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Johnson: calling for £45k limit to combined ISA and pension savings |
Report urges government to harness power of ISAs
A white paper with heavyweight political backing is calling for auto-enrolment rules to extend to corporate ISAs.
Michael Johnson, former secretary to the Conservative Party’s economic competitiveness policy group, published his report Simplification is the key in June.
The report recommended the government introduce a combined ISA and pensions annual savings contribution limit of £45,000, with a maximum of £35,000 for pensions.
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Industry backs Johnson’s ISA message
Michael Johnson’s pioneering report, calling for ISAs to be included in the upcoming
auto-enrolment provisions, has received industry-wide support.
And a spokesperson for the Department for Work and Pensions has admitted Johnson’s theme of simplification is an important part of the government’s pensions agenda.
“We are committed to reinvigorating private pensions and welcome contributions to the debate, including on the issue of encouraging savings,” he said.
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The proposed changes will allow the DWP to gauge opt-out levels |
Govt moves to take Nest off the table
The Treasury is winning its long-running battle to dramatically roll back the 2012
pension reform programme.
Civil servants at the exchequer have opposed elements of the Department for Work
and Pensions’ (DWP) flagship project on cost grounds for some time. But the new
government’s relatively cool attitude to the National Employee Savings Trust (Nest) has given their argument impetus.
It is understood that the likely outcome of the proposed review of Nest is it will be postponed indefinitely. And auto-enrolment will be initially limited to employers with existing defined contribution arrangements.
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High earners opt for cash to cover relief cuts
Cash or financial advice are the most popular alternatives for high earners faced by a cut in tax relief from April next year.
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Charges will undermine Nest’s goals
The Confederation of British Industry (CBI) has attacked the 2% initial charge to be levied by the Nest Corporation as a “raw deal” for savers and would encourage employees to opt out of the scheme.
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CBI pushes for public sector reform as total scheme liability hits £1trn
The Confederation of British Industry (CBI) has called for an overhaul of “unsustainable” public sector pensions and suggested a notional defined contribution (NDC) model.
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Snowdon: sensible minority views could win success |
Hung parliament?
The possibility of the general election resulting in a hung parliament could have a bearing on any number of pension issues and delay the process of passing legislation.
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Nest charges announced
The government’s publication of the charging structure for the National Employment Savings Trust (Nest) has provoked murmurs of discontent from industry commentators.
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PADA plays cautious on Nest admin contract
The government has blocked its new National Employee Savings Trust (Nest) administrator from signing a long-term deal until political uncertainty over the programme is settled.
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Tata set to administer Nest accounts
The Personal Accounts Delivery Authority (PADA) has confirmed that Tata Consultancy Services is to take on the administration of the National Employment Savings Trust (Nest).
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Nest to be reviewed under Conservative government
Shadow pensions minister Nigel Waterson has promised an immediate review of the Personal Accounts Delivery Authority (PADA), should his party win this year’s general election.
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Nest: the new personal accounts |
Nest completes rule book for UK pensions reform
The Department for Work and Pensions (DWP) last month published the final set of regulations putting in place the pensions policy reforms ahead of implementation in 2012.
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Smaller companies resent added costs of implementing a national scheme
Small businesses have branded 2012 pension reforms “unfair”, according to research published with the government’s final consultation response on the subject.
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Buzz around Bee’s manifesto
Steve Bee’s new role at Paradigm Partners will involve encouraging employers and advisers to create defined contribution schemes that are superior to the National Employment Savings Trust (Nest) scheme.
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The NEST logo |
Simply the NEST – personal accounts rebranded
The Personal Accounts Delivery Authority (PADA) has given a new name to the personal accounts project.
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Webb: a two-horse race does not equate to ‘strong competition’ |
Second drop-out sparks doubts over PADA contract
Logica’s withdrawal from the Personal Accounts Delivery Authority’s (PADA) administration procurement process has raised questions over whether there is sufficient competition for the role.
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Eagle: Tory plans ‘too complex’ |
Eagle rejects Waterson’s DB design
Pensions minister Angela Eagle has dismissed Conservative proposals to support defined benefit (DB) schemes and bring forward auto-enrolment.
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Jones: could quit PADA if his salary were cut to civil servant levels |
PADA defends PA bidding process
ATP’s departure from personal accounts admin contract bid proves the system is working like clockwork, states PADA’s chief executive
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Parties not ambitious enough, says industry
Pensions experts have called for politicians to take more radical steps in state pension provision following the party conference season.
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Waterson: such schemes could be moved to DC arrangements |
Tory spokesman calls for end to unfunded schemes
Conservative shadow pensions minister Nigel Waterson has spoken about his own views on public sector pensions, including repeating his desire to close unfunded schemes.
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Smaller firms fear changes in 2012
More than two-thirds of Britain’s smallest companies fear that the 2012 pension reforms threaten closure or redundancies, Federation of Small Businesses (FSB) figures show.
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Leach: new approaches required |
Over-65s left in no-man’s-land
Raising the state pension age dramatically could leave older workers in limbo with little or no income, according to the Trades Union Congress (TUC).
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TUC refutes public sector plans are risky and unstable
The Trades Union Congress (TUC) has challenged the idea that the public sector pension system in its current form is unsustainable.
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Johnson: need for flexible option |
CPS report proffers a total restructure of S2P
The government’s pensions policies are fundamentally flawed and should be abandoned in favour of a new and sustainable system, a report published by the Centre for Policy Studies (CPS) has claimed.
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Cameron vows to close MPs' pension scheme
David Cameron has pledged to close the MPs’ pension scheme following a Conservative election victory, adding that politicians need to lead by example when reforming the public sector.
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Strict rules may leave staff stuck in schemes for months
The government’s latest report into auto-enrolment could require schemes to rewrite rules regarding new member investment, according to a law firm.
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Industry divided on DWP report
Low earners could lose out on potential savings when auto-enrolment is introduced in 2012, according to several industry experts.
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Jones: provider must be prepared |
PADA hints overseas firm may run personal accounts
The administration for personal accounts may be run by a company based in North America or Europe.
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