Labour Party’s choice of LTA as election battleground branded ‘short-sighted’ The Labour Party’s denouncement of the government’s plan to scrap the lifetime pension allowance as a “£1bn bung to the richest 1%” is short-sighted, Barnett Waddingham says. TPR authorises Royal Mail as UK’s first CDC scheme The Pensions Regulator has …
Read More »All the strikes this week as NHS, Royal Mail, DWP, border staff and rail workers to walk out before Christmas
Christmas is just a few days away and in a bid to secure fairer working conditions and better pay, a raft of workers are set to walk out. Among those striking for better deals include NHS nurses, paramedics, Border Force passport officers, driving examiners and DWP staff, as well as …
Read More »Extra DWP benefits this Christmas and when they will be rolled out
The cost of living crisis has hit many households hard and as the days continue to get colder costs will only be going one way. The Department of Work and Pensions (DWP) provides crucial support to these households to keep them afloat. Over the Christmas period many of them will …
Read More »CDC could be 'transformative' but 'many complexities' exist – Professional Pensions
The schemes allow savers to pool money into a single fund which pays an annual income. The first company expected to open a CDC scheme is Royal Mail, … Source link
Read More »UK pension schemes call for AVC stronger nudge exemption
A number of large UK pension schemes have written a joint letter to the Work and Pensions Committee (WPC) to raise concerns about the application of new stronger nudge requirements in certain circumstances. The letter raised specific concerns in relation to defined benefit (DB) schemes with defined contribution (DC) additional …
Read More »CDC schemes set to report on their ‘ongoing viability’
The government’s response to the fourth recommendation of the Work and Pension Committees’ (WPC) 24 design reforms laid down in January – published yesterday (27 April) – addressed the question of whether it would publish a framework for assessing the success of the Royal Mail CDC scheme and other early schemes. …
Read More »All the key financial changes affecting millions of people in April
April is a month of financial change bringing with it energy price hikes, a rise to benefits delivered by both the Department for Work and Pensions (DWP) and HM Revenue and Customs (HMRC), increases to the National Living Wage, Council Tax and National Insurance Contribution deductions. But there’s a lot …
Read More »Age-related contributions a potential ‘game changer’ for CDC
Allowing the use of age-related contributions in collective defined contribution (CDC) schemes could be a “game changer” in making CDC more appealing to a wider range of schemes and ensuring fairness for younger savers, according to LCP. Pensions Minister, Guy Opperman, yesterday (28 March) signaled his intent to hold a …
Read More »Royal Mail pushes ahead with CDC plans following member consultation
Royal Mail Group (RMG), the Communication Workers Union (CWU) and Unite the Union have confirmed plans for a new collective pension scheme following a successful consultation process, with the scheme to be launched by the end of 2022 or early 2023. The positive outcome to the consultation, which was launched …
Read More »Breaking: CDC legislation to come into force from 1 August 2022
The government has confirmed that draft legislation for single or connected employer Collective Money Purchase (CMP) schemes will come into force from 1 August 2022, subject to parliamentary approval. In the government response to its recent consultation on the draft regulations, the Department for Work and Pensions (DWP) highlighted the …
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