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February 6, 2016 - Latest:

Three in four employees believe they will be worse off in retirement than their parents

3 February 2016

Nearly three-quarters of UK employees believe they will be worse off in retirement than their parents’ generation, new figures show. The study by professional services firm, Willis Towers Watson found [...]

People aged 65-79 are the happiest age group as spending power improves

2 February 2016

Sixty-five to 79 year olds are the happiest age group new data from the Office for National Statistics shows. The results found that those aged 65 to 79 tended to [...]

A quarter of wealthy investors are choosing stocks and shares Isas over pensions

2 February 2016

One in four wealthy investors (24%) is shunning private pensions in favour of stocks and shares ISAs, according to new research from The Share Centre. The research of over 1,000 [...]

Retirement hopes are a distant dream for many

27 January 2016

Three quarters (75%) of people aged 45 and over dream of retiring in the next five years, but almost half (45%) will not be able to, a new study reveals. [...]

Pension allowance reduction: are you facing a 40% tax charge?

22 January 2016

High earners will be hit by a reduction in the amount they can save into their pension from April, and face large penalties if they exceed their allowance.   From [...]

Government to cap excessive pension exit penalties

19 January 2016

The Chancellor has announced that the Government will cap exit early charges on pensions. George Osborne, told the House of Commons that as many as 700,000 have to pay these [...]

Retirees expect pensions to deliver £17,700 a year

15 January 2016

Those retiring this year expect to receive an annual income of £17,700 from their pensions, still below the level seen pre-financial crisis.   Research from Prudential reveals a 4% increase [...]

Seven in 10 use pension freedom to strip their entire savings

8 January 2016

Seven in 10 people using new pension freedoms are withdrawing their entire pension pot.   An increasing number of retirees have made the decision to take their entire savings as [...]

10 ways the gov’t wants you to be richer in 2016

6 January 2016

When you look at your wage slip it may not feel like it but the government wants you to be richer in 2016.   The Treasury has set out 10 [...]

The pensions divide: are you a winner or a loser?

18 December 2015

A quarter of households in Great Britain have no private pension wealth, the latest figures from the Office of National Statistics (ONS) show.   The findings highlight the disparity among [...]

Millions to be given chance to sell their annuities for cash lump sums

8 December 2015

Up to five million annuity holders are set to be given the chance to cash in their policies for a lump sum under plans which will be published this month. [...]

Proportion of self-employed making pension contributions plunges to just one in 10

3 December 2015

The proportion of self-employed workers making personal pension contributions has fallen dramatically in the last decade from one in three in 2001/02 to one in 10 in 2013/14. An analysis [...]

UK pensions are ‘embarrassingly low’ and among the worst in the developed world

1 December 2015

The UK has one of the least generous state pension systems in the developed world, the latest  report by the Organisation for Economic Cooperation and Development has revealed. Its Pensions [...]

‘Oldpreneurs’ using pensions to fund business ventures

27 November 2015

Forget bright young things, ‘oldpreneurs’ are using their pensions to start up new businesses.   In a report by Clifton Asset Management and pensionledfunding.com, it is predicted that £400 million [...]

No help from Chancellor for women retiring next year on low state pension

25 November 2015

Women due to retire next April with what they say is an unfairly low state pension have won no concessions from the Chancellor in his Autumn Statement. Campaigners say they [...]

Company director disqualified over £26.6m pension fraud

20 November 2015

A company director has been disqualified over his part in a £26.6 million pension scheme fraud.   After an investigation by the Insolvency Service, Richard Martin Williams has been banned [...]

Ageing population poses a threat to UK economy

18 November 2015

The ageing population poses a threat to the UK economy business leaders have warned in an open letter pledging to do more to address the challenges posed by the demographic [...]

Low paid workers missing out on full flat-rate state pension

13 November 2015

Low paid part-time workers need to be helped to build up entitlement to the flat-rate state pension, the pensions minister has said.   Pension minister Ros Altmann has called on [...]

Millennials are underestimating the pot they will need at retirement by £373,000

11 November 2015

Millennials expect to be able to retire at 62 and are underestimating their life expectancy by more than 10 years, leaving them in danger of an impoverished old age. According [...]

FOS tells Pru to pay up in annuity battle

6 November 2015

The Financial Ombudsman Service (FOS) has ruled that insurer Prudential was wrong to backtrack on an annuity quotation it has offered a customer.   The complainant, known as Mr C, [...]

Fears QE has done ‘permanent damage’ to pension savings

6 November 2015

Pension funds have warned that quantitative easing (QE) could lead to poor returns, doing ‘permanent damage’ to investors’ savings.   A report from Create Research and Amundi said QE means [...]

£4.7bn withdrawn under new pension freedoms

3 November 2015

New data reveals that £4.7bn has been withdrawn under the new pension freedoms since April. Association of British Insurers figures published at its Biennial Conference today show that retirees are [...]

The analysis that provoked the state pension row

1 November 2015

This week saw the genesis of a furious row between the government and the opposition about the state pension. Labour has called on the Government to give details of just [...]

State pension reforms – Labour demands that the Government says who will lose out from next April

30 October 2015

Labour shadow pensions minister Nick Thomas Symonds MP has called on the government to come clean about who and how many people will lose out in next April’s state pension [...]

High earners given window of opportunity to boost pensions before tax changes

28 October 2015

George Osborne has signalled that changes to pensions tax relief for high earners will not be finalised until next year, providing a window of opportunity for those who may be [...]

Alarming numbers of over-55s are being targeted by pension scams

27 October 2015

One in seven of working over-55s have been targeted by pension fraudsters, a new study has revealed. Nearly half who suspect fraud have been approached more than once, the research [...]

Equity release lending hits new record

27 October 2015

Equity release lending rose by 21% year-on-year to hit £452.6m in the third quarter, setting a new record. It was also the biggest quarterly rise for 11 years, figures from [...]

Can a giant blue monster make people care about pensions?

21 October 2015

The Government has adopted a new tactic to get small companies to engage with pensions, rolling out a new series of adverts featuring a hairy monster called ‘Workie’ who represents [...]

Older borrowers warned that pension freedoms could scupper plans to extend mortgage beyond retirement

21 October 2015

Older borrowers have been warned that using the new pension freedoms to make alternative investments or draw down money over time rather than buying an annuity could scupper their chances [...]

Firms dragging their heels over enrolment of staff into pension schemes

20 October 2015

Many businesses are leaving it to the very last minute to begin automatically-enrolling their staff into workplace pension schemes, a provider has warned. Of the companies that signed up with [...]

Gay couple lose court fight for equal pension rights

7 October 2015

A pensions expert has hit out at the treatment of a gay couple in a recent court case over entitlement to benefits after one partner dies as “dreadfully unfair”. The [...]

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 [...]

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