The Chartered Institute of Payroll Professionals
News On Line
Where a scheme does not allow the payment of benefits or has terms and conditions that suggest the scheme will not pay out benefits on normal retirement (for example if a customer wants to take a pension, then they have to transfer their funds to another registered pension scheme first), it is unlikely to be satisfying the wholly or mainly test
HMRC will consider de-registration of pension schemes that do not meet this requirement.
Back to contents
The dashboards available point (DAP) Published: 20 July 2023 Emailed: 26 July 2023
The Pensions Dashboards Programme (PDP) has published a video on the introduction of the dashboards available point (DAP). The DAP is the date at which pensions dashboards will be made available to the public.
The DAP is decided by the government (Secretary of State for Work and Pensions). This will be in consultation with the Money and Pensions Service, the Pensions Regulator and the Financial Conduct Authority. Government will provide at least 6 months’ notice of the DAP. The connection deadline (31 October 2026) for pension providers and schemes to connect to the central digital architecture is not the same as the dashboards available point. If pension providers and schemes connect in line with the staging profile to be set out in guidance, then the DAP could come before the connection deadline.
Read the full article, here.
Back to contents
Research: o ne in five employees are not confident planning for retirement Published: 31 August 2023 Emailed: 6 September 2023 Research carried out by Aviva investigates employer and employee attitudes to the workplace, finances, wellbeing, and planning for retirement. Below are some of the key findings from the research on planning for retirement: • 44% of 55 to 64-year- olds plan to move into ‘semi - retirement’ before they reach 65, allowing them to draw on their pension savings while continuing to work part-time • 86% of employers surveyed feel responsible for ensuring their employees save for a comfortable retirement, but 11% do not feel at all responsible • 50% of employees are confident in planning for a financially comfortable retirement, but 22% are unconfident • those employees closest to retirement age are more likely to have no idea whether they will be able to retire comfortably compared to younger workers • 72% of employees said the cost-of-living crisis has made them feel more anxious about their finances • 79% of employees would like more support from their employer about planning for a financially comfortable retirement • 41% of employees would like more information on how to build up a pension pot, and 45% would like more information on how to make a pension last throughout retirement • 20% of employees said their employer provides enough support already. 20% employers said they only provide the minimum retirement planning information which is required • 31% of employers do not provide employees with any information about tracking down their pensions • 62% of employees who have more than one pension have not consolidated them, and a further 18% have not even considered it. Employees are most likely to check their pension once a year (17%), never (16%), or once a month (11%). 30% of employees do not know how many pensions they have • 74% of employees think it's important to have climate-friendly policies in the workplace.
Emma Douglas, Director of Workplace Savings and Retirement, said:
cipp.org.uk
Page 245 of 314
Made with FlippingBook - Online magazine maker