Quilter

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.

The government has confirmed the minimum pension age will rise from 55 to 57 by 2028 to coincide with the rise in the state pension age to 67.

NHS Pension Scheme members in England and Wales have been given a further six months to take advantage of the voluntary scheme pays process for the 2018/19 deadline.

The number of savers opting to withdraw a tax-free lump sum from their pension has dropped more than 53% since the start of the coronavirus pandemic, according to the Association of British Insurers (ABI).

HM Revenue & Customs (HMRC) must evaluate the benefits that are provided by pensions tax relief, MPs have said amid concerns the tax office does not understand the impacts.

The first three months of 2020 spelled the end of the longest bull market in history as the combined impact of the coronavirus pandemic and the oil price collapse caused havoc in most asset classes.

The government has been urged to extend the scheme pays deadline for NHS Pension Scheme members in light of the Covid-19 crisis.