Aries monitors every development in new and proposed legislation and official guidance. Clients are kept up to date via the website, email alerts and tweets. Aries serves as a one-stop source of intelligence on everything that is going on and coming up. Aries doesn't miss anything of significance.
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of savers by generation: Baby Boomers (born 1946-1964), Generation X (born 1965-1984) and Millennials (born 1985-2004). Each is divided into three income levels: high-middle, middle-low, and low-very low, with. the expected relative reliance of each on DB, DC and State pensions plus other long-term savings.
As you would expect, high-middle . . .
18 Oct 2020
Twice a year since 1999 HMRC had held meetings with representatives of pensions industry bodies, always attended by most of the key top-level people in pensions at HMRC. Aries has reported on every one of these meetings. Here is what went on at the latest, held as a conference call via Microsoft Teams on 7 October 2020.
Anne Smith, standing in for Guy Hooper's successor as Head of Pensions, Savings & Charities Policy, opened the meeting by explaining that we weren't meeting online
in 2019. Right up to that day they had been collating responses, which had given them "lots of food for thought", and the door had not been closed to further engagement.
They had got a clear message that HMRC should not be the regulator of any tax advice regime, on grounds of conflict of interest. A key question was what would be the impact on the UK economy . . .
18 Oct 2020
In August last year, the Government was found guilty
of maladministration because it had failed to make clear that some people with a Guaranteed Minimum Pension (GMP) could be worse off as a result of state pension reforms introduced in April 2016.
The DWP was aware the changes could negatively affect people with long periods of contracting out who were due to reach State Pension Age (SPA) shortly after the new State Pension was introduced from
deficits and, in some case, very long recovery plans.
The case for change is well made and the PPF believes that proposed approach to achieve it is "well thought through and helpful" with clear, objective standards allowing robust regulation. The proposed twin-track approach of Bespoke or Fast-Track is supported by the PPF. The key will be defining the various standards.
Over the long-term, the PPF believes that
schemes and employers should be planning to reach, and maintain, a funding level that protects their members in the event of employer insolvency and this should form the basis of the low-dependency funding basis. Protect in this context, the PPF suggests, should mean ensuring any losses to members are "constrained to acceptable levels"
rather than be equivalent to a buy-out basis. The objective ultimately being to ensure . . .
08 Oct 2020