News

The Government is introducing legislation to ensure that individuals are made aware of Pension Wise guidance as part of the application process for taking or transferring their defined contribution (DC) pension savings. The aim is to protect people by helping them make informed decisions.

Almost two in three (65 per cent) potential pension transfers raised at least one scam warning flag in February, according to XPS Pensions Group’s Scam Flag Index, the highest proportion in the past 12 months.

Please find the employee contribution bands which are effective from 1st April 2022.

The Annual Allowance and Lifetime Allowance factsheets have now been updated.

On Friday 12th February 2021 the government issued the Exit Payment Cap Directions 2021 which disapply parts of the Restriction of Public Sector Exit Payments Regulations 2020 in England with immediate effect.

The Government has confirmed that, due to unintended consequences, the public sector exit cap will not apply to exits from 12 February 2021.

The legislation implementing the £95k cap on exit payments has now been signed and comes into force on 4 November 2020. This means that there will be a limit on the amount of costs for early retirement due to redundancy.