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August 5, 2015 - Latest:

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 [...]

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 [...]

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