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 […]
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 […]
Clients have been increasingly asking advisers about the impact a potential change of government could have on their finances, a survey by Royal London has found. In the last two years, nine in ten pension advisers said clients have approached them to discuss the topic. The biggest areas of concerns include estate planning and inheritance […]
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 […]
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 […]
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 […]
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 […]
Pensions minister Guy Opperman has promised that there will be a ‘substantial’ parliamentary bill in next year’s Queen’s Speech, that will act as a ‘roadmap’ for the long- term future of private pensions.
On 6 November 2018 the state pension age for both men and women in the UK was equalised for the very first time at age 65.
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 […]
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 […]
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. […]