UK Pensions Reform 2004 Robert Laslett Director, Private Pensions and Cross-cutting Analysis 29 th May 2008
|
|
|
- Christina Alaina Strickland
- 7 years ago
- Views:
Transcription
1 UK Pensions Reform 2004 Robert Laslett Director, Private Pensions and Cross-cutting Analysis 29 th May 2008
2 Contents The current UK pension system Why Reform? Reform timeline to date Auto-enrolment and Personal Accounts Reform Timetable the future Deregulation 2
3 Pensions in the UK State Pensions Basic State Pension Flat rate Based on National Insurance contributions State Second Pension Contributory Can opt-out if one has private pension Pension Credit Means tested benefit Winter fuel payment Lump sum payment not related to a pensioner s fuel costs Private Pensions Occupational Pensions (trust based/ statutory schemes through employer) Defined Benefit Defined Contribution Workplace Personal Pensions (contract trust based with insurance company and arranged through employer) Stakeholder pensions Other WPPs Personal Pensions (to which employers may make contributions) 3
4 Contents The current UK pension system Why Reform? Reform timeline to date Auto-enrolment and Personal Accounts Reform Timetable the future Deregulation 4
5 Why Reform? Complexity Demography Under-saving Inequality 5
6 Percentage Reasons for Reform Demography 70 Old Age dependency ratio (over 65s : year olds) will rise significantly over next 4 decades X With baby boom With no baby boom X = Year
7 Reasons for reform Under saving 7
8 millions Reasons for reform Under saving Active membership of occupational pension schemes by sector and benefit type Public Sector DB Private Sector DB DC schemes Source: Occupational Pension Scheme Survey Year 8
9 / / / / / /04 Reasons for Reform Inequality Percentage of people living in households with income below 60% of contemporary median (on an after housing costs basis) 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% Whole population Pensioners Source: Institute for Fiscal Studies caclulations based on Family Expenditure Survey (1961 to 1993/94). HBAI figures based on Family Resources Survey (1994/95 to 2004/5). 9
10 Contents The current UK pension system Why Reform? Reform timeline to date Auto-enrolment and Personal Accounts Reform Timetable the future Deregulation 10
11 Reform Timeline October 2004 Turner Commission s 1 st report Evidence November 2005 April 2006 May 2006 November 2006 December 2006 Turner Commission s 2nd report - Proposals Turner Commission s final report White Paper Security in retirement: towards a new pensions system 1 st Pensions Bill introduced (State Pensions) White Paper 'Personal Accounts: a new way to save July st Pensions Bill enacted as Pensions Act nd Pensions Bill (Private Pensions) 11
12 Turner Commission There were essentially four possibilities Poorer pensioners; Higher % of taxes to older people; Save more; Work longer. 12
13 Proposals Turner Commission, November 2005 State Pension Reform More generous, earnings-linked basic state pension Flat-rate state second pension Improved coverage for women and carers Raise State pension age 1 year every 10 to 68 by 2046 National Pension Savings Scheme (NPSS) auto-enrol employees with opt out 3% employer contribution White Paper, May 2006 State Pension Reform Restore earnings link for state pensions Move to flat-rate (contributory) state second pension [check this] Improved coverage for women and carers Pension Simplification Enabling retirement savings auto-enrolment into good quality employer based pension schemes Creation of personal accounts to address potential non-existence problem Extended Working Life policy Reset State Pension Age by 1 year per decade Pension Credit uprating 13
![link for state pensions Move to flat-rate (contributory) state second pension [check this] Improved coverage for women and carers Pension Simplification Enabling retirement savings auto-enrolment](/docs-images/45/23359574/images/page_13.jpg "into good quality employer based pension schemes Creation of personal accounts to address potential non-existence problem Extended Working Life policy Reset State Pension Age by 1 year per decade")
14 First Pension Bill - now Pensions Act 2007 State Pension Age State Pensions Reforms Enacted July 2007 women/carers package - e.g. cut qualifying years to 30 Basic State Pension earnings uprating from 2012 subject to affordability or within lifetime of next Government Second State Pension to become flat weekly top-up Personal Accounts Delivery Authority (PADA) advisory powers on development of Personal Accounts scheme 14
15 Contents The current UK pension system Why Reform? Reform timeline to date Auto-enrolment and Personal Accounts Reform Timetable the future Deregulation 15
16 Second Pension Bill: Auto-enrolment All workers must be automatically enrolled into a scheme which meets a qualifying test: Minimum contribution 8% Minimum 3% employer contribution - of annual earnings there must be a default mechanism for those individuals who do not make an investment choice in a DC Scheme Government will monitor charge levels to identify if high charge levels are preventing individuals from accruing meaningful savings Individuals can opt-out of scheme at any time once enrolled Opted out members are re-enrolled (and can opt-out again) every three years. 16
17 Second Pensions Bill: Contract based schemes 2012 Pension Reforms will complement existing good quality workplace pension arrangements. We plan to legislate to enable automatic enrolment into Workplace Personal Pension schemes from 2012, after discussions with European Commission.. The aim is automatic enrolment across all employers and workers. WPPs are the second largest form of private sector pension membership. It provides the insurance industry with more opportunity to increase participation in WPPs 17
18 Second Pension Bill: Personal Accounts 18 A new scheme to ensure all employers can access a scheme that meets these requirements Key Features of Personal Accounts Universal Service Obligation Portable pension Classified as an occupational Defined Contribution pension Collective scheme run by the Personal Accounts Delivery Authority (PADA) with trust type governance All significant operational functions outsourced Low charges Per member contribution capped at 3,600 pa.
19 Second Pension Bill - PADA Why a Delivery Authority? Needs to be, and be seen to be, independent from Government Civil servants do not have the required expertise What is it? Stage 1 (from 1st Bill) to advise on detailed policy design and develop a commercial and procurement strategy; Stage 2 (from 2 nd Bill) to implement this strategy, oversee suppliers design, build and test of systems and secure people/premises Stage 3 (from start of auto-enrolment period) hands over to the Personal Accounts scheme (also an NDPB) for live running. 19
20 State Pension Consolidation A Simpler Future: By 2012 second state pensions will: Accrue pension at a fixed rate of 1.50 a week for each qualifying year. Have a residual earnings related element that will be withdrawn gradually by Only be contracted out to DB schemes Consolidating the Past (2 nd Pensions Bill): GRAD, SERPS and old S2P all very complex and will permeate system for the rest of the century. Propose calculating all accruals to 5 April 2012 using the existing rules of the schemes and placing a single weekly cash valuation on contributors accounts. The valuation will be re-valued by earnings to SPA. 20
21 Contents The current UK pension system Why Reform? Reform timeline to date Auto-enrolment and Personal Accounts Reform Timetable the future Deregulation 21
22 Going forwards 2008 * Pension Credit - ongoing uprating in line with earnings - Savings Credit threshold earnings uprating * Equalisation of women s State Pension Age begins 2010 * Implementation of State Pensions Coverage Package 2012 * Basic State Pension earnings uprating, subject to affordability 22 * Abolition of Defined Contribution contracting out * Auto-enrolment obligation to start * Personal Accounts to start * Rise in State Pension Age to 66 c * State Second Pension (S2P) accrual becomes flat rate * Rise in State Pension Age to * Rise in State Pension Age to 68
23 Contents The current UK pension system Why Reform? Reform timeline to date Auto-enrolment and Personal Accounts Reform Timetable the future Deregulation 23
24 Deregulatory Review Government response to Deregulatory Review December 2007 Pensions Bill 24 -Reduce mandatory revaluation of deferred pensions -Pension-sharing on divorce Secondary legislation or guidance -Trustee knowledge Further rolling review work -Disclosure -Surplus -Employer debt -Risk-sharing
25 25 Thank You!
26 Deregulatory review recommendations Accrued rights - No changes which will adversely affect the position of pensioners or deferred pensioners at the present time or the pastservice rights at the present time of active staff. Contingent benefits - the present formulation of section 67 should give sponsors and trustees sufficient scope to affect change. Normal pension age Schemes should be able to adjust normal pension age for pensionable service from now on and we believe that current regulations do not inhibit this. Revaluation - We recommend no change in the statutory revaluation cap of 5% per annum compound for early leavers from most DB schemes. Risk-sharing in DC schemes permitting employers to prefund (with tax relief) any top-up payments they wish to make in order to supplement the funds available at retirement to DC scheme members 26
27 Deregulatory review recommendations (cont 1) Trivial Commutation - The current regulatory difficulties regarding trivial commutation should be resolved by HM Revenue and Customs (HMRC) as quickly as possible. Employer debt one year grace period for employers with no employees. debt should not be triggered, where the original covenant was strong and if the remaining employers covenant remains as strong Compensation and risk based levy - We recommend that the DWP examine and further calibrate the basis for compensation to ensure a better match between PPF protection and the structure of risk based DB schemes. Disclosure and Rolling Programme - A framework of outcome-related principles accompanied by guidance, should take the place of the existing disclosure regulations. 27
28 Deregulatory review recommendations (cont 2) Surplus - The current provisions in section 37 of the Pensions Act 1995 should be amended to allow return of surplus to employers once the scheme has reached the scheme specific funding target and the trustees agree at that time that such a payment should be made. Trustees Trustee boards (not individual trustees) should have sufficient knowledge and understanding between them to carry out their duties properly. Pensions sharing on divorce Review policy and legislation. Principles based legislation - Renewed emphasis should be placed on a principles based approach to regulation of pensions. Statutory override to implement regulatory changes in schemes 28
Automatic enrolment: Guidance for employers on certifying defined benefit and hybrid pension schemes
Automatic enrolment: Guidance for employers on certifying defined benefit and hybrid pension schemes April 2014 Contents 1. Background... 4 1.1 Automatic enrolment: the employer duty... 4 2. Purpose of
2013 PENSIONS BILL EVIDENCE FROM THE ASSOCIATION OF CONSULTING ACTUARIES TO THE PUBLIC BILL COMMITTEE
1. Introduction 2013 PENSIONS BILL EVIDENCE FROM THE ASSOCIATION OF CONSULTING ACTUARIES TO THE PUBLIC BILL COMMITTEE 1.1 The Association of Consulting Actuaries (ACA) welcomes the key measure in the 2013
New Pension Arrangements for Staff in Grades 1 to 5 Information for Active PAS members
New Pension Arrangements for Staff in Grades 1 to 5 Information for Active PAS members Gary Hague, Finance Office Steve Palmer, FriendsLife SPECIAL Introduction Following the recent consultation exercise
Pension schemes Pension schemes under the new employer duties
Workplace pensions reform detailed guidance Pension schemes Pension schemes under the new employer duties 4 April 2013 v4.1 1 Employer duties and defining the workforce An introduction to the new employer
Detailed guidance for employers
April 2016 4 Detailed guidance for employers Pension schemes: Pension schemes under the new employer duties Publications in the series 1 2 3 3a 3b 3c 4 5 6 7 8 9 10 11 Employer duties and defining the
PPI. Current and Future Trends in Retirement Income Provision. Niki Cleal, Director Pensions Policy Institute. 24 February 2011
Current and Future Trends in Retirement Income Provision Niki Cleal, Director Pensions Policy Institute 24 February 2011 www.pensionspolicyinstitute.org.uk Coalition Government policies - pensions and
Dover Harbour Board Pension and Life Assurance Scheme (1973) Your Guide
Dover Harbour Board Pension and Life Assurance Scheme (1973) Your Guide April 2014 Definitions Definitions The guide uses certain words that may need further explanation. These are shown below to help
LEGISLATION UPDATE THE LIFETIME ALLOWANCE, FIXED PROTECTION 2014 AND METLIFE REGISTERED GROUP LIFE POLICIES
FOR INTERMEDIARY USE ONLY FEBRUARY 2014 LEGISLATION UPDATE THE LIFETIME ALLOWANCE, FIXED PROTECTION 2014 AND METLIFE REGISTERED GROUP LIFE POLICIES This update is a summary of MetLife s interpretation
THE XYZ Pension and Life Assurance Scheme. Members Booklet January 2014 Edition. For Employees of the XYZ Company
THE XYZ Pension and Life Assurance Scheme Members Booklet January 2014 Edition For Employees of the XYZ Company Reviewed January 2014 CONTENTS Page 3 INTRODUCTION 4 TERMS USED IN THIS BOOKLET 7 GENERAL
IOPS Member country or territory pension system profile: TRINIDAD AND TOBAGO. Update as of 15 February 2013
IOPS Member country or territory pension system profile: TRINIDAD AND TOBAGO Report 1 issued on September 2011, validated by the Central Bank of Trinidad and Tobago Update as of 15 February 2013 1 This
Detailed guidance for employers
April 2016 11 Detailed guidance for employers Automatic re-enrolment: Putting workers back into pension scheme membership Publications in the series 1 2 3 3a 3b 3c 4 5 6 7 8 9 10 11 Employer duties and
DEMOGRAPHICS AND MACROECONOMICS
1 IRELAND DEMOGRAPHICS AND MACROECONOMICS Nominal GDP (EUR bn) 181 815 GDP per capita (USD) 59 944 Population (000s) 4 422 Labour force (000s) 2 224 Employment rate 94.82 Population over 65 (%) 10.9 Dependency
Speakers: Rudi Smith, Towers Watson Susan Thorp, University of Technology, Sydney Phil Simmance, Towers Watson
Plenary 3: Auto-enrolment and how the regime in the UK compares to international systems Phil Simmance, Towers Watson Rudi Smith, Towers Watson Susan Thorp, University of Technology, Sydney 5-7 June 2013
Principles and key features of required reform
3 Principles and key features of required reform Given the realities outlined in Chapters 1 and 2 the Pensions Commission believes that minor changes in policy, tinkering with the present system, will
Early access to pension saving: a response by the National Association of Pension Funds
Early access to pension saving: a response by the National Association of Pension Funds February 2011 www.napf.co.uk Early Access to Pension Saving: NAPF response Contents Executive Summary 3 Early Access
DEMOGRAPHICS AND MACROECONOMICS
1 UNITED KINGDOM DEMOGRAPHICS AND MACROECONOMICS Data from 2008 or latest available year. 1. Ratio of over 65-year-olds the labour force. Source: OECD, various sources. COUNTRY PENSION DESIGN STRUCTURE
Pay, benefits and time off. Nationwide Pension Fund
Pay, benefits and time off Nationwide Pension Fund Your CARE terms explained from 1 April 2011 Contents Page How to contact us 3 Introduction and key features 4 Terms you need to know 5 Contributing to
IIPM/Professional Diploma in Pensions. Retirement Provision Module. 8th January 2011. Examination Paper. Examiner Solutions
IIPM/Professional Diploma in Pensions Retirement Provision Module 8th January 2011 Examination Paper Examiner Solutions Examiner s Solutions - Page 1 of 14 30 MARKS PER QUESTION. TOTAL MARKS = 120 1(a)
The information given in this factsheet is applicable throughout the UK.
Factsheet 19 April 2014 About this factsheet The gives people of age a regular income to live on. The current age for men is 65 and the age for women is increasing from 60 so that it will be equalised
AUTO ENROLMENT: QUALIFYING AND AUTO-ENROLMENT QUALIFYING SCHEMES
PENSIONS PROFILE AUGUST 2012 AUTO ENROLMENT: QUALIFYING AND AUTO-ENROLMENT QUALIFYING SCHEMES Summary Faced with the imminent implementation of the auto-enrolment legislation, employers do have a number
Who is eligible for the State Pension, a contribution based benefit for people of State Pension age
Factsheet 19 April 2015 Inside this factsheet Who is eligible for the, a contribution based benefit for people of age Information about the current ages 65 for men and 62 ½ for women How to claim Information
Your Guide. to the Plumbing Industry Pension Scheme
Your Guide to the Plumbing Industry Pension Scheme Plumbing and Mechanical Services (UK) Industry Pension Scheme 2 Contents 3 Introduction 4 Meaning of Words Used 5 Joining the Scheme 6 Cost of Membership
Detailed guidance for employers
April 2016 3c Detailed guidance for employers Having completed the assessment: Next steps Publications in the series 1 2 3 3a 3b 3c 4 5 6 7 8 9 10 11 Employer duties and defining the workforce An introduction
Guide for Local Government Pension Scheme employers and admission bodies
Preparing for automatic enrolment Guide for Local Government Pension Scheme employers and admission bodies June 2013 A Introduction This guide is intended to highlight key aspects of the automatic enrolment
Protection and Retirement Planning Learning Outcomes
Protection and Retirement Planning Learning Outcomes Unit 5 Protection On completion of this unit, candidates will be expected to: Demonstrate an understanding of: 1 the purpose and scope of financial
British Steel Pension Scheme: Public Consultation Response from the Pension Protection Fund
British Steel Pension Scheme: Public Consultation Response from the Pension Protection Fund Summary The PPF recognises the Government s commitment to securing a sustainable future for the UK steel industry
THE XYZ Pension and Life Assurance Scheme. Members Booklet April 2015 Edition. For Employees of the XYZ Company
THE XYZ Pension and Life Assurance Scheme Members Booklet April 2015 Edition For Employees of the XYZ Company Reviewed May 2015 1 CONTENTS Page 3 INTRODUCTION 4 TERMS USED IN THIS BOOKLET 8 GENERAL 9 CONTRIBUTIONS
Short guide to the Firefighters Pension Scheme (FPS)
Short guide to the Firefighters Pension Scheme (FPS) May 2013 The Scheme This is a short description of the conditions of membership and main scheme benefits that apply if you pay into the Firefighters
G4S Personal Pension Plan Employee Guide
G4S Personal Pension Plan Employee Guide Expiry 05/04/16 Section Page number Introduction 1 Contacts 1 What the Plan can offer you 2 How does the Plan work? 3 Contribution levels 4 Contribution limits
EXPLANATORY MEMORANDUM TO THE SOCIAL SECURITY BENEFITS UP-RATING ORDER 2010. No.793
EXPLANATORY MEMORANDUM TO THE SOCIAL SECURITY BENEFITS UP-RATING ORDER 2010 No.793 1. This explanatory memorandum has been prepared by the Department for Work and Pensions and is laid before Parliament
The Plan for Your Future
The TJX UK Pension Plan The Plan for Your Future Pension Booklet 2 P age Welcome to the TJX UK Pension Plan To look after your financial future, you need to take a little time out of your present. Setting
PENSIONS AT A GLANCE 2009: RETIREMENT INCOME SYSTEMS IN OECD COUNTRIES UNITED STATES
PENSIONS AT A GLANCE 29: RETIREMENT INCOME SYSTEMS IN OECD COUNTRIES Online Country Profiles, including personal income tax and social security contributions UNITED STATES United States: pension system
An Explanation of Pension Terms
abcdef An Explanation of Pension Terms Pension Term / Name Annual allowance Annuitant Annuity Bonuses Commutation Commutation for Smaller Pension Funds 10,000 or less Also Known or Previously Known As
A Guide for Members who join on or after 1 January 2013
Business. Empowered. CAMBRIDGE & your pension benefits Cambridge University Assistants Contributory Pension Scheme (CPS) Hybrid Section Key information A Guide for Members who join on or after 1 January
Our guide to the Pension Schemes Act 2015
LCP GUIDE MARCH 2015 Our guide to the Pension Schemes Act 2015 IN THIS GUIDE: p2 An overview of the changes p2 Flexible benefits and safeguarded benefits The Pension Schemes Act 2015 offers up the prospect
Ceridian Futures Retirement Plan
Ceridian Futures Retirement Plan Summary of Benefits Summary of Benefits Ceridian Futures Retirement Plan 1 Summary of Benefits Introduction Who is eligible? How the Plan works Contributions The Ceridian
Your guide to the Universities Superannuation Scheme
Your guide to the Universities Superannuation Scheme February 2016 02 Contents The document contains the following sections: Contents 02 About this guide 03 Your USS at a glance 04 Joining the scheme 05
PENSIONS POLICY INSTITUTE. Retirement income and assets: outlook for the future
Retirement income and assets: outlook for the future The PPI is grateful for the support of the following sponsors of this project: Sponsorship has been given to help fund the research, and does not necessarily
The Police Pension Scheme 2015. Members Guide
The Police Pension Scheme 2015 Members Guide 1 Contents 1. Introduction... 6 2. The Police Pension Scheme 2015 at a glance... 8 2.1 Key features... 8 2.2 Pension benefits for members... 8 2.3 Benefits
Pension benefits with a guarantee and the advice requirement
Pension benefits with a guarantee and the advice requirement January 2016 This factsheet is intended to help pension scheme providers determine: whether certain types of pension benefits which contain
IMPLEMENTING THE RESTRICTION OF PENSIONS TAX RELIEF: NAPF SUBMISSION TO THE HMT/HMRC CONSULTATION
IMPLEMENTING THE RESTRICTION OF PENSIONS TAX RELIEF: NAPF SUBMISSION TO THE HMT/HMRC CONSULTATION Executive Summary The NAPF welcomes the Coalition Government s decision to adopt a tax regime based principally
the effect that the ending of the current scheme has on the uprating of additional State Pension and the Contracted-out Deduction.
The new State Pension Transition and Contracting-Out Introduction This factsheet explains the effect on the new State Pension of someone previously having been contracted-out of state earnings-related
Introduction...4 How to contact West Yorkshire Pension Fund...4
1 The Index Page Introduction...4 How to contact West Yorkshire Pension Fund...4 The Choice Your Pensions Choice... 5 State Second Pension Scheme (S2P)... 5 Personal Pension Plans and Stakeholder Pension
Pension Flexibility 2015
Pension Flexibility 2015 Who is likely to be affected? Individuals who have reached the normal minimum pension age, (normally age 55), who have money purchase pension savings in a registered pension scheme
PENSIONS POLICY INSTITUTE. What level of pension contribution is needed to obtain an adequate retirement income?
What level of pension contribution is needed to obtain an adequate retirement income? What level of pension contribution is needed to obtain an adequate retirement income? is sponsored by the Association
GDC 1970 Pension and Life Assurance Plan
Item 12 Council 5 December 2013 GDC 1970 Pension and Life Assurance Plan Purpose of paper Action Public/Private Corporate Strategy 2013-15 Business Plan 2013 Decision Trail Recommendations Authorship of
Freedom and choice in pensions RESPONSE FROM ICAS TO HM TREASURY
Freedom and choice in pensions RESPONSE FROM ICAS TO HM TREASURY 11 June 2014 CA House 21 Haymarket Yards Edinburgh EH12 5BH enquiries@icas.org.uk +44 (0)131 347 0100 icas.org.uk Direct: +44 (0)131 347
April 2015: Forthcoming Pension Changes. Retirement options for money purchase pension schemes (including SSAS).
April 2015: Forthcoming Pension Changes Significant changes to pension regulations are being introduced on the 6 th April 2015. The legislation will be covered in the Taxation of Pensions Bill 2014 and
Limits to tax relief and tax-free benefits
TAX LIMITS FINAL SALARY AND CAREER REVALUED BENEFITS SECTIONS Limits to tax relief and tax-free benefits Introduction Pension benefits accrued by individuals in the UK which qualify to receive tax relief
Regulatory guidance DB to DC transfers and conversions
Regulatory guidance DB to DC transfers and conversions April 2015 About this guidance 1. This guidance is aimed primarily at addressing statutory transfers of DB benefits made in accordance with Part 4ZA
KEY GUIDE. Pensions freedom drawing from your pension
KEY GUIDE Pensions freedom drawing from your pension Radical reform The changes revealed in the 2014 Budget were described by some retirement planning experts as a pensions revolution. The radical proposals
Detailed guidance for employers
April 2016 1 Detailed guidance for employers Employer duties and defining the workforce: An introduction to the new employer duties Publications in the series 1 2 3 3a 3b 3c 4 5 6 7 8 9 10 11 Employer
Section 75 employer debt in non-associated multi-employer defined benefit pension schemes RESPONSE FROM ICAS TO THE DEPARTMENT OF WORK AND PENSIONS
Section 75 employer debt in non-associated multi-employer defined benefit pension schemes RESPONSE FROM ICAS TO THE DEPARTMENT OF WORK AND PENSIONS 22 May 2015 CA House 21 Haymarket Yards Edinburgh EH12
The Pension and Life Assurance Plan of Wachovia Bank National Association (the "Plan") Questions & Answers
MERGER OF WELLS FRGO BNK, N.. ND WCHOVI BNK, N.. The Pension and Life ssurance Plan of Wachovia Bank National ssociation (the "Plan") Questions & nswers 1. Changes to your membership of the Plan Q1: How
Local Government Pension Deregulatory Review
Pensions update Newsletter July 2007 HEADLINES Appeal against first financial support direction Court of Appeal ruling on winding up priorities Pensions deregulatory review Local Government pensions broad
Pension Taxation Issues. 2. This paper deals with a number of topical issues in the general area of pension taxation.
TSG 10/23 Pension Taxation Issues Introduction 1. Over half of people in employment are covered by supplementary or private pension arrangements, including close to 850,000 private and public sector employees
LIFE COVER ONLY MEMBERS THE FINAL INSTALMENT
LIFE COVER ONLY MEMBERS THE FINAL INSTALMENT 1 INTRODUCTION Some topics just seem to run and run we have already been in contact on the topic of life cover only members. 1 It has been unclear, following
Strengthening the incentive to save: a consultation on pensions tax relief. RESPONSE FROM ICAS TO HM Treasury
Strengthening the incentive to save: a consultation on pensions tax relief RESPONSE FROM ICAS TO HM Treasury 30 SEPTEMBER 2015 CA House 21 Haymarket Yards Edinburgh EH12 5BH enquiries@icas.org.uk +44 (0)131
Pensions Act 2008 CONTENTS CHAPTER 30 PART I PENSION SCHEME MEMBERSHIP FOR JOBHOLDERS CHAPTER 1 EMPLOYERS DUTIES. PENSIONS ACT 2008 (c.
Pensions Act 2008 CHAPTER 30 CONTENTS PART I PENSION SCHEME MEMBERSHIP FOR JOBHOLDERS CHAPTER 1 EMPLOYERS DUTIES Jobholders 1. Jobholders Employers' duties 2. Continuity of scheme membership 3. Automatic
A Guide to the Local Government Pension Scheme for Employees in England and Wales. Hampshire Pension Fund
A Guide to the Local Government Pension Scheme for Employees in England and Wales Hampshire Pension Fund Employees in England and Wales April 2014 Index 1. About this Booklet 2. About the Local Government
METLIFE Group Life (INCLUDING FLEXIBLE BENEFITS) Technical Guide
METLIFE Group Life (INCLUDING FLEXIBLE BENEFITS) Technical Guide 1 MetLife Group Life Policies Technical Guide MetLife has a range of policies aimed to meet your life cover needs in respect of your employees
Effects on pensioners from leaving the EU
Effects on pensioners from leaving the EU Summary 1.1 HM Treasury s short-term document presented two scenarios for the immediate impact of leaving the EU on the UK economy: the shock scenario and severe
Limits to tax relief and tax-free benefits
TAX LIMITS FINAL SALARY AND CAREER REVALUED BENEFITS SECTIONS Limits to tax relief and tax-free benefits Introduction Pension benefits earned by individuals in the UK which qualify to receive tax relief
Board for Actuarial Standards Consultation Paper: TM1: Statutory Illustrations of Money Purchase Benefits
Board for Actuarial Standards Consultation Paper: TM1: Statutory Illustrations of Money Purchase Benefits June 2010 1 Contents 1. Introduction 2. Responses to Consultation Questions 2 1. Introduction AEGON
GUIDE TO RETIREMENT PLANNING FINANCIAL GUIDE. Making the most of the new pension rules to enjoy freedom and choice in your retirement
GUIDE TO RETIREMENT PLANNING Making the most of the new pension rules to enjoy freedom and choice in your retirement FINANCIAL GUIDE WELCOME Making the most of the new pension rules to enjoy freedom and
Limits to tax relief and tax-free benefits
TAX LIMITS FINAL SALARY AND CAREER REVALUED BENEFITS SECTIONS Limits to tax relief and tax-free benefits Introduction Pension benefits earned by individuals in the UK, which qualify to receive tax relief,
The Cypriot Pension System: Adequacy and Sustainability
Cyprus Economic Policy Review, Vol. 6, No. 2, pp. 49-58 (2012) 1450-4561 49 The Cypriot Pension System: Adequacy and Sustainability Philippos Mannaris Aon Hewitt Abstract The fundamental objective of pension
Global Retirement Update
Global Retirement Update May 2014 This Update summarizes recent legislative developments and trends related to retirement and financial management and highlights recently passed and pending legislation
National Insurance Fund - Long-term Financial Estimates
Social Security Administration Act 1992 National Insurance Fund - Long-term Financial Estimates Report by the Government Actuary on the Quinquennial Review for the period ending 5 April 1995 under Section
Auto Enrolment Summary...
Auto Enrolment Summary... August 2012 NOW: Pensions can help you comply with auto-enrolment, so you can focus on your business and 2 Automatic Enrolment Summary The government is introducing requirements
What's the Difference Between Pensions and Retirement?
SAS Conference 2014 Resistance The Transition from DB to DC John Gordon FFA 12 th February 2014 Agenda Defined Benefit Drivers for change Defined Contribution Drivers for change? A Third Way? Questions?
Strengthening the incentive to save: a consultation on pensions tax relief. Response to the consultation document published on 8 July 2015
Strengthening the incentive to save: a consultation on pensions tax relief Response to the consultation document published on 8 July 2015 Grant Thornton UK LLP (Grant Thornton) has considered the proposals
By the end of this learning outcome you will be able to explain the following: FCA rules on transfers; Public sector transfers; Member rights to
By the end of this learning outcome you will be able to explain the following: FCA rules on transfers; Public sector transfers; Member rights to transfer; Transfer where the member has protected tax free
STAKEHOLDER PENSION SCHEME (UK, N+ & Global staff) A Guide to the Stakeholder Pension Scheme
STAKEHOLDER PENSION SCHEME (UK, N+ & Global staff) A Guide to the Stakeholder Pension Scheme The Stakeholder scheme is a money purchase scheme - this means it does not offer guaranteed benefits related
Auto-enrolment a practical guide
Auto-enrolment a practical guide November 2012 We won t let it creep up on you Auto-enrolment means that millions of workers will be saving in a workplace pension for the first time The requirement to
Spring 2015 reforms: the new DC flexibilities
Spring 2015 reforms: the new DC flexibilities THE REFORMS AT A GLANCE y Until April 2015, members usually faced serious tax penalties if they did not spend at least 75% of their DC pots on an annuity meeting
Introduction... Distinctive Features of the Benefits Environment... Key Changes in Recent Years...
Table of Contents Introduction... Distinctive Features of the Benefits Environment... Key Changes in Recent Years... 2 3 4 Statutory/Mandatory Programs... 5... 5 Retirement Benefits... 6 Death Benefits...
Basis for setting the discount rate for calculating cash equivalent transfer values payable by public service pension schemes
Basis for setting the discount rate for calculating cash equivalent transfer values payable by public service pension schemes updated guidance issued by HM Treasury March 2011 Official versions of this
pension benefits for new employees
February 2013 pension benefits for new employees University of Newcastle upon Tyne Retirement Benefits Plan Saving for your future with help from the University At Newcastle University, we are committed
Decumulation phase some information and preliminary analysis for the work of OPSG DC sub-group. Matti Leppälä OPSG 19.5.2014
Decumulation phase some information and preliminary analysis for the work of OPSG DC sub-group Matti Leppälä OPSG 19.5.2014 Definitions Decumulation or payout phase is the period during which assets accrued
A single-tier pension: what does it really mean?
A single-tier pension: what does it really mean? IFS Report R82 Rowena Crawford Soumaya Keynes Gemma Tetlow A Single-Tier Pension: What Does It Really Mean? Rowena Crawford Institute for Fiscal Studies
HSC Pension Scheme. Information about Transfers Overseas
HSC Pension Scheme Information about Transfers Overseas Introduction This leaflet contains information about important changes to the HM Revenue & Customs (HMRC) tax rules with effect from 6 April 2006.
Date: 28 January 2010. Consultation on the proposed revision to the Financial Assistance Scheme synthetic buy-out basis
Financial Assistance Scheme Pension Protection and Stewardship Division 7th Floor Caxton House 6-12 Tothill Street London SW1H 9NA Our phone number 0207 449 7404 Our fax number 0207 449 7127 Website www.dwp.gov.uk
TAX STRATEGY GROUP PENSION TAXATION ISSUES
TSG 13/07 TAX STRATEGY GROUP PENSION TAXATION ISSUES Introduction 1. Last year s TSG paper on pension taxation issues (reference TSG 12/21) set out the various changes made in the incentive regime for
Global Retirement Update
Global Retirement Update May 2013 This Update summarizes recent legislative developments and trends related to retirement and financial management and highlights recently passed and pending legislation
Pensions and Employment
Pensions and Employment Legal and regulatory developments in Pensions and Employment NO. 4 9TH MARCH, 2006 In this issue: PPF: risk based levy: update and key dates Cross border guidance General and PPF
Network Rail CARE Pension Scheme
Network Rail CARE Pension Scheme Your Member s Guide The bigger picture Jargon buster Additional Voluntary Contributions is the name given to any contributions you pay above your normal employee contributions
PENSIONS AT A GLANCE 2011: RETIREMENT-INCOME SYSTEMS IN OECD COUNTRIES SWEDEN
PENSIONS AT A GLANCE 2011: RETIREMENT-INCOME SYSTEMS IN OECD COUNTRIES Online Country Profiles, including personal income tax and social security contributions SWEDEN Sweden: pension system in 2008 The
Sweden. Qualifying conditions. Benefit calculation. Earnings-related. Key indicators. Sweden: Pension system in 2012
Sweden Sweden: Pension system in 212 The earnings-related part is based on notional accounts and there is a small mandatory contribution to individual, defined-contribution funded pensions. There is also
OECD/IOPS Global Forum Session 2 African Pensions Roundtable Mauritius. Ahmad Lallmahomed
OECD/IOPS Global Forum Session 2 African Pensions Roundtable Mauritius Ahmad Lallmahomed PENSION SYSTEM IN MAURITIUS Three-tiered pension system Structured as follows: First tier - a universal non-contributory
Payroll and pensions update. Presented by Karen Thomson MSc FCIPP Associate Director
Payroll and pensions update Presented by Karen Thomson MSc FCIPP Associate Director Automatic enrolment payroll and business considerations Plan, Plan, Plan! Then work backwards TPR at least 6 months Project
Association of Accounting Technicians response to Strengthening the incentive to save: a consultation on pensions tax relief
Association of Accounting Technicians response to Strengthening the incentive to save: a consultation on pensions tax relief 1 Association of Accounting Technicians response to Strengthening the incentive
PENSIONS POLICY INSTITUTE. Tax relief for pension saving in the UK
Tax relief for pension saving in the UK This report is sponsored by Age UK, the Institute and Faculty of Actuaries, Partnership and the TUC. The PPI is grateful for the support of the following sponsors
Tax Controls and your LGPS Benefits
Tax Controls and your LGPS Benefits In this leaflet we look at the HM Revenue and Customs (HMRC) rules that govern pension savings. Where pension terms are used, they appear in bold italic type. These
your benefits in detail
Booklet 2 BASF UK Group Pension Scheme (DC section) Your member guide your benefits in detail 1 October 2015 Inside this guide: Benefits when you retire 4 If you die in service 8 If you die after taking
PENSIONS POLICY INSTITUTE. Would allowing early access to pension savings increase retirement incomes?
Would allowing early access to pension savings increase retirement incomes? Would allowing early access to pension savings increase retirement incomes? Introduction Summary of conclusions 1. Background
KEY GUIDE. Investing for income when you retire
KEY GUIDE Investing for income when you retire Planning the longest holiday of your life There comes a time when you stop working for your money and put your money to work for you. For most people, that
SELECT SIPP. Taking pension benefits guide
SELECT SIPP Taking pension benefits guide Please read this guide in conjunction with the Alliance Trust Savings Handbook and the appropriate Key Features documents. Alliance Trust Savings does not give
Detailed guidance for employers
April 2015 6 Detailed guidance for employers Opting in, joining and contractual enrolment: How to process pension scheme membership outside of the automatic enrolment process Publications in the series
DB Personal Pension Plan
Deutsche Bank Human Resources DB Personal Pension Plan Handbook for employees of DB Group Services (UK) Limited DB Personal Pension Plan Contents Introduction 4 What is the Group Personal Pension Flex?