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November 23, 2014 - Latest:

Got a pension pot of £30,000 or less? Then don’t go into drawdown, says Aviva

21 November 2014

Insurer Aviva has said those with less than £30,000 in their pension pot should not go into drawdown.   In its written evidence to the Work and Pensions select committee, [...]

End of ‘a job for life’: younger generations face nine jobs and longer working lives

14 November 2014

Older relatives may have enjoyed a job for life but now the average person has nine jobs and will earn less and retire seven years later than their grandparents. Figures [...]

Warning of “capacity crunch” if number of pensioners in drawdown sees five-fold increase

5 November 2014

Standard Life has warned that providers may buckle under an anticipated five-fold increase in  retirees opting for pension drawdown. Next April when new pension freedoms come into force, it will [...]

Pensions: thinking of accessing your tax-free lump sum? Beware the tax traps

31 October 2014

Over half of pensioners retiring in the next decade who plan to withdraw their tax-free lump sum may be making a mistake by putting the money in a savings account. [...]

Pension scammer warning as 77% say they don’t know the difference between pension income reforms and pension liberation

29 October 2014

A shocking 77% of UK residents do not know the difference between the new pension income reforms and pension liberation, an unregulated means of unlocking your pension which carries a [...]

Up to 200,000 are poised to cash in their pensions next April

28 October 2014

Up to 200,000 people are  poised to cash in their pension pots next year when new freedoms come into force, a survey has found. From next April, all over-55s will [...]

Annuity rates tumble again

28 October 2014

Annuity rates have plunged to their lowest level in nearly a year, shaving hundreds of pounds off the income that many retirees will receive for the rest of their lives. [...]

60% of couples risk leaving partner without retirement income

24 October 2014

Over half of couples could leave their spouse without retirement income after failing to make arrangements in the event of a partner’s death. Research by Prudential shows just 42% of [...]

Prison or a fine for pensions guidance imposters

21 October 2014

The Government has promised tough sanctions for anyone trying to impersonate official  sources of guidance when new pensions flexibility is introduced. Under the “guidance guarantee”,  Citizens Advice and The Pensions [...]

Retirees raiding pensions next year risk huge tax bills

17 October 2014

Retirees excited about the prospect of getting their hands on their pension cash next year under the new rules could find themselves lumbered with a large tax bill. From April [...]

Chancellor tells over-55s they can use their pensions like a bank account

14 October 2014

The Chancellor has been accused of being on a “reckless joyride” of reforms, as he told savers they would be able to use their pensions like a bank account, withdrawing [...]

Would you give up a free old age bus pass to pay for NHS and later life care?

10 October 2014

Older generations would be willing to give up their universal benefits, such as free TV licences and bus passes, if the money saved is put towards funding for health and [...]

Savings commissioner needed to tackle retirement blackhole, says pension expert

3 October 2014

Pension expert Michael Johnson has called on the government to introduce a ‘savings commissioner’ to tackle the problem of inadequate pension saving in the UK. Johnson, writing for the think-tank [...]

One in eight has been targeted by pension tricksters

30 September 2014

Fraudsters are targeting pension savers in alarming numbers as one in eight over-50s report that they have been approached by a firm that encouraged them to withdraw their retirement pot [...]

Changes to Nest employer pension scheme will make it more attractive to higher earners

9 September 2014

The Government has revealed it will lift restrictions on the amount people can pay into the pension fund it has set up for employees who do not have a workplace [...]

New rules could bring raft of toxic pensions, warns consumer body

9 September 2014

The pensions market could be flooded by “toxic” products when new freedom on how retirees draw an income comes into force next April, the Financial Services Consumer Panel (FSCP) has [...]

Accountant fined £2m over poor pension advice

5 September 2014

Leading accountancy firm Mazars and one of its partners have been fined £2 million for failures over pension advice given to the trustees of the First Quench pension fund. The [...]

Pension liberation firms emerging from the woodwork to dupe investors over retirement reforms

5 September 2014

Insurer Prudential has warned that more and more disreputable pension liberation firms are coming out of the woodwork hoping to take advantage of the new pension reforms to mislead consumers. [...]

Annuity sales fall 41%, income drawdown up 29% says Hargreaves Lansdown

3 September 2014

Investment platform and broker Hargreaves Lansdown says it has seen a 41% fall in annuity business and a 29% increase in drawdown in the 12 months to June 2014. The [...]

Women are less likely to take advice at retirement

2 September 2014

Only 40 per cent of women say they are likely to take financial advice at retirement, compared to half of men, a new study reveals. Two in five working women [...]

Hargreaves Lansdown offers low cost income drawdown ‘retirement bridge’ to investors who have delayed annuity decision

19 August 2014

Hargreaves Lansdown is offering a low cost drawdown plan which it terms a ‘retirement bridge’ with a minimum fee of £75+VAT. It says this will allow investors to draw their [...]

Four million workers now in workplace pensions under new auto-enrolment system

14 August 2014

Four million workers have now been automatically enrolled into a workplace pension according to the Pension Regulator. The regulator’s monthly declaration of compliance report shows that more than 21,000 employers [...]

Royal London replaces its single annuity tie-up with Pru with an ‘annuity bureau’ offering choice of 10 firms

13 August 2014

Insurer Royal London has launched what it is describing as an annuity bureau for its four million direct pension customers. The UK’s largest mutual insurer previously had a single tie [...]

12 million under-saving into pensions face a bleak old age

8 August 2014

The government has warned 12 million people in the UK are still under-saving for retirement and urged them to make changes now to secure a comfortable old age. The Department [...]

Hargreaves Lansdown warns on tax implications of withdrawing too much pension income

7 August 2014

The Treasury is set to benefit from a windfall as a result of the new pension flexibility rules, based on an analysis of the Government’s recent Tax Information and Impact [...]

Scrap pensions in favour of cradle-to-grave ‘lifetime ISA’, says think-tank

4 August 2014

The government has been urged to scrap pensions and put in place a ‘lifetime ISA’ that follows a person from cradle to grave. A new report from the think-tank Centre [...]

Charity Age UK calls for regular financial MOTs to help build financial resilience later in life

25 June 2014

Age UK is calling for a new approach to financial planning that builds up resilience later in life. It says that ill-health, divorce or the death of partner can derail [...]

Just one in seven on course for retirement goals

25 June 2014

Construction workers are almost twice as likely to be on track with retirement plans as those working in retail, engineering and manufacturing. A new report by pensions and savings firm [...]

Don’t ban transfers from defined benefit pension schemes – but make investors seek financial advice first

24 June 2014

A proposed government ban on transfers from defined benefit pension schemes to defined contribution plans is unnecessary because the economic impact will be very limited, pension provider Standard Life is [...]

Could 8,000 employers have failed to sign up to the new legally required workplace pension system?

18 June 2014

Millions of employees may be missing out on workplace pension savings in some cases because their employer is at risk of breaching new Government regulations, a leading pension firm has [...]

Call for a National Wealth Service and ‘fundamental’ shake-up of pensions

16 June 2014

A nationwide organisation of pension advice outposts and lifetime pensions should be the future of retirement in the UK, according to expert Ros Altmann. Working with insurer MetLife, Altmann has [...]

Savers, borrowers, investors and pensioners: just how will an interest rate rise affect you?

13 June 2014

Speculation about when interest rates will rise has been rife in recent months and Bank of England governor has added fuel to the fire, warning a rise could happen sooner [...]

Pensions minister Steve Webb plays down threat to tax free cash

11 June 2014

The pensions minister Steve Webb has played down the threat to pensions tax free cash after fears were raised that the Government may need to put in place restrictions to [...]

Few consumers would trust their pension provider to give retirement guidance

11 June 2014

Just one third of Britons would trust retirement advice given by their pension provider according to survey by LV=. The survey comes as the Government closes a consultation into what form ‘retirement [...]

Britain wakes up to saving! Over half of people now saving enough for old age

11 June 2014

The introduction of pensions auto-enrolment and a tentative pick-up in the economy has pushed UK retirement savings rates to their highest levels in five years. How to build an efficient [...]

Will the Chancellor George Osborne really take the unpopular decision to end tax free cash on pensions?

4 June 2014

Will Chancellor George Osborne risk the wrath of Middle Britain by scrapping the tax free lump sum option on retirement in the 2015 Budget – just weeks ahead of the [...]

Pensioners could be hit with hefty tax bills if they withdraw too much from their pot

2 June 2014

Pension investors with an average pension pot could find themselves paying 33% tax or £11,867 were they to take advantage of rules allowing them to withdraw a full pension pot [...]

Keep alert to these future mis-selling hotspots

30 May 2014

As the financial landscape shifts to give consumers greater control over their savings and auto-enrol workers into pensions, there are concerns that new problems and mis-selling scandals waiting in the [...]

Well over half of pension investors delaying annuity decision due to the Budget reforms

30 May 2014

Well over half of Hargreaves Lansdown’s pension investors have delayed taking out an annuity due to the Budget reforms. Hargreaves Lansdown surveyed 1531 pension investors this month with  56.7% saying [...]

Fund management charges – progress is being made but there is still a way to go

28 May 2014

Readers of Mindful Money will be aware of the worrying lack of transparency around charges in the fund management industry. Pension journalist John Greenwood examines where we are now and [...]

Pension pot shortfall for ideal retirement may be £100,000 or more on average

27 May 2014

The gap between what people have set aside and what they need to live comfortably in retirement may be as much as £100,000 according to new research from retirement income [...]

Women forced to delay retirement as lack of pension savings bites

26 May 2014

Women are having to work for four years longer than planned as they cannot afford to retire, and their financial situation is worsening. The inaugural Woman & Money Report by [...]

Aviva to cap workplace pension charges at 0.75% three months earlier than the Government demanded

20 May 2014

Pension firm Aviva is introducing a pension charge cap for workplace pensions by the end of the year three months earlier than the deadline set by the Government. The move [...]

ONS figures reveal UK divided by pension haves and have-nots

16 May 2014

The latest figures on wealth distribution in the UK highlights the recovery in the economy is not closing the gap between rich and poor and a retirement gap is also [...]

Mortgage complaints at all time high driven by increased numbers in arrears

14 May 2014

The Financial Ombudsman Service says that a record number of people are complaining about their mortgage but that many are driven to do so because they have fallen far into [...]

With the new pension freedoms, what exactly should people nearing retirement be doing now?

13 May 2014

For the four hundred thousand or so people reaching retirement each year the current debate about what to do with your new-found pension freedom is more than just theoretical – [...]

Budget pension changes could lead to sale of defective retirement products, warn MPs

9 May 2014

MPs have aired concerns about ‘defective’ products being developed in reaction to the relaxation of the pension drawdown rules. There has been much speculation about a new swathe of pension [...]

Numbers applying for a mortgage online expected to double says HSBC research

5 May 2014

The number of people set to start applying for online mortgages is going to double according to new research from HSBC. Nearly one in six or 16% of homeowners applied [...]

End death benefit tax charge and tax pension under broader IHT regime argues Standard Life

2 May 2014

Standard Life is calling for reform of the death benefit tax charge on pensions removing the 55% charge and rolling the pension into the rest of a person’s estate which would [...]

Stark warning that nine out of ten could miss retirement goals

30 April 2014

Nine out of ten Britons are at risk of missing their retirement goals according to a new UK Readiness report by pension firm Aegon.The average shortfall between the UK’s retirement [...]

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