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According to figures published by the Government earlier this month, 38% of working age people (equivalent to 12.5 million) are under saving for retirement when measured against the DWP’s target replacement rates. When savings are compared with the PLSA’s Retirement Living Standards, only 49% of working age people are on track for a moderate standard … Read more
In the biggest act of pensions tax simplification in many years, the Chancellor has today announced that the Lifetime Allowance will be abolished from April 2024 (with the Lifetime Allowance tax charge being removed from April 2023). He also announced an increase in the Annual Allowance from April 2023. While the abolition of the lifetime … Read more
In the latest podcast from Herbert Smith Freehills’ pension team, Michael Aherne, Partner, is joined by Alex Hutton-Mills, Co-founder and Head of Pension Corporate Finance at Cardano Advisory, to discuss corporate transactions involving occupational pension schemes and how the UK’s regulatory framework has changed over the past decade. In particular, Michael and Alex discuss: The … Read more
On 7 February, the Bank of England (the Bank) and His Majesty’s Treasury (HM Treasury) jointly published a Consultation Paper on the development of a Central Bank Digital Currency (CBDC) for the UK (or a digital pound). The three key takeaways in respect of a likely digital pound are: No final decision has been made on whether there will be … Read more
The immediate panic caused by the liquidity crisis that affected a large number of defined benefit (DB) pension schemes invested in liability driven investment (LDI) funds in September and October 2022 has now passed. However, a great deal of attention continues to be focused on understanding the causes of the crisis, ensuring steps are taken … Read more
Here is the latest edition of our Pensions Planner, which will help you identify the key pension issues your scheme or organisation needs to address in the coming months. The latest edition covers: the potential impact of the draft new funding Code for DB schemes actions trustees should be taking to address the risks faced … Read more
The Minister for Pensions, Laura Trott MP MBE, has today unveiled a range of measures which are designed to reduce the inequality between DB and DC pensions by delivering better value for DC savers and boosting fairness, predictability, and adequacy across the private pensions sector. The measures include: a call for evidence on addressing the … Read more
The Pensions Regulator has published guidance for trustees of defined contribution (DC) schemes (including master trusts) on Supporting Defined Contributions Savers in the Current Economic Climate. It follows on from the Regulator’s previous statement issued in the light of the bond market crisis in September / October 2022. Although DC schemes are not directly impacted … Read more
At the start of a new year, attention inevitably turns to what lies ahead. After a year of economic and political turmoil, one hopes we are entering calmer waters. But what can we expect for UK pensions in 2023? In short, it will be the year of funding, finding and finessing workplace pensions. Funding It … Read more
