New pension scheme type launched

Collective Defined Contribution pension schemes, or CDCs for short, will offer an alternative to the UK’s two primary pension scheme models, Defined Contribution (DC) and Defined Benefit (DB). CDCs have the potential to provide improved retirement returns for savers, with more predictable costs for employers. Both employers and employees contribute to a collective fund from … Continue reading New pension scheme type launched

Tens of thousands will be helped to take stock of their work, wellbeing and finances through the DWP’s “Mid-life MOT” initiative.

The Mid-life MOT is a review for workers in their 40s and 50s that helps them take stock of their finances, skills and health, and enables them to better prepare for their retirement and build financial resilience. As part of the expansion, Mid-life MOTs will be delivered online, in the private sector and through the … Continue reading Tens of thousands will be helped to take stock of their work, wellbeing and finances through the DWP’s “Mid-life MOT” initiative.

New support to help over 50s back into work

The government announces millions of pounds of new measures to tackle unemployment amongst the over 50s on benefits. New measures set to help quarter of all jobseekers get back into workMulti-million package will increase jobcentre support for over 50s including those thinking about retirementLong term unemployed will be referred to the multi-billion-pound Restart Scheme which … Continue reading New support to help over 50s back into work

New measures protect pension savers from scams

New measures to protect pension savers and help stop scam transfers in their tracks became law Monday 8th November 2021. The new regulations, which come into force on Tuesday 30th November 2021 mean suspicious transfers can be stopped from ending up in the hands of a fraudster, as pension trustees and scheme managers get new … Continue reading New measures protect pension savers from scams

Pension tax relief response – new NPA top-up

Following concerns expressed to government on a purported tax relief anomaly between the Net Pay Arrangement where tax relief at the employees prevailing tax rate is given versus Relief At Source where a 25% top up is applied regardless. The government was concerned about the potential for a low-earning individual’s take-home pay to be affected … Continue reading Pension tax relief response – new NPA top-up

Final claims for the Statutory Sick Pay (SSP) Rebate Scheme

The SSP Rebate Scheme closed on 30‌‌th September 2021 and employers have until 31‌‌st December 2021 to submit any final claims, or to amend claims already submitted.  As a reminder, if an employer with fewer than 250 employees and paid SSP to employees for sickness absence or self-isolation that was coronavirus-related on or before 30th‌‌ ‌September 2021, the employer was … Continue reading Final claims for the Statutory Sick Pay (SSP) Rebate Scheme

Annual review of State Pension and Industrial Death Benefit rates

The Secretary of State for Work and Pensions explains uprating for State Pension and Industrial Death Benefit in relation to the general level of earnings for 2022 to 2023. Oral statement to Parliament With permission, Madam Deputy Speaker, I will make a statement on the annual up-rating of State Pensions and survivors’ benefits in Industrial … Continue reading Annual review of State Pension and Industrial Death Benefit rates

Home Working impact on older workers

The Office for National Statistics report shows that the shift towards working from home seen during the coronavirus (COVID-19) pandemic may have helped enable older workers to remain in the labour market for longer. The report shows: Early exit of older workers from the UK labour market, between the age of 50 years and prior … Continue reading Home Working impact on older workers