The Pensions Regulator (TPR) has today asked trustees to warn savers that transferring from a defined benefit (DB) to a defined contribution (DC) pension scheme during the COVID-19 crisis is “unlikely to be in their best long-term interests”.
Employers should continue to enrol, re-enrol and contribute towards workers’ pensions whether they are furloughed or not, The Pensions Regulator (TPR) has confirmed.
The Government has announced that it will cover employer National Insurance Contributions (NICs) and pension contributions of furloughed workers.
New research suggests that the average working adult in the UK plans to start taking benefits from their private pension from the age of 62, several years before the state pension kicks in at 67. State pension age in the
Recent research suggests that people who do not take financial advice were overconfident in their own financial planning abilities and could miss out on the tangible and intangible benefits that advice delivers.
Recent research suggests that one-third of adults have no idea of their saving levels and couples who would normally be considered solvent have no idea how much they would have to live on when they retired.
Recent figures from the Office for National Statistics (ONS) indicated that there are almost five million people in self-employment; however, research has suggested that this could have a major impact on millions of people’s pension savings.
New research suggests that individuals aged over 55 who have been able to do what they want with their pension pots, including drawing down up to 25 per cent of their funds tax-free, are doing so at ‘unsustainable rates’.
A recent report that compares 37 retirement systems across the globe has given the UK pension system a C+ and ranked it 14th in the world because, although it scores high on integrity, it is low on adequacy and sustainability.
New figures from HM Revenue & Customs (HMRC) show that pensions tax relief will cost the Government almost £40 billion this year, which is an increase of more than £2 billion on last year.