TPR has, however, clarified, throughout the pandemic, that employers continue to have pension duties and that it is still monitoring compliance, acting accordingly where required. Employers who have committed serious breaches have continued to be targeted to ensure the protection of staff contributions.
As easements relating to COVID-19 are lifted, normal levels of enforcement activity are resuming. TPR is currently launching a new advertising campaign to remind employers of their continued pension duties towards their staff.
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From 2028, the age at which pensions can be accessed will increase from 55 to 57 7 September 2020
In a written response to Parliament, Economic Secretary, John Glen has confirmed that the government will increase the age at which people will be able to access their pensions, from the current age of 55, to 57, from 2028.
He stated:
“In 2014, the government announced it would increase the minimum pension age to 57 from 2028, reflecting trends in longevity and encouraging individuals to remain in work, while also helping to ensure pension savings provide for later life.
That announcement set out the timetable for this change well in advance to enable people to make financial plans and will be legislated for in due course.”
This intention was first put forward back in 2014, but there was never any associated legislation, leading many pension professionals to ask whether the changes would ever actually happen. Current pension freedom rules, implemented in 2015, mean that individuals aged over 55 can opt how and when to draw down their pensions, but this will change from 2028.
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TPR forces fraudster to repay near ly £300,000 defrauded from charity’s pension scheme 8 September Patrick McLarry, a former charity boss, has been ordered to repay £286,852 to the Yately Industries for the Disabled Pension Scheme to compensate members for the sums he stole, after appearing at Salisbury Crown Court on 4 September. In addition, he was also ordered to pay £71,477 to cover legal costs incurred by The Pensions Regulator (TPR).
Payment for these amounts need to be made in full within three months or Mr McLarry will face an additional three- year prison and will still be required to pay the monies back into the scheme.
Erica Carroll, TPR’s director of enforcement, said:
“ McLarry abused his position to steal money from the scheme’s members, money which was supposed to help pay for their retirement. Instead, he spent the money on himself.
He received a lengthy jail sentence for his crime and quite rightly he must now return the money he stole back to the pension scheme for the benefit of its members. If he fails to hand over the cash, he will have to serve an extra three years in jail and still have to pay up.
The Chartered Institute of Payroll Professionals
Payroll: need to know
cipp.org.uk
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