Up to 1.6 million more pensioners to pay income tax by 2028

Frozen income tax thresholds will see up to 1.6m more pensioners breaching the £12,570 personal tax threshold by 2028, research suggests. As many as 1.6 million more pensioners will be paying income tax within the next four years due to frozen tax thresholds and the rising value of the state pension, according to the Telegraph. Analysis for the House of …

State pension to rise 8% next year as govt cost to hit £134bn.

The expected 8% increase for the 2024-25 financial year follows the 10.1% state pension increase this year. The Treasury is set to increase the state pension by more than 8% from next April as record earnings growth looks to exceed inflation, according to the Financial Times. The value of the state pension is determined by the pension triple lock, which …

Quilter calls for pension transfer warning rethink over ineffective data

Government data shows 40% of pension transfer amber warnings are for unknown reasons, making it hard to understand whether the system is working. Quilter is calling for clarity around the government’s new pension transfer rules after finding 40% are flagged and delayed by trustees for unknown reasons. According to freedom of information (FOI) data obtained by Quilter, 6,050 (43%) of …

New Single Financial Guidance Body CEO appointed

The Single Financial Guidance Body (SFGB) have appointed John Govett as their new Chief Executive Officer, which is due to launch in January 2019 to replace the Money Advice Service, The Pensions Advisory Service and Pension Wise. The new CEO will take up his position in October 2018, when the body is first being established, for a four and a …

Scam fears prompt new parliamentary inquiry into pension freedom

Concern over the rise in scams is among the reasons prompting a new Work and Pensions Select Committee inquiry into whether the pension freedom reforms have achieved their objectives and if policy changes are needed. The committee, which is chaired by Birkenhead MP Frank Field, said this would follow up an inquiry it conducted shortly after the reforms were introduced …

Pension scammers target 1.8million over 50’s in three months

Almost one-fifth (18%) of people aged 50 or over have been targeted by potential scammers during the past three months, according to research by Retirement Advantage. That equates to some 1.8 million people, who have been offered unsolicited free pensions advice or investment opportunities by phone, text or email. Retirement Advantage pension technical director Andrew Tully (pictured) said: “The pension …