All State pension articles – Page 6
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NewsWaspi women ‘frustrated’ at ombudsman delays
On the go: Campaign group Women Against State Pension Inequality have spoken of their frustration after “waiting for months” for the Parliamentary and Health Service Ombudsman to make a decision regarding their case.
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NewsBridging pension option smooths Rolls-Royce scheme restructure
The introduction of a bridging pension option in the Rolls-Royce UK Pension Fund has helped smooth the transition for its members following a scheme restructure announced in May 2020.
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Calls for government to review minimum pension age hike
On the go: Wealth manager Quilter has called on the government to reverse proposals to raise the normal minimum pension age to 57, saying the move is complex and will do little for people’s retirements.
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Supreme Court rejects BackTo60 state pension appeal
On the go: An appeal against state pension age changes for women born in the 1950s has been denied by the Supreme Court, leaving campaigners disappointed after hopes of a return to the old pension age.
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HMRC sets final GMP reconciliation deadline
On the go: HM Revenue & Customs has set July 31 as the final deadline for defined benefit schemes to request their final guaranteed minimum pensions reconciliation data cuts.
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Govt chooses full indexation of GMPs for public sector schemes
The Treasury has decided to abandon the idea of converting guaranteed minimum pension benefits in public sector schemes, opting for a permanent extension of full indexation, which will be more expensive for private pension funds that are forced to mirror government rules.
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NewsNormal minimum pension age set to increase to 57 in 2028
HM Treasury outlined plans on Thursday confirming the government’s intention to raise the normal minimum pension age from 55 to 57 in April 2028, while devising a “protection regime” that ensures some scheme members retain their current rights.
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DB scheme trustees to revisit thousands of past transfers
On the go: Trustees of defined benefit schemes will have to revisit pension transfers from the past 30 years if the individual had contracting-out benefits, and provide a top-up if necessary.
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DWP still keeping millions in the dark over loss of GMP top ups
Millions of people are still unaware of the loss of a valuable indexed guaranteed minimum pension benefit to their state pension since 2016, as the Department for Work and Pensions still has not complied with a Parliamentary and Health Services Ombudsman ruling to inform the public of this deprivation.
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Lifetime allowance to rise 0.5 per cent next year
On the go: The pensions lifetime allowance is set to rise to £1,078,900 after inflation was confirmed at 0.5 per cent on Wednesday.
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DC contributions too small to allow for sustainable retirements
Stagnant incomes, rising wealth inherited later in life, and the relative poverty of defined contribution schemes compared with older defined benefit schemes are all factors that threaten the sustainability of retirement income, according to speakers at the Pensions and Lifetime Savings Association’s annual conference.
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Govt consultation suggests abandoning GMP conversion
The Treasury has indicated it may axe guaranteed minimum pension conversion in a new consultation, with experts citing administrative costs as a reason to ditch the idea.
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Govt confirms triple lock boost despite scepticism
On the go: The government has confirmed it will maintain the triple lock and increase the state pension in 2021-22, despite suspicions it would be scrapped due to Covid-19.
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Women state pension claims dismissed in appeals court
On the go: The Court of Appeal has backed a previous High Court judgment and rejected claims that the increase in the state pension age affecting women born in the 1950s was discriminatory.
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Pensions freedom age to increase from 55 to 57
On the go: The government has confirmed it will increase the age at which people can access their pension from 55 to 57 in 2028.
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Chancellor spares pensions tax relief and triple lock for now
On the go: Pensions tax relief and the triple lock have once again been spared by the chancellor of the exchequer, although changes to these costly policies are expected down the line.
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Widespread industry support for regulator’s Covid-19 response
On the go: Industry professionals are “overwhelmingly positive” about the Pensions Regulator’s response to Covid-19, though they remain pessimistic about future prospects, according to a report from the Pensions Management Institute.
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Covid-19 leads to unexpected interest in bridging pensions
On the go: The coronavirus pandemic has led to an increase in the number of defined benefit scheme members looking to bridging pensions, according to a report by Aon.
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HMRC to issue GMP final ‘outdated’ data cuts in July
HM Revenue & Customs plans to provide defined benefit schemes with final guaranteed minimum pension data cuts by the end of July, despite confirming that some of this information might be out of date and unreliable for use in rectifying incorrect payments.
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NewsDWP steps in at Lloyds’ GMP past transfers hearing
Government lawyers have dealt a blow to trustees hoping not to have to apply guaranteed minimum pension equalisation to past transfers, branding the argument from Lloyds Banking Group in a high-profile court case “misconceived”.