Guidance on the ending of contracting out
19 November 2014
From 6 April 2016, when the new State Pension is introduced, contracting-out of the additional State Pension will end. Guidance issued jointly by the Department for Work and Pensions (DWP) and HM Revenue & Customs (HMRC) explains the impact of this change for employers, employees and trustees.
The new guidance comprises separate factsheets and overview documents intended for:
the 2,500 private sector employers who offer an open contracted-out salary related pension scheme employees of these employers trustees with open, contracted-out defined benefit pension schemes.
Research shows lack of understanding of changes to State Pension
19 November 2014
The Department for Work and Pensions (DWP) have issued research showing widespread ignorance of the forthcoming changes to the State Pension, along with a booklet to explain the changes.
The new State Pension replaces the current State Pension for people who reach State Pension age on or after 6 April 2016.
The new booklet is intended to help people understand how the system is changing. The launch coincides with the publication of new research carried out on behalf of DWP which confirms the lack of understanding many people have about the British State Pension system. Some 42% of people yet to retire admit they need to find out more about saving for retirement, while 38% concede they “try to avoid thinking about” what will happen when they stop working. And only 60% of all adults surveyed realise it is possible to take action to increase their State Pension.
Lesley Titcomb announced as new Chief Executive of The Pensions Regulator
24 November 2014
The Pensions Regulator has confirmed the appointment of Lesley Titcomb as its new Chief Executive.
The announcement says that Lesley Titcomb is currently Chief Operating Officer and a Board member with the Financial Conduct Authority, and will take up her new post from 2 March 2015. She said: “The UK is currently undergoing a pensions revolution. With so much fundamental change, it is important that the industry is overseen by a strong, independent pensions regulator, focused on the issues within the sector, that is respected for its technical expertise and authoritative voice. I relish the opportunity of working with the regulator’s high quality team and with other industry stakeholders to ensure that the changes and new freedoms planned for the pension system deliver clear benefits for retirement savers."
Regulator shuts down £134m pension 'liberation' schemes
CIPP Policy News Journal
08/04/2015, Page 407 of 521
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