🚨 OUT TODAY: ‘Scrap all pensions tax relief and national insurance rebates, replacing them with ‘savings bonuses’, top pensions expert Michael Johnson says The proposals form part of a broader plan for a simpler, fairer and more sustainable pensions landscape. It presents a pensions framework that considers, as a coherent whole, the three main sources of retirement income; the State Pension, and personal and workplace-derived savings. It pulls together proposals made in 30+ separate papers, written over the last 15 years. One of the main proposals - scrapping all pensions tax relief and national insurance rebates, and replacing with savings bonuses - is designed to increase more people to save, would save the public purse at least £10 billion each year, and provide a radical simplification of individuals’ tax affairs. Read the briefing: https://lnkd.in/eAPWS8Gs #pensionspolicy #retirementsaving #ukpensions #statepension #retirementincome
Social Market Foundation’s Post
More Relevant Posts
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Financial Planning Consultant | Regulated Financial Adviser | Guiding Professionals & Aspiring U/HNWIs to build generation wealth and security
🔔 Key Update for UK Employers from The Pensions Regulator As a UK Financial Planner, I want to highlight a significant change by The Pensions Regulator (TPR) affecting Group Pension Schemes. This update emphasises the importance of precise monitoring and reporting in workplace pensions. 🆕 What Changes Are Coming? From May 2024, it will be compulsory for employers to provide a worker’s pensionable earnings each time they submit a contribution. This aligns with TPR's guidelines to ensure accurate and transparent pension management. 📊 As financial planners, it's our duty to guide employers through these changes, ensuring compliance and safeguarding employee pensions. #FinancialPlanning #Pensions #TPR #Compliance
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📢 Introducing our new #LCPOnPoint paper outlining our four strategies for locating lost workplace pensions 📢 An estimated £27 billion is currently sitting in 2.8 million lost pension pots. LCP has developed four effective strategies to help individuals locate their lost workplace pensions. Our whitepaper outlines the best ways to find lost workplace pensions. These pensions are often from previous jobs, where individuals may no longer have any paperwork or communication from the pension provider. We offer guidance on how to gather relevant paperwork to find contact details and policy numbers for pension schemes, along with other valuable tips. Discover the four strategies here: https://bit.ly/450I52d
On point paper: The LCP guide to finding your lost pensions
lcp.com
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📢 A crucial read for all employees and anyone in the pension and collection agency sectors! 🌟 The industry leader LCP has just released a practical whitepaper outlining four pivotal strategies for locating lost workplace pensions. With an estimated £27 billion lost in 2.8 million pension pots, this is a must-read. Ever wondered if you have a hidden treasure trove from a previous job? 🤔 Their whitepaper is your map to finding it. From gathering relevant paperwork to securing policy numbers, these tips are gold. #LCPonpoint
📢 Introducing our new #LCPOnPoint paper outlining our four strategies for locating lost workplace pensions 📢 An estimated £27 billion is currently sitting in 2.8 million lost pension pots. LCP has developed four effective strategies to help individuals locate their lost workplace pensions. Our whitepaper outlines the best ways to find lost workplace pensions. These pensions are often from previous jobs, where individuals may no longer have any paperwork or communication from the pension provider. We offer guidance on how to gather relevant paperwork to find contact details and policy numbers for pension schemes, along with other valuable tips. Discover the four strategies here: https://bit.ly/450I52d
On point paper: The LCP guide to finding your lost pensions
lcp.com
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Partner and Head of Pensions at Hogan Lovells, specialising in advising pension funds, employers and pension providers
If you want an overview of what all the manifestos say on pensions and other issues related to later life, have a look at this excellent summary from the PPI.
General Election 2024 Briefing Paper #3 - Manifestos and later life provision | Pensions Policy Institute
pensionspolicyinstitute.org.uk
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Very good Alistair McQueen - we know that people project how processing a particular peice of communication is going to make them feel before deciding to process it or not. This is even more true as people age. Looks like work to be done in persuading people that knowing more about their pension is going to make them feel good!! #behaviouralscience #behaviouralpsychology #financialinsights
New research from Department for Work and Pensions (DWP) finds pension information should not be sent on birthdays ... because "birthdays are about having a good time." So, it appears that some out there do not associate pensions with having a good time. 😲
Engaging with Pensions at timely moments
gov.uk
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Experienced board chair, NED, AC chair and ex group CFO for energy, energy transition, renewables and digital focussed companies.
An important report.
The UK Parliament Work & Pensions Select Committee Report on Defined Benefit Pensions has been published today (26/03/2024). The report goes to the heart of the #BP Pension dispute by reminding employers and trustees that the interests of pension scheme members are paramount. The statement published by the BP Pensioner Group strongly welcomes the Committee’s findings: https://lnkd.in/dRpjfZ2k
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Proposals from the SMF about the future of UK pensions: A larger, but later, Senior Citizen’s Pension, supplemented by Income Support (being replaced by Universal Credit by end-2024) extended beyond State Pension Age ‘Auto-protection’ for defined contribution pot decumulation with two distinct components introduced by default with the ability to opt out: ‘Auto-drawdown’ of between 4% and 6% of pension pot assets per annum over a finite 15 year period from ages 60 to 75. ‘Auto-annuitisation’ of residual pots at the age of 75 to collectively hedge individuals’ exposure to risks of longevity and remove later-life exposure to investment market and inflation risks. Pay bonuses, instead of tax relief, on all contributions to pension pots, to help generate a broad-based savings culture rather than one targeted towards higher earners https://lnkd.in/emNtZCat
Pensions: a vision for the future - Social Market Foundation.
https://www.smf.co.uk
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I understand things are moving along in terms of pensions Auto Enrolment (but behind the schedules hoped). Some thoughts below on what AE means for employers and how to respond to this new world. Some big areas still need more work and Irish Life are keen to see these develop so #AE works for all. #pensions #autoenrolment #ae
A key contributor throughout the recent Irish Times Special Pensions Report, here Shane O'Farrell discusses Auto Enrolment and the complexities for Irish employers in preparing for it. Get the full article: https://lnkd.in/ebS4EGQu
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Financial Planner, Ardent – Providing first class financial advice, specialising in retirement planning.
Are your clients making the most of their pension tax benefits? 🤔 There have been several notable changes to the tax rules surrounding pensions in the last few years. If your clients don’t understand them, they could easily be missing out on taking advantage of the benefits of pensions. A financial planner can help them navigate the pension changes and understand how they can make the most of their pension, ready for retirement. To find out more about how we could help your clients benefit from the changes, read our latest blog. We’ve linked it below for you 👇 https://lnkd.in/eMS7Gb6p
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