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Smart Pension Ltd
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Auto enrolment workplace pensions for UK businesses. Fast. Secure. Free.
Auto enrolment workplace pensions for UK businesses. Fast. Secure. Free.

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Retirement Lending Has Increased By £35 Billion In Just Three Years

A new study by the University Centre for Economics and Business Research has revealed that people over the age of 65 are expected to borrow over around £86 billion by the end of this year, with overall over-65s debt rising £35 billion in just three years. By 2027, researchers predict, the amount could reach more than £142 billion.
Smart Pension Limited
Smart Pension Limited
autoenrolment.co.uk
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Pensions Regulator Vows To Support Whistleblowers

More than 1.2 million employers have now gone through the auto enrolment process and more than 9.6 million people have gained a workplace pension as a result. There's no doubt that the scheme that was brought in by Sir Steve Webb and the coalition government has been a big success. But that doesn't mean there aren't some problems with a minority of employers that aren't meeting their auto enrolment duties.
Smart Pension Limited
Smart Pension Limited
autoenrolment.co.uk
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Older tenants will need a “pension mountain” for a comfortable retirement

According to new research, the average person will have to save £260,000 over their lifetime to enjoy a basic income in retirement. If they are unable to get on the property ladder, this climbs to £445,000.

The report, by the former pensions minister Sir Steve Webb assumes that the average person will need to generate an income of just over £9000 per year to top-up their state pension at 65. To achieve that income however, the average person will have to save £260,000.
Smart Pension Limited
Smart Pension Limited
autoenrolment.co.uk
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The Pensions Regulator vows to get tough

The budget available to The Pensions Regulator has increased by £4.3 million from 2018 to 2019 and it has announced plans to crack down on employers who are not taking their pension responsibilities seriously, as well as announcing a new anti-scams campaign.

In its latest three-year corporate plan, covering the 2018-21 period, TPR vowed to become "a clearer, quicker and tougher regulator".
Smart Pension Limited
Smart Pension Limited
autoenrolment.co.uk
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One in 5 adults have lost track of at least one pension pot

New research by the financial services company Tylney as revealed that many people's retirement preparations are in disarray, with nearly one in five UK adults admitting that they have lost track of at least one pension pot.

The situation has been made worse by changes to the employment market. Whereas once most people would have one or maybe two jobs over the course of their career, now people have far more, resulting in many of us having multiple pension plans.
Smart Pension Limited
Smart Pension Limited
autoenrolment.co.uk
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Auto Enrolment Has Resulted In Record Numbers Of People Saving Towards a Pension

New data published by the Office for National Statistics (ONS) has revealed that the number of UK employees participating in workplace pensions has reached a record high.

The statistics reveal that the proportion of employees who contribute to a workplace pension has increased by almost 25% since the introduction of auto enrollment in 2012. Now, 73% of UK employees have a workplace pension, up from less than 47% in 2012, representing almost ten million people joining schemes.
Smart Pension Limited
Smart Pension Limited
autoenrolment.co.uk
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Pensioner tax plan “damaging” and “unfair” says former pensions minister

Former pensions minister and retirement expert has warned that ideas suggested by the health secretary to make pensioners pay national insurance (NI) could be deemed "unfair".

Health secretary, Jeremy Hunt is said to be considering proposals made in a report by the Resolution Foundation Intergenerational Commission which called for a new NHS levy to be put on those people to continue to work past their retirement. This NHS levy would raise money for health services across the UK from the better-off members of the group most likely to use them.
Smart Pension Limited
Smart Pension Limited
autoenrolment.co.uk
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Pensions Regulator To Use High Court Enforcement Officers Against Employers Who Don’t Comply With Their Auto Enrolment Duties

The Pensions Regulator (TPR) has announced that employers who refuse to pay workplace pension fines could have their assets seized to pay their debts. The Pensions Regulator fines employers that do not comply with auto enrolment duties and can secure court orders if debts are not paid.
Smart Pension Limited
Smart Pension Limited
autoenrolment.co.uk
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Former Pensions Minister Says Pensions Industry Is Sending Out The Wrong Message On Pensions

There's no doubt about it, more of us are saving more towards our retirement, mainly thanks to auto enrolment, which has seen millions of people begin saving for retirement for the first time. Writing in Money Marketing, the former pensions minister says that now it is time to build on this.
Smart Pension Limited
Smart Pension Limited
autoenrolment.co.uk
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Defined Contribution Transfers Must Be Speeded Up Says Pensions Minister

Speaking at an Association of British Insurance (ABI) conference in London this week, the pensions secretary Guy Opperman told pension providers to speed up defined contribution to defined contribution pension transfers.

Mr Opperman said: Practice here is often good but not uniformly so. Many schemes including most ABI members are signed up to standards which allow for routine DC to DC transfers in 10 to 12 days.
Smart Pension Limited
Smart Pension Limited
autoenrolment.co.uk
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