Pension Freedoms age rise confirmed by Gov’t

The government has confirmed that the minimum age for accessing a pension will increase from 55 to 57 in 2028. In a written question to Parliament, Labour MP Stephen Timms asked the Chancellor of the Exchequer what plans he has to increase the minimum age at which people can access their private pension under the tax rules. In response, Conservative …

Retirement ProfessionalsPension Freedoms age rise confirmed by Gov’t

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 …

Retirement ProfessionalsScam fears prompt new parliamentary inquiry into pension freedom

State pension age increase brought forward by Gov’t

The government has announced the state pension age (SPA) will rise to 68 seven years earlier than previously planned. The change is in line with a report led by John Cridland and published in March this year. Under current legislation, from December 2018, the SPA for men and women will increase to 66. It will then rise to 67 between …

Retirement ProfessionalsState pension age increase brought forward by Gov’t

Gov’t cancels plans for secondary annuity market

The government has decided to cancel plans to create a market for secondary annuities. A statement on the Treasury’s website explained the reason for the U-turn just 6 months before it was due to be implemented. The government said, “It has become clear that creating the conditions to allow a competitive market to emerge could not be balanced with sufficient …

Retirement ProfessionalsGov’t cancels plans for secondary annuity market

Stephen Crabb Work and Pensions Secretary Resigns

Stephen Crabb has resigned from his Government post as Works and Pensions Secretary, citing ‘the best interests of his family’. Crabb was rushed into the role at the Department for Work and Pensions (DWP) following the resignation of prominent Brexiteer Iain Duncan-Smith after the Budget this year. Following the vote to Leave at the EU Referendum, Crabb declared his candidacy …

Retirement ProfessionalsStephen Crabb Work and Pensions Secretary Resigns

The UK’s new Prime Minister – Theresa May

Theresa May, the UK’s new Prime Minister vows to be ‘one nation’ Government that works for all not just the “privileged few”. Speaking outside 10 Downing Street for the first time as Prime Minister and after being appointed by the Queen, she said it would be her mission to “build a better Britain”. She promised to give people who were …

Retirement ProfessionalsThe UK’s new Prime Minister – Theresa May