Chancellor Rishi Sunak ruffles feathers by leaving glaring pensions issues on the sideline
Pensions Policy Institute says £7,000 per £100,000 pension pot could have been gained
Younger savers are more likely to have altered their retirement plans
Widespread fears that HM Treasury is sending the wrong signal to savers trying to do the right thing
A quarter of savers are more likely to increase their pension contributions if they had a better understanding of the pensions tax relief system, according to research by Royal London.
HM Revenue and Customs (HMRC) has revealed a 6% rise in the amount withdrawn flexibly this quarter versus the same period last year, and a 10% increase in the number of individuals using this freedom.
Defined contribution (DC) contributions were scaled back by 11% in the second quarter of 2020 as the impact of the pandemic set in, according to the Office for National Statistics (ONS).
The BBC Pension Scheme has completed a £3bn longevity swap deal with Zurich and Canada Life Reinsurance, covering the risk of pensioner and dependent members.
The Smiths Industries Pension Scheme has secured a £146m buy-in with Canada Life in its fourth bulk annuity and its sponsor’s tenth overall.
The £2.3bn withdrawn flexibly from pensions in Q3 represents a 2% year-on-year decrease from monies withdrawn during the same months in 2019, HM Revenue and Customs (HMRC) figures show.