The latest employment figures from the ONS include some good news for the prospect of further pension saving opportunities for women and older workers.
Barnett Waddingham, the UK’s largest independent provider of actuarial, administration and consultancy services, appoints Sonia Kataora as its new Head of DC Investment.
Minimum contributions increase to 5% on 5 April. Whilst increases are a good solution from a pensions perspective, our research suggests there is a possibility the increases could negatively impact people’s finances, resulting in more people opting out.
In its Pensions Freedom report published today, the Work and Pensions Committee recommends that every pension provider offering drawdown should be required to offer a default decumulation pathway.
The Pensions Regulator’s (TPR) Employer Survey published today, shows the majority of employers are supportive of the increase in minimum contributions next month.
Following the publication of the Government’s White Paper on protecting Defined Benefit Schemes, Simon Taylor, Actuary and Partner at Barnett Waddingham, welcomes the prospect of tougher rules for rogue pension scheme sponsors and increased powers for The Pensions Regulator to enforce these.
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.