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April 27, 2015 - Latest:

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 [...]

Forget freedom, retirees could be ‘nudged’ into turning pension into income

24 April 2015

Retirees may be ‘nudged’ into turning their pension into an income in future, despite new freedoms, says pension think-tank.   A report by the Pensions Policy Institute (PPI) shows that [...]

High earners should act sooner rather than later as Tories, Lib Dems and Labour all eye reducing top rate pension tax reliefs

22 April 2015

Jason Hollands, managing director, business development, at Tilney Bestinvest looks at the threat to pension tax relief for big earners below. With the General Election just weeks away, the Conservative, [...]

Nearly one in five annuity holders would consider giving up guaranteed income for a lump sum

21 April 2015

Nearly one in five annuity holders would consider cashing in their policy for a lump sum, a new study has found. In his recent Budget the Chancellor announced plans to [...]

200,000 calls in first week of pension freedoms

15 April 2015

Pension providers handled over 200,000 calls from customers in the first week following the introduction of the pension reforms, new figures reveal. Data from the Association of British Insurers, shows [...]

Divorce costs £2,100 per year in lost pension income

15 April 2015

Divorcees who plan to retire this year will be on average £2,100 worse off annually than those who have never been through a marriage break-up. The expected annual retirement income [...]

How Labour and the Conservatives compare on pension policy

14 April 2015

As the main parties launch their manifestos for the General Election, Hargreaves Lansdown sets out the main pension policies under a future Conservative or Labour government…. Conservative pension plans Preserving [...]

How to invest for the new pension freedoms

1 April 2015

One of the biggest changes to the UK pension system takes place next Monday, as millions of savers will for the first time have total control over their pension pots. Hargreaves [...]

Cutting through the confusion: pension income options explained

31 March 2015

With just a few days to go until the pension freedoms start on April 6, many investors are still unclear about exactly how they can access their retirement savings. Hargreaves [...]

Up to 1.7 million people could face shock pensions tax bill

31 March 2015

Millions of people who will have unfettered access to their pension fund from next week do not realise that any income they draw will be taxed. With just days to [...]

Retirees in flexible drawdown risk fines when contributing into pension

27 March 2015

Retirees who have already put their pension into flexible drawdown could be hit by fines if they don’t report to the taxman.   Under the new pension freedom rule, those [...]

Retirees who raid pensions will be blocked from state benefits

27 March 2015

Retirees who purposefully exhaust their pension pots and fall back on the state will not be given means-tested benefits, the government has confirmed.   The Department for Work and Pensions [...]

Non-advised annuity and drawdown sales will harm retirees, warns consumer panel

27 March 2015

Consumers face ‘real and immediate’ detriment if the regulator does not protect them from non-advised sales of retirement products.   The Financial Conduct Authority (FCA) this week set out a [...]

Pension Wise – telephone service now open on 030 0330 1001

24 March 2015

A phone line to give guidance to people ahead of April’s pension reforms has opened, just two weeks before the changes take effect. Anyone over the age of 55 can [...]

Advisers fined for putting over £100m of pension money at risk

20 March 2015

The City watchdog has banned and fined two former directors of advice firm TailorMade Independent after they put over £100 million of client money at risk.   The Financial Conduct [...]

Doctors nearing retirement and senior public sector workers facing big tax hit to their pensions from lifetime allowance cut

18 March 2015

NHS doctors nearing retirement are set to suffer big reductions in their pension payments following the reduction in the lifetime allowance says a leading financial planner. David Smith, financial planning [...]

Cashing in an annuity could reduce its value by 30%, pension experts warn

18 March 2015

A pension provider has warned that people cashing in their annuities could lose as much as 30% of the value. They say this means the proposal will not make sense [...]

Cash in your annuities from 2016. Treasury to consult on creating secondary market

18 March 2015

More than five million people with annuities will be able to cash them in or reinvest them from April 2016 under plans confirmed in the Budget. The Government plans to [...]

Pensions lifetime limit cut to £1m from next year. Experts condemn ‘cap on aspiration’ in pensions

18 March 2015

The Chancellor of the Exchequer George Osborne is to cut the amount you can save in a pension in a lifetime to £1m before risking a 55% tax charge. From [...]

Can you afford to save 15% of your pay into your pension? You may have to

13 March 2015

If you want a decent retirement you must double the amount you save into your pension, says Lord Hutton.   Former Labour pensions minister Hutton said savers must put aside [...]

Pensioners will get easy access to their cash, but so will fraudsters, watchdog warns

11 March 2015

The boss of the City watchdog has issued a fresh warning about the risk of pension scams as new freedoms come into force this April. Speaking the National Association of [...]

Helping over-50s stay in work would boost employment prospects and wages of younger staff, report finds

11 March 2015

Helping more people over 50 into employment could boost the economy by up to £25 billion a year, a new report has found. The study by Ros Altmann, the government’s [...]

MPs say 55 is too young to access pensions cash

10 March 2015

Cross-party MPs have argued that the age at which savers will be able to cash in their pension funds from April is too low. The Work and Pensions Committee would [...]

Standard Life opens workplace pension to all employers

10 March 2015

Standard Life is removing all restrictions on its Good to Go auto-enrolment pension – opening it up to all employers, including the smallest businesses. Previously, the scheme had three main [...]

Labour leader Ed Miliband to promise to price cap income drawdown

6 March 2015

The Labour Party is proposing capping income drawdown charges. In a speech to be delivered later today, Labour leader Ed Miliband is expected to say: “We will act to protect [...]

Which? proposal for ‘nationalised’ income drawdown provider is a “recipe for disaster”

6 March 2015

Income drawdown providers have attacked consumer group Which? for its ‘kneejerk’ proposals to price cap income drawdown and for an analysis of charges in the market which they say is [...]

Consumer group Which? calls for Government-backed, low-cost income drawdown

6 March 2015

Consumer group Which? has demanded that financial regulators set a price cap on income drawdown sold to customers by their existing pension provider. The campaign group also wants the creation [...]

The shocking gap between men and women’s pension pots laid bare

4 March 2015

Women with private and workplace pensions are retiring with pots that are just half the value of men’s, a new retirement study has revealed. The report by LV= found that [...]

More than half of over-50s consider moving abroad

3 March 2015

More than half of Britain’s over 50s are considering a new life overseas, a survey has found. The research by deVere, the financial adviser, revealed that  59 per cent of [...]

Stop! Why you shouldn’t access your pension cash in April

27 February 2015

If you’re thinking of stripping cash out of your pension in April, hold your horses and wait for a better deal, says pension consultant Marcus Hurd.   From 6 April [...]

Labour to slash pension lifetime allowance to £1m to fund tuition fees cut

27 February 2015

Labour leader Ed Miliband has confirmed he plans to cut the lifetime and annual pension allowances to fund a tuition fee reduction if elected.   Rumours were circulating this morning [...]

The pension chance of a lifetime? Taking a small pension pot as cash and topping up the state pension could double what an annuity would give

25 February 2015

Government plans to allow some older people to top-up their state pension could provide a unique opportunity those with low savings to boost their income in retirement. For certain retirees, this [...]

Just weeks to go until pension reforms, but still no phone number for guidance service

25 February 2015

With just six weeks to go until new retirement freedoms come into force, crucial details are not yet in place, such as a phone number for the free Pensions Wise [...]

Default retirees into annuties to help them make the most of their pension, says expert

20 February 2015

Retirees should be defaulted into annuities to stop them stripping money from their pension and running out of cash in old age, says think-tank Centre for Policy Studies.   In [...]

Hargreaves Lansdown unveils drawdown plan to take advantage of new pension freedoms

18 February 2015

Hargreaves Lansdown has unveiled details of its new retirement drawdown plan, which is set to launch on April 6 to take advantage of new rules offering pensioners greater freedom over [...]

Insurer warns Pension Wise service could be a flop

13 February 2015

The guidance being offered to retirees as part of the new pension freedoms could be a washout if figures from insurer Royal London are correct.   From April, over-55s will [...]

Pension changes ‘create risk of buy-to-let mis-selling’

11 February 2015

The pension reforms being introduced in the UK this April will bring about inevitable mis-selling claims, with saver particularly at risk of making poor buy-to-let investment decisions, Scottish Friendly has [...]

Pension scheme deficits reach record high of £368bn

10 February 2015

Experts are warning that urgent action is needed to protect pension savers as the total deficit of defined benefit schemes reached a record £367.5bn at the end of January. The [...]

Nearly a tenth of pensioners have been targeted by fraudsters

10 February 2015

Almost one in 10 pensioners have been targeted by financial fraudsters during their retirement, new research shows. The nationwide study of retirees by MetLife found that 9% say they have [...]

Ban providers from flogging annuities with poor rates, says pensions expert

6 February 2015

Insurers offering annuities with poor rates should be banned from selling them, according to a pensions expert.   Intelligent Pensions technical director David Trenner has called for a ban in [...]

Annuity rates take another tumble

27 January 2015

Pensioners who want to convert their retirement savings into an income for life with an annuity are getting a worse deal than a year ago as gilt yields caused rates [...]

Almost five million people are at risk of poor pensions choices, says NAPF

27 January 2015

Nearly five million people are at risk of making poor decisions because of the Government’s retirement reforms, the National Association of Pension Funds has warned. The group has commissioned  a [...]

Citizens Advice reveal locations for free pensions guidance

20 January 2015

Citizens Advice has announced the first 44 bureaux in England and Wales which will be offering  face-to-face Pension Wise guidance sessions under a Government-backed initiative. Each delivery centre will have [...]

Savers face £340m extra pension charges this year as reform slows

16 January 2015

Consumers could face an extra £340 million of pension fees in the next year if the government does not tackle sky-high charges on schemes quickly.   In December an audit [...]

Millions are confused about their retirement options

14 January 2015

Millions of  pension savers do not understand the retirement options available to them, a study has found. A survey by ILC-UK of 5,000 people aged 55 to 70 who are [...]

Vulnerable pensioners could be forced to trade in income for cash under annuity selling plan

9 January 2015

Vulnerable pensioners may be forced to sell their annuity and lose valuable benefits if plans put forward by pensions minister Steve Webb go through.   Last week Webb announced a [...]

British taxpayers to stump up £4bn for EU officials’ pensions

9 January 2015

British taxpayers will be forced to hand over more money to Brussels to pay for the pensions of European Union civil servants and politician. In 2013 the total pension liabilities [...]

Young workers not saving enough to match minimum wage in retirement

9 January 2015

Failure to save consistently and early on into a pension could mean young workers end up with a retirement income of less than the minimum wage to live on.   [...]

Seven in ten employers are unprepared for new pension freedoms

7 January 2015

Seven out of 10 employers have taken no action regarding the new Freedom of Pensions rules set to come into force in three months time, a survey has found. A [...]

Thousands celebrated their 100th birthday this year

30 December 2014

There has been a 70% increase in the number of people living to over 100 in the past decade, official figures reveal. The Office for National Statistics estimates that there [...]

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