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saving the norm for young adults and enable them to begin to start saving earlier. In addition, the removal of the LEL will further boost the amount of people in a workplace pension and the amount saved for retirement.
Minister for pensions, Laura Trott said:
‘‘Doing this will see the government deliver on our commitment to help grow the economy and support the hard - working people of this country, particularly groups such as women, young people and lower earners who have historically found it harder to save for retirement.’’
Conservative MP, Jonathan Gullis said:
‘‘Auto -enrolment of pensions will benefit scores of young people in all four corners of the country, which is why I am delighted that Minister for Pensions Laura Trott is supportive of the bill.
With all the evidence of the huge positive impact it can have, it is a no-brainer that we now need to extend auto- enrolment to those aged 18 and above. I am confident this Bill will make a huge difference to people from Kidsgrove to Consett.’’ Payroll professionals should note that this Bill will not result in any immediate change and the outcomes from this proposal will be reported to inform the implementation approach and timing. The CIPP will provide further updates on the Bill once released.
The full article can be read here.
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State Pension age review 2023 Published: 30 March 2023 Emailed: 5 April 2023
The latest government State Pension age review has been released and confirms what rumours in recent days have speculated, the decision to increase the age to 68 has been delayed.
The review states the slowing of life expectancy growth as a major reason for delaying the decision. However, it did also note uncertainty over the figures because of significant external challenges, such as the pandemic.
There will therefore be a further review within the first 2 years of the next parliament. The next general election can take place no later than 28 January 2025, so this review will be expected by early 2027 at the latest. This would still allow the ten years notice of changes what the government is committed to should the raise to 68 still be brought forward to between 2037/39.
The rise in State Pension age from 66 to 67 is still scheduled to take place between 2026/28.
The report goes into detail on the calculation of life expectancy, pension related expenditure and the recommendations made in Baroness Neville- Rolfe’s report .
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Pensions Dashboards
The Pensions Regulator launches the "Deadline" campaign for trustees Published: 24 June 2022 Emailed: 29 June 2022
The Pensions Regulator (TPR) has launched a new campaign to remind and support trustees to prepare for pensions dashboards duties before the deadline.
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