pensions

Auto-enrolment: a work in progress

It is great to see the auto-enrolment programme continuing its successful path. So far, it has extended coverage of workplace pension saving dramatically, ensuring that millions of workers are paying into a pension scheme for the first time with the help of their employer.

Steve Webb: when it pays to exceed the annual and lifetime allowance

Regular readers will be aware that HMRC imposes both annual and lifetime limits on the amount of money you can save into a pension while benefiting from tax relief on contributions. What is much less widely known is that it is perfectly legal to exceed those limits, and that in some circumstances it can make good financial sense to do so.

Benefit changes could cost UK pensioners thousands a year

The decision will affect couples where one partner has reached state pension age and one hasn't. It will impact when they can start to claim.

Under current rules, married couples are able to transition from working age to pension age benefits as soon as the oldest spouse reaches state pension age.

How to outsmart the Lifetime Allowance stealth tax

The Lifetime Allowance (LTA) has caused its fair share of controversy over the last few years. In a nutshell, the LTA is the limit on the amount of pension benefit that can be drawn from pension schemes, whether that be a lump sum or retirement income, before you trigger an extra tax charge.

Steve Webb: a conscious uncoupling should not compromise your pension

One of the pension questions that I get asked most frequently relates to the impact on pensions of a change in marital status or living arrangements. The question will often come from someone in later life. Such people are often confused about the effect on their state or company pension of getting married, moving in with someone or remarrying after being widowed. I will try to cover the main facts they need to be aware of.

State pension age rise could cost people up to £8,000

Under plans set out by the coalition government in 2011, people born after 5 December 1953 saw their state pension age rise yesterday as part of reforms designed to cut billions from the UK’s welfare bill.

The state pension age for men and women will gradually increase from 65 to 66 from now until 6 October 2020.

Amber Rudd becomes fifth work and pensions secretary since March 2016

Amber Rudd has replaced Esther McVey as secretary of state for work and pensions, becoming the fifth person to be appointed to the position since Iain Duncan Smith resigned in March 2016.

McVey relinquished her post after quitting Theresa May’s cabinet in disagreement over the Brexit deal, which she says “does not honour” the result of the referendum. 

Pension credits: more than £3 billion unclaimed

According to the Department of Work and Pensions, up to 1.3 million pensioners are failing to claim pension credits worth £2,500 every year – or £3.5 billion in total.

Pension credits are designed to make sure pensioners who get below £163 (or £248.80 for couples) receive a minimum income each week.