Will Parliament call a second referendum?

As we approach the third anniversary of the referendum, and despite the Prime Minister invoking Article 50 and beginning the time limited two-year negotiating period that set the UK on the path to leave the European Union, the UK remains a full member. Senior Investment Analyst at Quantum Advisory, Matthew Tucker, explains what might happen next, including the possibility of a second referendum.

No respite for pension schemes as base rate goes unchanged

Following the Bank of England’s widely anticipated decision to keep interest rates at the current level of 0.5% (10 May), Stuart Price, Partner and Actuary at Cardiff-based independent financial services consultancy Quantum Advisory, explains what the implications are for UK defined benefit pension schemes as prevailing market conditions continue to be a massive challenge for all key stakeholders.

Are you ready for the pension contribution increase?

Since the introduction of auto enrolment in 2012, nine million people have been opted in to a workplace pension in the UK. Next month (April 2018) sees pension contributions increasing from the current 2%, to 5% made up of 3% from the employee and 2% from the employer. The following year this will grow to 5% and 3% respectively, totalling 8%.

Pension members need more support

Following the high profile separation of the British Steel Pension Scheme (BSPS) from Tata Steel, members were given the choice to either move their pension to a new British Steel Pension Scheme, do nothing and remain in the current scheme, which will eventually fall into the Pension Protection Fund (PPF), or transfer out. Now the December deadline has passed, it has been reported that of those BSPS members who took advice, a third of them were given poor advice and subsequently the Financial Conduct Authority is investigating 17 companies.

Port Talbot steelworkers targeted by pension fraudsters ahead of December deadline

Following the high profile restructuring of the British Steel Pension Scheme (BSPS) in August, it is being reported that Port Talbot steelworkers are being targeted by fraudsters and rogue financial advisors to hand over their pension pots. The BSPS Trustees have said that since March, it has already completed 700 transfers, with many more in the pipeline as many members want to take control of their pension entitlement.

Will the government cut tax relief?

As it becomes increasingly likely that the Government will reform the current tax relief system, either in the up and coming Budget or in the not too distant future, Stuart Price, Partner and Actuary at Quantum Advisory in Cardiff, looks into the options and possible repercussions.