Quilter

The industry has criticised the government’s planned increase of the normal minimum pension age (NMPA) ahead of the close of HM Treasury’s consultation on its confirmation tomorrow.

Quilter has called upon the government to take action to clamp down on the dramatic rise in investment scams over the past year by including these within the scope of the forthcoming Online Safety Bill.

Plans to increase the normal minimum pension age (NMPA) to 57 should be annulled, or transitional protections removed, amid “scant evidence” to support the decision, says Quilter.

The Work and Pensions Committee (WPC) has urged the government and regulators to “act quickly and decisively” to protect pension savers from scams.

The government’s much-awaited ‘Tax Day’ was met with little fanfare as predictions of cuts to higher-rate tax relief again failed to materialise.

The industry has provided a predominantly negative response to the confirmation today that the lifetime allowance will be frozen at £1,073,100 until April 2026.

Savers who talk about their financial situation are less likely to become victims of a pension scam, research shows.

Occupational pensions schemes will be required to direct savers to take guidance on pension withdrawals under new provisions to boost engagement.

Investment and advice giant Quilter has called on the government to consider decoupling employee and employer contribution thresholds for auto-enrolment (AE) due to the pressures of Covid-19.

Pension scammers are “slipping through the net” as hundreds of fraud cases each year do not get passed to the police to investigate, according to Quilter.