According to the Bank of England (BoE) governor Andrew Bailey, recent plans for “pension superfunds” could pose a threat to financial stability. Bailey has written to the work and pensions secretary, Therese Coffey, to criticise elements of an interim framework for pension superfunds, which was recently announced by The Pensions Regulator (TPR). This was widely heralded by the pensions industry as a way to protect scheme members in the long-term Read More….
Month: July 2020
It’s only natural to feel anxious or concerned about your pension pot. After all, everyone wants to enjoy their retirement to the fullest, which means having ample funds to live on. However, the coronavirus pandemic has forced most people to put their personal finances into sharp focus, particularly those approaching retirement. As a result, ‘pension panic’ is sweeping the UK, with many making rash decisions about their financial nest eggs. Read More….
According to a survey of 2,000 adults by Finder, over a third of Brits are eating into their savings during the COVID-19 pandemic. Since the coronavirus lockdown began on 23rd March, 36% of UK adults have supported themselves with savings. On average, these people have used £1,420 of savings over the first seven weeks, which is equivalent to a fifth (21%) of the UK’s average savings pot. But perhaps more Read More….
Due to the exceptional circumstances that many industries and organisations are facing during the COVID-19 pandemic, HMRC has updated its guidance on repayments of corporation tax. Claims for repayments of corporation tax for prior periods based on anticipated losses before the current accounting period has concluded will now be considered. Having previously raised the issue with HMRC, the Tax Faculty of the Institute of Chartered Accountants in England and Wales Read More….