Comment and Blogs
The Treasury recently released its consultation paper on how the increase in normal minimum pension age (NMPA) is implemented. We have known for several years that the increase from age 55 to 57 was planned to take effect from 6 April 2028, so there is no surprise in the increase itself.
This month we celebrate 15 years since pension simplification was introduced – Happy Crystal Anniversary all!
The take up of Pension Wise appointments remains stubbornly low and the FCA’s recent paper “The stronger nudge to pensions guidance” is the latest in a line of initiatives designed to increase take-up.
Whilst the travel industry is celebrating the lifting of many restrictions on overseas trips, rental holidays for commercial property in pensions are going in the other direction.
You may have seen headlines recently about the pension savings “crisis” hitting the self-employed. According to the latest Financial Resources survey from the DWP only 18% of working-age adults that are self-employed are currently participating in a pension. This is compared to 75% of employees of the same age.
The recent announcements on the new Health and Social Care Levy, and corresponding rise in tax on dividend income, will boost the attractiveness of salary sacrifice in the years ahead.