Your Money

Retirement

Pension minister at odds with chancellor over pension-ISA plan

4 March 2016

Retirement Planning Trending News

The pensions minister has raised concern over chancellor George Osborne’s plan to replace pensions with pension-ISAs.   Ros Altmann (pictured) has backed the retention of the existing system, where contributions are exempt from tax, growth within the pensions is exempt and withdrawals are taxed at retirement – known as the exempt, exempt, taxed (EET) arrangement. […]

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Women far smarter than men when it comes to everyday finances says new study

3 March 2016

Investing Strategy Personal Finance Retirement Planning

Women are far savvier than men when it comes to their everyday finances, new research from BlackRock’s has concluded. The asset manager’s Investor Pulse survey found that nearly half of women, at 47%, treat saving money as a financial priority compared with 42% of men. They are also more likely to be concerned with day […]

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“Should we be so shocked in the rise of pension age?”

3 March 2016

Retirement Planning

As the Government announces a review of the state pension age, Jason Hollands, managing director of Tilney Bestinvest, questions whether we should be surprised by this move… The Government review into the State Pension Age, to be chaired by Sir John Cridland, has certainly set the cat amongst the pigeons with a potential shake-up meaning […]

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Not saving enough and poor choices linked to family, make up some of our biggest financial mistakes

29 February 2016

Personal Finance Retirement Planning

Not saving sufficiently, neglecting pensions, getting into debt, being unable to earn more and making poor financial choices, are the biggest financial mistakes people make, according to new research. Specialist Insurer, Partnership, surveyed 2,000 people and asked them what they felt their biggest financial mistakes were and while 5% said they had not made any […]

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Reduction in pension lifetime allowance – who will feel the impact?

25 February 2016

Retirement Planning

With less than six weeks until the Chancellor introduces yet another attack on pension funding, with a further reduction in the lifetime allowance (LTA), Gary Smith, financial planner at Tilney Bestinvest, delves into the far reaching nature that these changes will have… In the last Budget of the Coalition, in March 2015, George Osborne announced […]

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State pension accounts for less than 50% of retired households’ income

25 February 2016

Retirement Planning

The state pension accounts for less than 50% of retired households’ income new figures from the Office for National Statistics show. On the surface, this looks like encouraging news, in that people are making more personal provision for a more comfortable retirement. But Kate Smith, head of pensions, Aegon believes it should not be a […]

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£181,000 in savings needed to match average pension pot of 65 year old retiring now

24 February 2016

Retirement Planning

The average person needs to have around £181,000 invested in their pension to generate an income of £10,250 in retirement and matching the current average mix of private and other pension provision says Saga Investment Services. To buy an inflation-linked pension would require a pot of £287,000. Gareth Shaw, head of consumer affairs at Saga […]

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Market turmoil sees pension drawdown pots fall faster than expected

22 February 2016

Retirement Planning

With over 20,000 people going into drawdown since the introduction of the Pension Freedoms in April 2015, new analysis suggests that the market turmoil may mean many have spent much more of their pot than they bargained for. The research from William Burrows and Partnership highlighted that a 65-year old man who used a £100,000 […]

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Probate fees set to soar; wealthiest face up to 920% hike

19 February 2016

Personal Finance Property Retirement Planning Trending News

The government is planning a huge hike in probate fees that will hit families who are left to deal with estates worth more than £300,000.   Probate fees are currently charged on a flat-rate basis of £215 for individuals with estates worth more than £5,000 but fees will now increase according to the value of […]

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‘Pre-tirement’ sees half of retirees working past state pension age

19 February 2016

Retirement Planning

More than half of planned retirees will consider working past their state pension age in a period of ‘pre-tirement’.   Research by Prudential shows ‘pre-tirement’, where people delay their retirement plans, change jobs or go part-time instead of giving up work, has become the new normal.   Over half, 51%, of those who plan to […]

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