It was confirmed in a joint statement this morning that The Financial Conduct Authority (FCA) and The Pensions Regulator (TPR) are working together on a pensions regulatory strategy which will set out how they will work together to tackle the key risks facing the pensions sector in the next 5-10 years.
ONS have released its latest data in relation to pension provision by the self-employed, Malcolm McLean, senior consultant at Barnett Waddingham believes these latest figures show the “how big the problem is.”
The latest ONS Wealth and Assets Survey covering the period July 2014 to June 2016 published today shows that: • Aggregate total private pension wealth of all households in Great Britain • 49% of individuals aged 16 to 64 years had a form of active private pension that they were contributing to • 66% of employees were actively contributing to a private pension scheme compared with 25% of self-employed • Median public sector occupational pension wealth was £80.000 compared to median private sector occupational wealth of £15,000
The announcement that David Gauke is to leave the DWP after little more than six months has not gone down well in the pensions industry. Mr Gauke’s replacement is Esther McVey who was appointed after the former Education Secretary Justine Greening turned the job down.
The government announced over the weekend plans to bring in changes to automatic enrolment in the mid-2020s. The plans, which will require legislation, involve: proposals will cost employers an extra £1.4bn a year, and the government an extra £600m in tax relief a year.
Our Workplace Health and Wealth (WHW) team continues to expand with the appointment of a highly experienced employee benefits consultant.
The chancellor, Philip Hammond, has today, Tuesday, 22 November, given his Autumn Budget 2017 Following the speech Malcolm McLean, Senior Consultant at Barnett Waddingham shares his views on the apparent lack of pensions.
A fairly quiet budget is expected for pensions overall on 22 November, albeit with the possibility of some further changes being announced on tax reliefs and the allowances associated with them.
Barnett Waddingham has received a ‘Gold Award’ from the independent Investor in Customers (IIC) assessment process for its pension administration service.
Two thirds of UK workers admit to coasting or struggling in the workplace with just 18% reporting they’re flourishing, finds a survey published today by Barnett Waddingham.