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October 6, 2015 - Latest:

Cost of retirement to soar by 150% in 2050 while pension saving fails to keep pace

30 September 2015

The cost of living in retirement is forecast to soar by nearly 150% by 2050, a new study reveals. Today’s average 35 year old, who is halfway to possible retirement [...]

Pensions: scrap lifetime allowance and bring in 33% relief for all, says stockbroker

25 September 2015

The chancellor has been urged to scrap the cap on the amount a person can save into a pension in their lifetime and introduce a ‘lifetime pension’.   Stockbrokers Interactive [...]

Over 2m more people saving into pensions but contributions have halved

25 September 2015

Auto-enrolment has encouraged more people into pensions but the value of contributions has halved.   As the third anniversary of auto-enrolment approaches, active membership of occupational pensions has increased by [...]

Women, ethnic minorities and the disabled are more likely to miss out on workplace pensions

23 September 2015

Women, ethnic minorities and the disabled are less likely than their counterparts to qualify for automatic enrolment into a pension scheme, a new study has found. In 2012, the Government [...]

Jeremy Corbyn’s victory could offer hope to pensioners overseas with ‘frozen’ state pensions says financial adviser

23 September 2015

Pensioners living abroad with so called “frozen pensions” should take heart from Jeremy Corbyn’s victory says an international financial adviser. Despite years of campaigns, many pensioners, heading to a seemingly [...]

Old contracts could block pensions inheritance

18 September 2015

Older pension contracts may not allow retirees to pass on their pension to whoever they choose after their death.   Michael Brooke, financial planning at pensions expert at Clarion Wealth [...]

More than 200,000 use new pension freedoms, but only 10% take the free help

16 September 2015

More than 200,000 pension policies have been accessed in the first three months of new freedoms over how retirees use their funds, official figures reveal. The Financial Conduct Authority data [...]

One in seven over 70s are still repaying a mortgage

15 September 2015

One in seven over 70s are still repaying a mortgage, new data suggests. The study, by Saga Equity Release Advice Service, found that, of those aged 70 and over who [...]

Pensions Awareness Day: A five-point plan to plug the savings gap

15 September 2015

To mark Pensions Awareness Day, which falls today, Rob Gardner, co-CEO of Redington, the investment consultancy, has launched a five-point plan to boost the nation’s retirement savings… As we shift [...]

Support for pension-ISA hybrid halves when tax implications explained

11 September 2015

Support for a pension-ISA hybrid may have grown but only until the tax implications are explained.   A survey by Aviva has found that support for an ISA-style pension wanes [...]

Retirees ditch plans to downsize due to a lack of suitable homes and fear of isolation

2 September 2015

Retirees are being put off downsizing by a lack of suitable homes on the market and a fear of losing touch with family and friends, according to new research. Around [...]

State pension age set to hit at least 70 by 2050

1 September 2015

The state pension age looks set to hit at least 70 by 2050, the latest official life expectancy data suggests. Figures published by the Office for National statistics (ONS) today [...]

Pension savers warned of risks of transferring funds into cash

1 September 2015

Retirees may be putting their financial wellbeing at risk by using the new pension freedoms to move their pensions into cash, an adviser has warned. While consumers may be comforted [...]

The dangers of pensions drawdown in a falling market

25 August 2015

Danny Cox, head of financial planning at Hargreaves Lansdown, looks at the impact of Monday’s market falls on pensions and provides a five-point guide to how you can protect your [...]

Should you cash in your pension to pay off your mortgage?

25 August 2015

Andy James, head of retirement planning at Towry, provides a worked example to show whether or not it makes sense to use the new pension freedoms to clear one’s mortgage [...]

Typical retirement gift worth only £2.17 for every year worked

25 August 2015

The average retirement gift is worth just £2.17 for every year of work, a new study has found. Despite putting in years of service, retirees can expect to receive a [...]

A move to taxing pensions like Isas “would leave savers much worse off”

19 August 2015

Government suggestions that pensions could be ‘taxed like Isas’ could leave retirees much worse off because they would pay tax on their income before making pension contributions and so would [...]

Pension fraudsters conning savers with investment scams

7 August 2015

Fraudsters targeting pension funds are increasingly offering savers the chance to put money into investment scams, according to Citizens Advice.   A survey by the consumer charity shows 40% of [...]

Rise in scams following pension freedom, says adviser

24 July 2015

Pensions scams have risen since the introduction of new freedoms that make it easier for retirees to get their hands on their pension cash.   Pension advisers Portal Financial has [...]

Retirees take £1.8bn out of pensions in April and May

15 July 2015

Nearly a quarter of a million payments worth £1.8billion were made to customers from pension pots in April and May, following the launch of new rules giving retirees freedom over [...]

Pensioners cannot resell their annuities until 2017

8 July 2015

Retirees will not be able to sell on annuities they have already purchased on the secondary market until 2017 at the earliest. Budget documents reveal no further detail on what [...]

Treasury may have under-estimated its tax windfall from pension freedoms by £350m

7 July 2015

The Treasury may be in line for a windfall that is £350m higher than forecast as a result of the new pension freedoms, new analysis suggests. Hargreaves Lansdown calculates that, [...]

Pensions minister backs Nest retirement ‘blueprint’ to provide cash and income

3 July 2015

Pensions minister Ros Altmann has thrown her weight behind plans for a ‘default drawdown’ plan set out by the National Employment Savings Trust (Nest).   Nest set out a ‘blueprint’ [...]

Pension tax relief: latest sign that it will be cut in next week’s Budget

3 July 2015

The odds of a cut in pensions tax relief have increased after the government published a paper looking at the merits of a reform.   Yesterday afternoon a briefing paper [...]

A fifth of over-50s targeted by pension fraudsters

30 June 2015

One in five over 50s may have been targeted by scammers looking to trick people out of their savings, a new survey reveals. The YouGov study commissioned by Retirement Advantage [...]

Rushing plans for annuity sales will put pensioners at risk

26 June 2015

The trade body for insurers has warned the government will put pensioners at risk if it rushes into the building of a second-hand market for selling annuities.   The government [...]

Britons now saving 12% of earnings for retirement but one fifth are still non-savers

24 June 2015

Retirement saving in the UK has reached the highest level ever recorded with (56%) of the population now saving adequately according to new research. The Scottish Widows Retirement Report revealed [...]

Hargreaves Lansdown launches low cost retirement advice service charging £395 plus VAT

23 June 2015

Hargreaves Lansdown has launched a new low-cost retirement planning service to help investors navigate the pension freedoms. The service which will charge £395 plus Vat with retirees walked through various [...]

Retirees with guarantees blocked from taking pension cash

19 June 2015

Pension minister Ros Altmann is being urged to change the rules to help those with guarantees linked to their pension pots who have been blocked from accessing their savings.   [...]

Retirees selling annuities should be made to take advice, says insurer

19 June 2015

The pensions industry has said consumers wishing to sell their annuities should be made to take advice so they understand the full implications of giving up guaranteed income.   The [...]

Next generation of retirees to be worse off than current pensioners

19 June 2015

The next generation of retirees will retire on less than the current crop of pensioners.   Those aged between 45 and 55 expect to work until they are 65 and [...]

Government considers cap on “excessive” pension exit penalties

17 June 2015

The Treasury is considering a cap on the exit penalties levied on pensions over fears that some retirees are being charged an excessive amount to take advantage of new freedoms. [...]

Retirees transfer £1bn out of their pensions under new freedoms

16 June 2015

Around 60,000 people have made use of new rules to release £1bn from their pensions, the Chancellor has told MPs. In April, the Government brought in unprecedented new freedoms for [...]

High earners urged to act now and boost pensions ahead of July Budget

16 June 2015

High earners are being urged to make the most of the valuable pension tax relief afforded by the lifetime allowancee ahead of a potential clampdown in the new Government’s Budget [...]

Many workers may not realise they’re on course to breach Lifetime Allowance for pensions

16 June 2015

David Smith, financial planning director at Tilney Bestinvest looks at the ways pensions savers can avoid breaching the reduced £1m Lifetime Allowance for pension contributions…. From April 6 2016, the [...]

How to make the most of your pension before the Emergency Budget

12 June 2015

Higher rate taxpayers should make the most of pension contributions before the emergency Budget, which is expected to cut tax relief.   AJ Bell pensions expert Mike Morrison said savers [...]

State pension triple lock will keep Britain in the red

12 June 2015

The rising cost of the state pension ‘triple lock’ could mean the government is unable to maintain a budget surplus, the Office for Budget Responsibility (OBR) has warned.   Chancellor [...]

Altmann criticises pension providers for ‘failing to move with the times’

5 June 2015

New pensions minister Ros Altmann has accused pension providers for ‘failing to move with the times’ after insurer Friends Life said it would not provide access to pensions under the [...]

How to pass your pension on after death

29 May 2015

New freedoms allow savers to pass their pension on to their loved ones, potentially tax free, so how do you do it?   The pension reforms have offered some real [...]

Where’s your pension? Search for lost savings triples in a decade

29 May 2015

The number of people searching for lost pensions has tripled over the past decade as people move from job to job and lose track of their savings.   Figures requested [...]

Ten tips for savers and retirees under new pension rules

27 May 2015

Following the introduction of new pensions  freedoms in April, retirees have greater flexibility, but are also exposed to more risk. Standard Life’s Julie Hutchison gives her tips for how to [...]

Scams on the rise following new pension freedoms

26 May 2015

There has been a marked increase in calls from boiler room fraudsters since the new pension freedoms came into effect in April, a financial advisory firm has warned. Scammers claiming [...]

One in seven retiring this year have no pension savings

22 May 2015

One in seven people are set to retire this year with no pension and will be totally reliant on the state.   Research by Prudential reveals 15% of those planning [...]

What changes can we expect under a new pensions minister?

20 May 2015

As Ros Altmann begins her new role as pensions minister, Kate Smith, regulatory strategy manager at Aegon looks at what changes might be afoot in the coming months… Dr Ros [...]

A grand vision for savings: 11 recommendations for the new pensions minister

15 May 2015

New pensions minister Ros Altmann has been urged to continue with pension reforms and encourage a ‘grand vision for saving’.   In a paper for the Centre for Policy Studies, [...]

David Cameron appoints pensions campaigner Ros Altmann as minister

12 May 2015

The pensions campaigner and former adviser to Tony Blair, Dr Ros Altmann has been appointed pensions minister as David Cameron is able to fill his cabinet entirely with Conservatives now [...]

Numbers asking for valuation of their defined benefit pension rocket says pension consultancy Mercer

5 May 2015

The number of people asking for a valuation of their defined benefit pension has increased by 60% as according to global pension consultancy Mercer. In an analysis across the pension [...]

Semi-retirement set to become the new norm

29 April 2015

Almost half of working age people plan to semi-retire before giving up employment fully, marking a significant shift from previous trends. A report by HSBC has found that semi-retirement – [...]

‘Giving while living’ is taking over from the traditional inheritance model

29 April 2015

More people are trying to pass on money and assets to their children while they are still alive instead of leaving an inheritance, a new study reveals. The research by [...]

Young people expect to retire with £95k in pension, but haven’t started saving

24 April 2015

Young people are feeling optimistic about their retirement, believing they will have savings of £95,000 despite three-fifths not yet saving into a pension.   A survey by NOW: Pensions, shows [...]

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