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April 23, 2014 - Latest:

Despite greater pension freedom retirees are set to see their income collapse

22 April 2014

Despite last month’s Budget providing savers with far more choice in regards to how they use their pension pot retirees can still expect to see their income collapse by two [...]

Prudential halves minimum for investment in its income drawdown plan to £25,000

9 April 2014

Prudential has reduced the minimum investment for its drawdown offering from £50,000 to £25,000 following Chancellor George Osborne’s pension reforms. Under interim changes announced in the Budget, the minimum income [...]

“Don’t annuitise yet if you can afford not to” say top advisers – at least until new rules are clear

3 April 2014

If investors coming up to retirement can afford not take an income, it may be better to ‘sit on your hands’ for a while and not annuitise, advisers say. Robert [...]

LV= launches one year fixed term annuity to give retirees the breathing space to make up their minds about the Budget changes

2 April 2014

Retirement firm LV= has launched a one year fixed term annuity in response to the Budget. The product, offered through advisers, is designed to allow retirees to receive an income [...]

Due to retire in 2016? Pay £1,300 to secure extra £52 worth of state pension a year for life (or a maximum £22,250 for £1,300 a year)

2 April 2014

People nearing retirement in 2016 will be able to pay £890 to receive an annual state pension top up of £52 up to a maximum of £22,250 to secure £1,300 [...]

Caught in annuity limbo? The regulations and pension firms are starting to catch up with the Budget

31 March 2014

Caught in annuity limbo? Financial journalist Tony Levene looks at the current state of play between pension firms and the Treasury to see if they have thrashed out the details. [...]

Just a small set of savers set to blow their pension cash

28 March 2014

Despite the upcoming pensions overhaul where retirees will be able to take their entire nest-egg as a lump sum, new research show only 3% of the over 55s find spending [...]

Savers can expect to see their income collapse by 66% when they leave work

28 March 2014

George Osborne’s Budget bombshell may well have given savers greater pensions freedom but unfortunately the vast majority will still see their income plummet, by a massive 66%, when they leave [...]

Skandia allows higher income drawdown payments from this week following the Budget

28 March 2014

Pension firm and investment platform Skandia is to embrace the Government’s income drawdown changes from this week. Following the Budget, customers in flexible drawdown now need to demonstrate they have [...]

MGM Advantage extends annuity cooling off period

26 March 2014

MGM Advantage has announced an extension to the cooling off period for annuities to 60 days. Andrew Tully, pensions technical director, MGM Advantage said: “We need to give customers and [...]

“We fell out of love with annuities because we were made to buy them too young”

26 March 2014

Whatever your political persuasion, you have to take your hat off to Chancellor George Osborne for the way he has completely redefined the UK’s approach to pensions writes pensions journalist [...]

The new income drawdown rules – the opportunities and risks for investors

26 March 2014

Amid all the hoohah and headlines around the Budget’s promise of “pensions freedom” – as well as the subsequent debate over how loveable and liveable this liberty is – few [...]

Hargreaves Lansdown to offer 150% income to new drawdown investors from 27th March but says existing investors may have to wait till their ‘policy anniversary’

24 March 2014

Hargreaves Lansdown will offer 150% income to new investors from 27 March with the income limit increased to 8.85% for a year. But the firm has warned that those who [...]

Labour shifts stance to say it supports Budget pension reforms but still wants details thrashed out

23 March 2014

The Labour Party has shifted its policy on last week’s annuity changes suggesting it broadly supports the reforms while arguing that the details still need to be examined. Labour shadow [...]

Hargreaves Lansdown lists the new extended annuity cancellation periods and outlines options for retirees

21 March 2014

Pension firm Hargreaves Lansdown has put out the latest list of those annuity firms which have extended the cooling off period for annuities and those that haven’t changed or at [...]

LV= will allow customers who change their minds about annuities back into their ‘ceding’ scheme (with advice)

21 March 2014

LV= will allow customers who have transferred funds to buy an annuity but who have now changed their mind, to reinvest their cash back into their ceding scheme while they consider [...]

Standard Life cuts the minimum to access its income drawdown range to £30,000 with immediate effect

20 March 2014

Standard Life is decreasing the amount that customers need to have saved to access its income drawdown range with immediate effect. This is in response to the Chancellor’s Budget statement [...]

Ed Balls warns scrapping annuities is potentially ‘reckless and irresponsible’. National Association of Pension Funds warns of risk of poverty in old age

20 March 2014

Labour’s Shadow Chancellor Ed Balls has said that scrapping annuities altogether is potentially ‘reckless and irresponsible’. Balls says he supports the principle of more flexibility because the annuities market is [...]

Chancellor’s pension drawdown plans are dangerous and short-sighted argues financial advice firm. Minimum pension age rises to 57 from 2028

19 March 2014

The Chancellor’s budget announcement that restrictions on pensions access are to be lifted have been slammed as “dangerous,” “short sighted” and “ill-conceived” by the chief executive of advisory firm deVere. [...]

George Osborne has made pensions the “new rock n’ roll” with genuine alternative to buying an annuity

19 March 2014

Pension providers have hailed Chancellor George Osborne’s pension shake up saying it makes pensions the new rock and roll. John Fox, director of SIPP provider, Liberty SIPP, says: ”These proposals finally give [...]

Sipp providers are facing more regulations, many are hiking charges and some small players may shut. What does it all mean for Sipp investors?

18 March 2014

The Sipp market is facing new regulations and some firms are now hiking charges. Some smaller Sipp companies may decide to shut up but where does this leave Sipp investors [...]

It takes just four minutes and 45 seconds to enhance your annuity

18 March 2014

It takes just four minutes and 45 seconds to ‘enhance’ an annuity if you have a medical condition, while failing to do so could leave you with a permanent reduction [...]

From ‘burdened by bills’ to ‘socialites’. Report finds huge variety of spending habits among older households

6 March 2014

There are huge variations in the spending habits of older people a new report has found. For example, some 46 per cent of older household which fit the definition of conservative [...]

Are you likely to be caught by the pension lifetime allowance changes and if so what are your options?

24 February 2014

Financial planning expert, Investment Quorum’s Lee Robertson looks at the risks that you might be caught by the cut in the pension lifetime allowance due from 6 April this year [...]

Buying an annuity? Make sure you do your homework

21 February 2014

The vast majority of people who buy an annuity from their existing pension provider would be better off if they shopped around according to in-depth research of the market by [...]

Almost one in four set to retire in 2014 not willing to stop working just yet

7 February 2014

Nearly a quarter of Britons set to retire this year do not want to give up working while more than 10% have opted to delay retirement altogether says new research. [...]

Almost 40% of Britons have no intention of saving for retirement in 2014

4 February 2014

Nearly four in 10, or 38%, of British adults are not planning to make any investment towards their retirement over the next 12 months according to research carried out by [...]

Energy minister Greg Barker says solar panels beat pensions

4 February 2014

The energy minister Greg Barker has declared that installing solar panels to your roof is a better investment than a pension according to a report in The Telegraph writes Philip [...]

Call for the UK to follow Australia and make pension saving compulsory

26 January 2014

The UK should adopt a system of compulsory pensions modelled on Australia, a fund manager has urged. With Australia day just past, Tony Stenning, head of UK Retail at fund [...]

Almost 20% of 2014′s retirees will be burdened with debts of nearly £25,000

24 January 2014

Almost a fifth of Britons planning to retire this year will have outstanding debts to the tune of nearly £25,000, a 21% drop from 2013’s level, says new research. According [...]

Are you near the lifetime limit on pensions? Don’t miss the deadline for fixed protection

23 January 2014

With just over two months to go before the reduction of the pension lifetime allowance (LTA), experts are urging savers to ensure they have properly safe-guarded their nest eggs. From [...]

Over 55s see highest income for four years though expenses rise too

22 January 2014

The over-55s’ have attained the highest income in four years but the increase is overshadowed by the need for extra spending with monthly payments on food, housing and energy £53 [...]

Thousands of pension savers must act now to avoid hefty tax bill

13 January 2014

Hundreds of thousands of pension savers are potentially walking into a massive tax bill courtesy of HMRC unless they act fast and get their house in order by the end [...]

Millions of retirees cutting back on spending in a bid to make ends meet

9 January 2014

Almost four and half million UK retirees have dramatically cut back their spending over the past year to cover the cost of living writes Philip Scott. According to research from [...]

Access to credit falls significantly for the retired

7 January 2014

Up to one in five over-65s have borrowed money or expect to have to borrow to help boost their retirement income research from Key Retirement Solutions shows. Its nationwide study [...]

One in four of the retired now renting. Hackney and Tower Hamlets have highest proportion at 73%

30 December 2013

More than a quarter of the retired households across England and Wales are currently renting their homes according to new research by Prudential. Some 25% are renting across England and [...]

Half of UK adults expect to rely on state pension to fund post retirement leisure

30 December 2013

Nearly half of UK adults rely or plan to rely on the basic state pension to fund their post-retirement leisure activities according to new research from Nationwide Building Society. Whether [...]

Couples’ cash secrets endangering their financial future

13 December 2013

Couples are putting their financial future in serious danger as more than one in five people in a relationship are hiding almost £8,000 of debt from their spouse according to [...]

The latest cost for a ‘happy’ retirement? £225,756

12 December 2013

Hundreds of thousands of Britons are set to be left wanting when they finish work for good as the price tag for a ‘happy’ retirement is now more than £225,000. [...]

Nearly six in ten oppose rise in state pension age to 68 by 2030

8 December 2013

More than one in four British consumers think they will be worse off following the Autumn statement while nearly six in ten oppose the rise in the state retirement age. [...]

Near state retirement age? Topping up NI contributions may buy £190 extra state pension a year for life

5 December 2013

Those approaching the state retirement age will be offered the chance to top up their state pension by making extra national insurance contributions. Those who reach state pension age before 2016 [...]

State pension age to rise dramatically for the under 50s. The young can expect to work till they’re 70

5 December 2013

The state pension age is set to rise dramatically with an announcement expected in today’s Autumn statement from the Chancellor George Osborne as the BBC reports. The age is due [...]

UK savings plummet as £23bn withdrawn from accounts

3 December 2013

UK savers have been withdrawing cash from their long-term savings at the fastest rate in decades according to numbers from the Bank of England. It has been suggested that over [...]

Pension savers could be heading towards £50bn tax bill

3 December 2013

Hundreds of thousands of pension savers are at risk of being hit with a combined tax charge of almost £50bn as a result of actually having saved too much according [...]

Bleak reality of living longer dawns on Britain’s retirees

2 December 2013

People are waking up to the reality of living longer and the effect it might have on their retirement according to AXA Wealth, which found that almost two-thirds, at 63%, [...]

Number of over 50s expecting to delay retirement jumps 15%

26 November 2013

More than a third of over 50s now expect to delay their retirement, representing a jump of 15% compared to last year according to the Saga. Research from the group [...]

Pension reality check hits the average Briton at 48

22 November 2013

The reality of retirement, forecasting at what age it will realistically happen and how much income will be required typically only dawns on Britons at the ripe old age of [...]

Almost a fifth of couples over 40 have not talked about retirement plans

20 November 2013

Nearly one in five or 19% of couples over the age of 40 have avoided discussing their retirement plans in the last five years while 11% have never discussed it, according to new research from [...]

Nearly 60% of young people across 12 countries believe they will be worse off than their parents

12 November 2013

Are young people failing to save for retirement because of a lack opportunity to do so? Pension firm Aegon argues that this is the case and that it applies internationally. It [...]

Salary sacrifice – a good idea or too much of a gamble?

11 November 2013

Thousands of employees across the UK could be boosting their pension contributions and their take home pay by taking advantage of so-called salary-sacrifice but is it right for you? While [...]

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