Labour ministers are now IFA's

[RobertT]

You might be interested to know, this legislation has now been passed and has become law, with the original plans being watered down to some degree:
https://www.pensionsage.com/pa/Pension- ... dation.php

Assuming a workplace DC scheme offers a choice of investments, savers will still be able to pick the funds they want and therefore avoid any default funds that are mandated to invest in particular assets.

Laws have also been passed which confirms the £2,000 salary sacrifice cap from April 2029 and to enable DB pension surpluses to be accessed easier.

[Hyrrokkin]

You might be interested to know, this legislation has now been passed and has become law, with the original plans being watered down to some degree:
https://www.pensionsage.com/pa/Pension- ... dation.php

Assuming a workplace DC scheme offers a choice of investments, savers will still be able to pick the funds they want and therefore avoid any default funds that are mandated to invest in particular assets.

Laws have also been passed which confirms the £2,000 salary sacrifice cap from April 2029 and to enable DB pension surpluses to be accessed easier.

RM & CWU must be rubbing their greedy hands now - let the legally mandated theft begin....

[RobertT]

RM & CWU must be rubbing their greedy hands now - let the legally mandated theft begin....

Not for a while yet!

My understanding is the Pensions Regulator will now draft the exact rules of how money can be accessed, which is expected to take at least 12 months from now.

It's then up to the trustees to decide if, when and how much surplus is extracted, and who gets some.

This link is pre legislation but I don't think much has changed from the timetable and process mentioned: https://www.freshfields.com/en/our-thin ... us-102lp7j

[milly]

This is just the start of the theft.
The State is growing at an alarming rate so it needs to steal more and more wealth to feed its seemingly infinite appetite.
I've been ridiculed on here for years for warning this was going to happen.
It looks like the mad Socialists are going to bring things to a head.

[Hyrrokkin]

This is just the start of the theft.
The State is growing at an alarming rate so it needs to steal more and more wealth to feed its seemingly infinite appetite.
I've been ridiculed on here for years for warning this was going to happen.
It looks like the mad Socialists are going to bring things to a head.

Do not agree with you on a few things but that i do agree 100%.

[Hyrrokkin]

RM & CWU must be rubbing their greedy hands now - let the legally mandated theft begin....

Not for a while yet!

My understanding is the Pensions Regulator will now draft the exact rules of how money can be accessed, which is expected to take at least 12 months from now.

It's then up to the trustees to decide if, when and how much surplus is extracted, and who gets some.

This link is pre legislation but I don't think much has changed from the timetable and process mentioned: https://www.freshfields.com/en/our-thin ... us-102lp7j

As always RobertT you are up to speed on all things pensions.
I have a right bee in my bonnet about this - most in RM do not even know about this...yet.
With so much money at stake i have no doubt RM & CWU will try to put pressure on the Trustees to free up this surplus.
We the members (only) who paid into it must have a vote on this...it is too important not to.

As far as i am concerned.
The surplus should stay in the scheme
If not then the members should get ALL of it.
We decide not RM or CWU.