UK turns to industry to solve £26bn lost pensions problem
‘It is time for the DWP to get off the fence and take action’
AJ Bell
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Cost of pension tax relief surpassed £50bn in 2021-22
But this should not become a justification for cuts
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Inflation drives cost of retirement up 20%
Clients may need to rethink their financial plans for later life
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FCA takes hard line on rogue financial promotions
Additional measures aim to clamp down on illegal, unfair or misleading marketing
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‘Watershed moment’ as FCA eyes simplified advice regime
In a bid to provide mass market consumers with greater access to services
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UK retirees suffer £210m state pension shortfall
DWP identified nearly 32,000 instances where it underpaid pensioners since January 2021
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68% of Brits back pension triple lock
‘Attacking’ it would be a ‘seriously high-risk and deeply unpopular move’
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HMRC ‘quiet scandal’ as overtaxation of pension withdrawals soars
It has had to pay back £925m since pension freedoms were introduced
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Value of lost pension pots hits £26.6bn
Figure has nearly doubled since 2018
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Triple lock in doubt with inflation component set at 10.1%
Uprating state pension by earnings growth could save UK government between £4bn-£5bn
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FCA sounds alarm over rising pension scams
A quarter of consumers would withdraw their retirement savings to cope with cost-of-living crisis
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Liz Truss wins race to succeed Boris Johnson as UK prime minister
There will be ‘no honeymoon period’ for the newly appointed PM