Pensions News

HMRC misses tax credit fraud target by £5 billion

HMRC has missed government targets on reducing fraud in the tax credit system

A new report by the Public Accounts Committee has found that HMRC has only managed to reduce fraud and error in the tax credit system by £3 billion after being set a target of £8 billion by the government.

One in seven to rely on state pension in retirement

Prudential reveals 14 per cent of Brits have yet to grasp the importance of saving a pension and are relying on the state pension to fund their retirement.

Markit reports improvement in household finances as pay grows

Markit reports household finances are improving

Markit's latest household finance index shows an improvement as extra work help increase spare cash and inflation expectations recede.

Unemployment rises by 15,000 to 2.52m in first quarter of 2013

Unemployment edged up in the quarter ending March 2013

Unemployment rose slightly, by 15,000 in the three months ending in March 2013, less than most economists predicted.

Pension charges to be banned under auto-enrolment

Pensions Minister Steve Webb wants to encourage people to join a company pension scheme

The government has announced an outright ban on pension consultancy charges under auto-enrolment and is consulting on a cap on defined contribution scheme charges.

Permanent job vacancies rise for 7th month running, says KPMG

A new report by KPMG suggests permanent job vacancies are rising

The latest KPMG/REC hobs index shows a rise in demand for permanent staff for the seventh consecutive month suggesting the problem of underemployment may be receding.

Closing pensions loophole could cost as much as it saves

The government is to stop people living abroad who are married to UK citizens from claiming a state pension in a move that could affect 220,000 people.

Niesr: "Underemployment" should be included in official figures

Underemployment of young people is a major problem, says Niesr

New research by the National Institute for Economic and Social Research shows that 30% of young people in work would like more hours making it more difficult for unemployed young people to get a job.

Universal Credit welfare and benefits changes begin

Universal Credit, the new benefits system is being introduced

Major changes to the UK's welfare and benefits system are being introduced in a pilot scheme in Greater Manchester where the Universal Credit system is being tested.