PENSIONSANDSAVINGS.COM

Number of pensioners liable for tax will double since 2010 from 4.5million to over 9million. Worrying figures suggest cost-of-living rises and frozen tax thresholds will drag millions more pensioners into tax net. As the new State Pension climbs above 90% of the personal tax threshold, more pensioners may be hit with tax penalties. Government must recognise distress this will cause to more pensioners and consider addressing this by proper liaison between DWP and HMRC to work out any tax, notify…

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Parliamentary Ombudsman asks Parliament to recommend remedy for WASPI women. He does not believe the DWP will accept his recommendations and challenges Parliament to urgently address the issue. Report calls for DWP to finally acknowledge and apologise for its manifest failings. And set up a scheme for recompense urgently, especially to help those clearly suffering hardship. The Parliamentary Ombudsman’s long-awaited report into Government handling of increases in women’s State Pension age is finally out. It is damning. It highlights clear…

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12 reasons why raising State Pension Age to 71 by 2040, suggested by today’s ILC Report, is unconscionable and favours well-pensioned higher income groups.  Anyone in their early-fifties and younger would be caught by this proposal – plunging more into poverty in later life. Only the top 10% of the UK population stay healthy to their early 70s. Cutting costs by making unwell workers wait longer, favours the well-pensioned higher paid. The State Pension is part of every worker’s social…

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NEW DB FUNDING CODE MOVES AWAY FROM RECKLESS CONSERVATISM. Big improvement on previous proposals which would have driven most schemes into supposedly low-risk bonds, while giving up on long-term investment returns. Regulations are published at last after six years but new Regulatory Guidance is still not ready – schemes need it urgently to prepare ahead of September 2024 start. The new code may help some scheme trustees back more productive finance but the delays have meant fewer schemes will do…

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Some good news for pensioners but plenty more needed to ensure pension assets do more to boost British growth. State Pension Triple-Lock: Very good news that the uncertainty for pensioners is over. The Chancellor has confirmed the full 8.5% ‘triple lock’ earnings uprating promise for next year’s State Pension. It would have been very wrong to remove pensioner protection again, after breaking that Manifesto Commitment two years ago. Millions of pensioners (especially women) rely on their State Pensions to make…

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