Sarah Elwine, actuarial director at Broadstone, said: “July saw large gains in equity markets driving some global stock markets to all-time highs, increasing asset values and further solidifying the strong funding positions held by many defined benefit pension schemes."
The scheme trustees and sponsor were keen to work quickly on getting the benefit specification, membership data and investment strategy in a position to approach insurers.
During this three-month period, HMRC processed 9,694 forms under the P55 category, which applies when individuals have taken part of their pension pot but are not fully retiring.
The survey of more than 2000 UK adults uncovered widespread confusion about the basics of pension planning.
On average, savers contributed £285 (19%) more to their pensions in 2024 compared to 2023, taking the average up from £1,192 to £1,477.
Developed by The Pensions Regulator (TPR) and the Pension Scams Action Group (PSAG), the system uses machine learning models trained on real-world data to flag suspicious sites.
In 2024, research revealed that the average transfer time among providers that transferred pensions to PensionBee was 22.4 days.
The boost, driven by the ‘triple lock’ mechanism, will bring the full State Pension to £12,014 per year, edging it closer to the tax-free threshold of £12,570.
The study by YouGov found that 43% of people believed that an average pensioner retiring today will get less from their state pension than they paid in.
Some women could be left with a £12,554 shortfall in pension wealth if employers mistakenly reduce their contributions based on statutory maternity pay, rather than their full salary.
Hymans Robertson found that younger DC scheme members who are around 30 years from retirement have benefited from their higher exposure to equity markets.
94% of workers in an industrial action ballot supported strike action.