish Rav Chris Clements Stuart Heatley
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On Thursday 24 October 2024 the Pensions Policy Institute will be issuing the findings from our 2024 Lost Pots Survey, which reveal the most recent trends around the issue of lost pots including: 1️⃣ How numbers and values of lost pensions have changed compared to previous surveys. 2️⃣ Have schemes’ definitions or processes relating to lost pensions changed over this period? 3️⃣ How may current and future policy developments alter the lost pensions landscape and how may this impact retirement outcomes? If you would like to receive notification of the publication of these figures please email Danielle Baker ✉ danielle@pensionspolicyinstitute.org.uk. ✉ This research has been supported by Association of British Insurers and Pensions and Lifetime Savings Association #lostpots #pensions #retirement #lostpensions #payyourpensionsomeattention #campaign #survey #data #retirementsaving #policy #pensionsdashboard #retire #pension #saver
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