June 2022 HMRC Employer Bulletin

HMRC have published their June 2022 edition of the employers bulletin. It covers a multitude of topics. A primary focus is on the National Insurance changes which come into force from 6th July 2022. Topics covered include: PAYE Changes to our webchat service Increase in National Insurance thresholds Basic PAYE Tools — additional in-year release … Continue reading June 2022 HMRC Employer Bulletin

Eligible pensioners urged to apply for Pension Credit

Pensioners and their loved ones are being urged to take-up Pension Credit, as a new campaign is launched to help those of pension age with the cost of living. New statistics show many pensioners could be missing out on Pension Credit, a vital financial boost that can be worth over £3,300 a year. Starting April … Continue reading Eligible pensioners urged to apply for Pension Credit

New measures introduced to protect savers and boost pension guidance take-up

New rules to ensure savers are fully informed of their options when seeking to access their pension pots became law Monday 17th January 2022. The “Stronger Nudge to pension guidance” measures, which come into force on 1st June 2022, will require occupational pension schemes to present guidance as a routine part of accessing pension savings. … Continue reading New measures introduced to protect savers and boost pension guidance take-up

New CDC pension scheme one step closer

A new type of pension scheme delivering reliable returns – and potentially boosting retirement incomes for millions, will soon become a reality after regulations were laid in Parliament. The new Collective Defined Contribution pension will see both the employer and employee pay into a collective fund, with pensions paid out from this shared pot. Benefits … Continue reading New CDC pension scheme one step closer

New rules put pension savers’ interests first

Plans to protect small pension pots from being eroded by charges will be introduced in April 2022. Hundreds of thousands of people will benefit from the new rules outlined by the Department for Work and Pensions (DWP) Tuesday 9th November 2021, which will introduce a threshold at which pensions providers will no longer be able … Continue reading New rules put pension savers’ interests first

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

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

Increasing the normal minimum pension age: consultation response

In its response to the consultation on how to implement the normal minimum pension age increase and the proposed protections framework, the government will legislate in the Finance Bill to increase the normal minimum pension age from 55 to 57 on 6th April 2028. This is the age at which most members of registered pension … Continue reading Increasing the normal minimum pension age: consultation response

Savers urged to be savvy before shifting savings

Plans to support savers seeking access to their pension pots agave been outlined in a change to ensure people are fully informed before moving their money. Currently, when people want access to their savings, their pension scheme is only required to tell them that free, impartial guidance is available from Pension Wise. New “Stronger Nudge” … Continue reading Savers urged to be savvy before shifting savings

Employers: Your business might have changed, but your workplace pension duties haven’t.

The Pensions Regulator is reminding employers that while the workplace has changed due to the pandemic, their workplace pensions duties have not. All employers have a legal duty to automatically enrol eligible staff into a workplace pension and pay in the correct contributions for them. While these are uncertain times for all employers, they must … Continue reading Employers: Your business might have changed, but your workplace pension duties haven’t.

Simpler information to transform pension understanding for savers

Savers will have a much clearer picture of their pension pots from next year, thanks to government plans to introduce simpler annual statements. Under new regulations to be outlined this week, the government will require pension schemes to issue their members two-page documents highlighting in simple terms key information including the size of the saver’s … Continue reading Simpler information to transform pension understanding for savers