Retirement: DWP outlaw final salary pension ‘bribes’

A new code of conduct introduced by the Department for Work and Pensions (DWP) will stop employers offering members of Final Salary pensions cash incentives to leave the scheme. Transfers from Final Salary pensions Over the past few years an increasing numbers of employers have been offering members of Final Salary pensions, also known as Defined Benefit pensions, financial incentives to leave the scheme, thereby reducing an employer’s long term liabilities. Retiring soon? Our advisers can help you make the right ...

Government propose new type of workplace pension

Government propose new type of workplace pensionFollowing the demise of many final salary and defined benefit pension schemes the government is consulting on new types of work place pensions to provide guaranteed pensions for workers. According to Steve Webb, Minister for Pensions, the government is to consult on a number of options and is looking for a solution which provides either a guaranteed pension pot or guaranteed income, where the risks of the scheme are shared more equally between employee and employer. In an interview with the ...