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The Latest Breaking News from Steve Webb

Salary sacrifice: max out this pension tax break while you can

The clock is ticking to take advantage of this valuable UK scheme, as the benefits are to be restricted from April 2029

The Guardian - UK

Study highlights ‘extraordinary consolidation of power’ in pensions market

More should be done to make sure that there is ‘proper accountability’ of trustees, former pensions minister Sir Steve Webb argued.

The Independent UK

Some pension savers giving up on transfers due to delays, says Which?

The consumer group said bottlenecks can be caused due to antiquated processes, often requiring ‘wet’ ink signatures.

Evening Standard

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Reform’s pension plan could backfire and lead to higher council tax bills, experts warn

Nigel Farage’s party wants to merge council pension schemes to create a single British Sovereign Wealth Fund

The Independent UK

Warning issued over new salary sacrifice rules set to impact pensions

The schemes enable people to maintain their take-home pay as they end up paying lower national insurance contributions

The Independent UK

Salary sacrifice pension changes ‘could see people on modest incomes losing out’

From 2029, salary-sacrificed pension contributions above an annual £2,000 threshold will no longer be exempt from national insurance contributions.

Evening Standard

AI bubble: five things you need to know to shield your finances from a crash

Some experts have voiced fears a tech meltdown could hit our savings and pensions – here’s how to protect yourself

The Guardian - UK

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Stark warning to pension savers over Rachel Reeves’s salary sacrifice changes

HMRC suggest 3.3 million people will be impacted by the salary sacrifice changes

The Independent UK

3.3m pension savers facing hit with salary sacrifice changes

HMRC said an estimated 7.7 million employees currently use salary sacrifice to make pension contributions.

Evening Standard

People deriving income solely from state pension won’t be taxed, says chancellor

Clarification creates prospect of two-tier system for retirees solely on new state pension and those on private schemes

The Guardian - UK

Budget 2025: your questions about your finances answered

How will new tax rates and measures affect pensions, savings, car tax and more? We look into some individual queries

The Guardian - UK

Pensioners at Risk: Reeves Considers £6bn Tax Hike Amid Calls for Five-Year Payout Guarantee

Chancellor Rachel Reeves is tipped to target pensioners with a £6 billion tax hike, amid calls for a fairer, more secure state pension payout system for UK retirees.

International Business Times UK

Call for people who reach state pension age to be paid for five years even if they die

Sir Steve Webb, who was pensions minister when the triple lock was introduced, has urged Rachel Reeves to implement a ‘minimum guaranteed payout’ of five years

The Independent UK

DWP make payouts totalling £900 million after state pension errors

Concerns have been raised, however, that some state pension records could be deleted, making it ‘virtually impossible’ to correct past errors in payments

The Independent UK

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Evening Standard

State pension errors ‘could be virtually impossible to fix if records deleted’

Former pensions minister Sir Steve Webb is urging the Department for Work and Pensions to ensure records are kept for as long as they may be needed.

The Independent UK

Ex-minister reveals the pensions changes most likely at Budget

Higher earners could be targeted at the chancellor’s second fiscal event

Evening Standard

Battle against state pensions gender gap ‘nearly won’ for new retirees

Government figures for recent retirees indicate that, on average, women are receiving 99.1% of the amount received by men.

The Guardian - UK

‘Think big’: ex-pensions minister calls for UK contributions minimum to go up

Steve Webb says long-term plan is needed as experts warn 8% of earnings is not enough for decent retirement income

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The Independent UK

Millions of pensioners ‘dragged’ into paying higher tax rates

“The nation has fallen victim to the effects of fiscal drag” says one expert

Evening Standard

Around 1m pensioners paying income tax at 40% or above

The number of people at state pension age or older who are paying the tax at 40% or above has doubled in four years, according to HMRC figures.

Evening Standard

More than £800m of state pension underpayments identified in correction drive

Married women on low state pensions and the over-80s are among those who have been underpaid.

Evening Standard

Criticism over letters asking bereaved relatives to return pension overpayments

Sir Steve Webb said the letters from the Department for Work and Pensions do not make clear that repaying the money is voluntary.

Evening Standard

Not case for triple lock ‘indefinitely’ minister who introduced it suggests

Former Liberal Democrat MP Sir Steve Webb served as pensions minister in the coalition government, thinks there is still a case for keeping it now.

The Independent UK

Teachers, nurses and civil servants ‘could be offered higher pay for lower pensions’

Reform which could affect the NHS, schools and Whitehall and could help avoid future strikes over wages, has been branded ‘dangerous’ by some unions

The Independent UK

Waspi women criticise ‘bizarre and unjustified’ ruling out of compensation

The Government said a blanket compensation scheme for Waspi women, which could cost taxpayers up to £10.5 billion, cannot be justified.

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