Pensions

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TPR fines employer £350k for pension failures

The Pensions Regulator says employers should not avoid auto-enrolment rules after it fined a business £350,000 for ignoring them. An unnamed employer, which has 5,000 staff, allowed an escalating penalty notice to grow before correctly re-enrolling staff into the company pension scheme and paying the right contributions. The anonymous case study is included in TPR’s […]

Hartley Pensions buys collapsed Sipp administrator

The joint administrators of GPC Sipp have sold it to Hartley Pensions for an undisclosed sum. Adam Stephens and Henry Shinners of Smith & Williamson were appointed as joint administrators of GPC with the consent of the FCA on June 11, 2019. The deal was completed on August 12 and transfers the Sipp and SSASs […]

Defaqto launches guide to help advisers on default pension funds

The independent financial advice business Defaqto has today launched its 2019 guide to workplace pensions default funds. The analysis reveals the key factors advisers should be aware of, understand and consider when reviewing default funds. The guide serves as a resource to allow advisers to compare schemes and assess performance, as well as counting towards […]

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Govt accused of ‘sneaking out’ pensions tax figures

Former pensions minister Steve Webb has accused the government of “sneaking out” new figures that show pensioners are paying more income tax on their pensions than previously thought. Earlier this week HM Revenue and Customs published annual figures showing pensioners paid £17.9bn in income tax on their pensions in 2016/17 and £18.4bn in 2017/18. But […]

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Collapsed Sipp firm’s 3,600 creditors could wait years for redress

Over 3,500 unsecured creditors who lost money with collapsed Lifetime Sipp Company will take “several years” to resolve according to an administrator’s report. The report on Companies House from 2 April sheds light on how difficult it is proving to handle 3,600 unsecured creditor claims valued at £56.5m: “There continues to be significant delays in […]

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Annual allowance breaches double with taper introduction

The number of people reporting annual allowance breaches more than doubled in the 2016/17 financial year when the tapered annual allowance was introduced. A Freedom of Information Act Request from Curtis Banks to HM Revenue and Customs sheds light on how the annual allowance is affecting savers. The document given to Money Marketing breaks down […]

Trustees hit with fine over three-year investment delay

The Pensions Regulator has issued an unprecedented fine to four master trust trustees, who failed to promptly invest £1.4m in contributions from 9,081 members. In January 2017, trustees of the Salvus Master Trust reported that the pension contributions, which had been made since 2014, were not yet invested. Trustees are required by law to process and invest contributions from employers and […]

File image of a pension savings pot
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Small pots most likely to cash out, research finds

The size of an individual’s pension pot is a key factor in determining how they exercise their pension freedoms at retirement, according to research from the Pensions Policy Institute. In a paper published yesterday the PPI looks at how the introduction of freedom and choice in pensions has opened up new ways for individuals to […]

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Claimants to pursue Liberty Sipp over unregulated investments

A group of 27 investors is taking action against Liberty Sipp over allegations it was responsible for losses incurred from risky investments. Wixted & Co Solicitors has issued a case in the Circuit Commercial Court in Bristol against Liberty Sipp. The firm is also acting on behalf of investors in a claim against Berkeley Burke. […]