All Royal London articles – Page 3
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News62 private schools exit teachers’ scheme as costs rise by 43%
A total of 62 independent schools have told the government they plan to leave the Teachers’ Pension Scheme, with more set to follow.
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ONS: Life expectancy edges up
On the go: Life expectancy in the UK has resumed its gradual increase after appearing to flatline last year, according to the Office for National Statistics.
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Widen taper consultation to fix pensions tax system, experts say
A chorus of pension experts is urging the government to extend the ambit of its consultation on the workings of the tapered annual allowance to include the private sector along with other anomalies and injustices.
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FCA lambasted for lethargy on contingent charging
The Financial Conduct Authority’s proposals to ban controversial charging structures were welcomed by the industry on Tuesday, but some have criticised the regulator for being slow to act.
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Critics rebuke Hancock's 'narrow' NHS pension consultation
The British Medical Association poured cold water on the government’s NHS pension consultation on Monday, criticising its proposal of '50:50' accrual as too narrow and calling for the annual and tapered allowance to be scrapped altogether.
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FCA's move to shrink IFA market poses trustee challenges
The Financial Conduct Authority defended its increase to the compensation limit on Wednesday, accepting that the financial advice market was shrinking but reaffirming that it will help protect consumers.
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Govt admits its pension forecasts have ‘significant’ inaccuracies
Pensions minister Guy Opperman was forced to admit “significant” problems with inaccurate state pension forecasting on Tuesday, raising fears hundreds of thousands of pensioners could be paid less than forecast.
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Housing secretary: Let young people raid pension pots for housing
Young people should have access to pension pots to help fund the deposit for their first home, housing secretary James Brokenshire said on Monday, raising the prospect of a rewrite of the UK’s pension rules.
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Ministers mulling 50/50 solution for NHS scheme
On the go: The chancellor and health secretary are reportedly considering introducing greater flexibility to the NHS pension scheme, in a bid to stave off a wave of early retirements without changing tax rules.
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Scrap ‘rotten’ taper altogether, former pensions ministers tell chancellor
Pressure is mounting on the chancellor to take action on NHS pensions, as two former pensions ministers on Wednesday called for the “fundamentally rotten” tapered annual allowance to be scrapped.
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Government urged to force matching of voluntary contributions
The government should force employers to match voluntary pension contributions made above auto-enrolment minimums, according to investment platform Hargreaves Lansdown.
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Govt greenlights dashboards but timetable questioned
On the go: Pension schemes will be allowed up to four years to submit data to the pensions dashboard, sparking concerns that services appearing later this year will not be comprehensive.
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Savers unfazed by AE contribution rises
Auto-enrolment savers have proved indifferent to a rise in their contribution rates imposed earlier this year, according to research, but the government remains unconvinced by the case for using inertia to tackle low self-employed saving rates.
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NewsNo-deal Brexit a possibility as McVey and others quit
Esther McVey has resigned as secretary of state for work and pensions amid a raft of cabinet resignations, raising speculation about the impact of a no-deal Brexit on the pensions sector.
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AE reaches nearly 10m workers, but gaps in coverage remain
On the go: A record 9,937,000 workers have been auto-enrolled into a pension scheme since 2012 according to data from the Pensions Regulator’s monthly auto-enrolment compliance statistics released on November 13.
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Half of today’s over-40s are retirement savvy
On the go: Encouragingly, half of the over-40s in the UK have sufficient basic knowledge of the factors that may influence their later-life income to avoid the worst retirement pitfalls. However, one in 14 people are at high risk of making poor financial choices.
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UK employees set to work until they drop
On the go: The number of “early retirees” is at a 23-year low, according to latest employment figures from the Office for National Statistics, signalling that despite vestiges of ageism the older worker is in the ascendant.
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Pension savers overtaxed by 'staggering' £372.5m
On the go: The government faces growing pressure to review ‘emergency tax’ treatment of pension freedoms withdrawals, after it was revealed that a staggering £372.5m has now been reclaimed by pension savers since the freedoms were launched in April 2015.
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OpinionDB transfers: Is your pension fund at risk of paying out too much?
When it comes to defined benefit transfers, it is important to focus on striking a balance between being fair to members transferring out and the majority who are left behind, says Royal London’s Steve Webb.