Sharing our pension knowledge

1 March 2022

Sharing our pension knowledge
Steve Delo – Chair of the Independent Trustee Board – shares an update on how The People’s Pension has done in the last year.
To showcase the importance of your employees saving into a workplace pension, we’ve also created a series of short, interesting and useful videos for them on key topics including:
boosting their savings
pension investment
keeping their money safe.

Why not use this as part of your staff engagement plan on the benefits you provide, by inviting them to watch the sharing pension knowledge videos on our website.
46%* of people don’t know they pay charges on their pension savings
Do your employees? Charges are important – they make a difference over time.
We’re giving back over £1 million each month in rebates on our charge which means your employees could save £1,000s** more for their futures – it’s the cherry on top. If your employees have other pots and don’t know how much they’re being charged, why not encourage them to check with their pension provider and, if the charges are higher than The People’s Pension, help them to transfer.
Transferring other pension pots they may have into The People’s Pension could mean they benefit from a bigger rebate too.
Spread the word with our new poster
See how our rebate works with our interactive slider tool
Paying contributions in this tax year – cut-off dates and tax FAQs
You’ll need to send us your employee data and pension contributions by 31 March 2022.
If your employees are making personal contributions, they need to have completed and returned their personal payment forms to us by 25 March 2022.
Payments received after these dates will be accepted but won’t be included in this tax year. If your employees have questions about pension tax, they can find handy FAQs on our website.
New tax year changes from 6 April 2022
Here’s a quick round-up:
State Pension will increase from £179.60 to £185.15 per week
Basic State Pension will increase from £137.60 to £141.85 per week
If employer clients are operating salary exchange
Employer NICs are set to increase by 1.25% from April requiring changes to how benefits are represented to employees and a review of employer contributions to the pension provider.
The following remain the same:
Qualifying earnings band between £6,240 and £50,270 for minimum auto-enrolment contributions
Annual earnings trigger of £10,000
Annual allowance of £40,000, money purchase annual allowance of £4,000 and tapered annual allowance threshold income of £200,000
Lifetime allowance of £1,073,100 If you’re not familiar with any of these terms, visit our pension tax webpage.
News and articles
Why default funds are essential to help combat climate change – Jon Cunliffe explains why default funds should be at the heart of any climate change strategy.
A review of pensions policy in 2021 – Tim Gosling reviews how pensions policy unfolded throughout an exceptionally busy year. Take a look around our media centre for other blogs and articles
There’s more to be done to protect scheme members from pension scams.

Book your place now to join @TPRgovuk at their free pension scams webinar on 30 March at 2:30pm, followed by a live Q&A.
We’ve been awarded a Defaqto 5-star rating

For the 7th year in a row, we’ve been awarded a 5-star rating by Defaqto, the independent financial research company.
This independent and trusted rating confirms our strength as a workplace pension.