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This announcement heralded the beginnings of what the media, savers, and the long-term savings industry now refer to as Pension Freedoms.
Last week witnessed the launch of a major new report with implications for all employers across the UK.
The Pensions Regulator reported earlier this year that more than 8 million workers had signed up for a workplace pension since the introduction of Auto-Enrolment (AE) requirements in the UK.
The new work and pensions minister, David Gauke recently criticised past Governments who ‘tinkered around the edges’ with pensions policy.
The Government has confirmed it will raise the state pension age (SPA) to 68 between 2037 and 2039, seven years ahead of the date range originally planned.
From the 1 October 2017, all new employers are required to immediately comply with their employer duties with regard to Auto Enrolment.
A total of £12.7bn has been withdrawn from pensions since freedom and choice was introduced in April 2015, according to latest HM Revenue & Customs (HMRC) statistics.
Gender Pay Gap reporting is well underway. The guidance states employers should use the salary after deduction for salary exchange when calculating its gender pay gap.