The Pensions and Lifetime Savings Association (PLSA) has updated its Pension Sharing on Divorce Guidance, which includes its revised scale of recommended charges and a simple flowchart outlining the circumstances when charges are permitted by legislation. The PLSA decided to revise its recommended charges in response to the results from its survey carried out earlier this year. The revised scale of recommended charges will apply from 2 January 2024.
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The Private Member’s Bill on automatic enrolment has successfully passed through Parliament and received Royal Assent today. The Pensions (Extension of Automatic Enrolment) Act 2023 (the Act) enables the Government (via regulations) to reduce the minimum age for automatic enrolment (currently 22) and to remove or reduce the bottom of the qualifying earnings (QE) band (currently £6,240 pa), subject to consultation. The policy intention is that the enrolment age will reduce to 18 (though Laura Trott, the Pensions Minister, has suggested that 16 could also be considered), and that the lower QE threshold will be removed. During a Parliamentary debate, the Government said that it will consult on how it will implement the changes “at the earliest opportunity”, which “could be later this year”. Laura Trott had previously indicated that she wants to consult in the autumn.
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