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Pensions News

Pensioners face 55% tax penalty for excessive saving

Friday 7th March 2014

People who are saving significant amounts towards their retirement through a pension will be penalised with a 55 per cent tax rate when the lifetime allowance threshold (LTA) is reduced from £1......

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Inequalities set to grow as those too sick to work lose out on state pensions

Tuesday 11th February 2014

A new report from ILC-UK argues that increasing the state pension age without taking into account the 18 year difference in healthy life expectancy across the UK, risks disadvantaging groups of older people......

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Workers will not receive state pension until age 68 as we move towards ‘pension time bomb’

Friday 6th December 2013

In the Chancellor’s Autumn Statement, it was announced yesterday that the state pension age rise will be accelerated, with the age now set to rise from 65 to 68 in the mid-2030’s......

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Pension Liberation gives access to funds thought previously unavailable

Wednesday 27th November 2013

Pension liberation is allowing members to take money from their pension fund in circumstances where HMRC would not normally permit such access......

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Tips on how to invest your windfall wisely

Wednesday 27th November 2013

Winning the lottery, inheriting from a distant relative or receiving an unexpected windfall for Christmas is something we all dream about......

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360,000 pension savers could sleep walk into £50bn unexpected tax charge

Wednesday 20th November 2013

Standard Life is warning people to check the amounts they have invested in all their pension funds as collectively they could exceed the new lifetime allowance (LTA) and incur an unexpected tax charge on their savings......

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Government urges people to give pension feedback

Wednesday 20th November 2013

The government has urged people to take part in a consultation on workplace pension charges before it closes on the 28th November......

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Government looks to reshape pensions for future generations

Friday 8th November 2013

The government is setting out a range of proposals to reshape workplace pensions for future generations......

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Are we finally waking up to the pensions nightmare?

Friday 19th July 2013

Following three key announcements affecting pensions, Andy Zanelli, head of retirement planning, AXA Wealth, asks whether we are finally waking up to the pensions nightmare and realising that there is work to be done......

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Busted: Top 3 private pension myths

Friday 12th July 2013

The most common myth about UK private pensions is that final salary (defined benefit) schemes are guaranteed, according to research carried out by independent financial advisory firm the deVere Group......

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Life expectancy edges towards century

Friday 12th July 2013

More than a third of children born this year, including the royal baby, are expected to live to 100......

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Pensioners on pocket money incomes

Friday 5th July 2013

"Look after the pennies and the pounds look after themselves" is an age-old adage dispensed to children as they learn the basics of money......

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Adults need over £600K in pension fund for comfortable retirement

Friday 7th June 2013

British adults have said that the average amount needed to maintain a comfortable standard of living during their retirement is £25,783......

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Shock number has no financial provision for old age

Wednesday 29th May 2013

One in seven (14%) people planning to retire this year will depend on the State Pension as they have no other pension, according to new research from Prudential......

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Consumers 'more switched on to tax benefits of pensions'

Wednesday 8th May 2013

More people are now aware of the tax efficiency of pensions than a year ago, according to research for Standard Life......

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Pension confusion remains for those saving for retirement

Wednesday 3rd April 2013

New research from pension provider Friends Life reveals that following the wide range of rule changes around pension savings in 2012, over a third (36%) of the UK population are now more confused about their pension choices......

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Tax year-end pension planning opportunities can save thousands

Thursday 14th March 2013

The tax year end is fast approaching and higher earners may want to make the most of the tax relief available to them on pension contributions......

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Today's 20 year olds will have to work until 75

Friday 8th March 2013

People starting employment in their twenties today should expect to work until they are 75 said Douglas McWilliams, the Gresham Professor of Commerce in his fifth professorial lecture......

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Annuity rates improve but shopping around still crucial

Friday 8th March 2013

The disparity between the best and worst standard annuity rate has decreased from 20%, since the Association of British Insurers (ABI) Retirement Choices Code was announced in March 2012, to 8% today, according to Fidelity Worldwide Investment......

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Britain’s workers still to be convinced on pension saving

Friday 8th March 2013

Britain's workers remain undecided on retirement saving despite growing awareness of the government's reforms, which will see millions of people automatically enrolled into a pension for the first time - Aviva's second Working Lives report shows......

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Pension charges to be made clearer to UK savers

Friday 18th January 2013

The UK's leading pension providers, members of the Association of British Insurers, have announced an agreement to ensure the consistent and straightforward disclosure of pension charges and costs to employees in workplace pension schemes......

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New retirement shock for pensioners

Friday 11th January 2013

Pensioners' expected retirement incomes have fallen for the second consecutive year, according to research from Prudential......

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Start new year with a pension health check

Friday 4th January 2013

As we enter into 2013, many of us are making New Year's resolutions. Here Julian Webb, Head of Retirement Savings at Fidelity Worldwide Investment says one of your New Year's resolutions should be to give yourself a pension health check......

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Cut to pension tax relief will hit middle income savers

Friday 14th December 2012

Chancellor George Osborne's assertion that only 1% of pension savers would be affected by his reduction to the maximum amount people can pay into a pension annually without tax has been slammed as "disingenuous" by the  boss of the world's largest independent financial advisory firm......

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Uncertainty grows over pensions future

Wednesday 5th December 2012

More than a quarter of people have no idea how much they will receive from their state pension, according to new research for Age UK......

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'Osborne's pensions raid would drive funds overseas'

Friday 30th November 2012

With the Chancellor, George Osborne, plotting a new tax raid on the pension pots of higher earners, an increasing number of better-off voters will consider moving their retirement funds out of the UK, according to independent financial advisory firm deVere Group......

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'Pension compulsion may be necessary in future'

Wednesday 28th November 2012

The economy could undermine the Government's new auto-enrolment pensions policy, forcing policy makers to look at radical new ideas such as low cost public loans, additional behavioural "nudges" and even compulsion, according to a new report from think tank the Social Market Foundation......

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Pension shock set to deepen

Wednesday 10th October 2012

A 22 year old woman being auto-enrolled in to a pension scheme from Monday is likely to end up receiving only roughly a third of her final salary as a pension, unless she contributes significantly more than the minimum requirements......

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Pension Protection levy set at £630m

Wednesday 26th September 2012

The Pension Protection Fund has announced that the pension protection levy estimate for 2013/14 will be £630million......

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Workers miss out on £1.8bn pension tax relief

Friday 21st September 2012

More than nine million workers (31%) have never joined a company pension scheme, collectively missing out on over £1......

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2 weeks to go before mandatory pension enrolment

Wednesday 19th September 2012

"Auto-enrolment" comes in from October 1 2012. Under these new rules, the UK’s largest employers must take responsibility for enrolling all eligible UK employees into a qualifying pension scheme with other employers phasing in over the next four years......

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4 in 10 do not know where pension is invested

Tuesday 18th September 2012

More than four in 10 people (41%) cannot remember how their retirement funds were invested when they last reviewed their pension plans......

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Serious concerns over pensions

Tuesday 18th September 2012

Fewer than one in 10 savers know exactly how much is in their pension pot, according to research into Britain's pension crisis by Nationwide Building Society......

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10 million workers in dark over biggest pensions change in decades

Monday 10th September 2012

As the UK's largest employers get ready for the start of auto-enrolment in just three weeks' time, the Scottish Widows Workplace Pensions Report 2012 reveals that 52% of workers - equivalent to 9......

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'Don't rely on an inheritance'

Tuesday 28th August 2012

Britain may be basking in a post-Olympic glow, but the nation's personal financial legacies are in need of a boost, according to a survey by Nationwide Building Society......

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The current state pension scheme would “baffle Einstein”

Tuesday 28th August 2012

Steve Webb, the current Pension Minister has claimed that the current pension scheme would “baffle Einstein” and that currently “people have no idea what they will get”......

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Workers soon to retire warned that ‘death spiral’ of annuity rates are harming retirement payments

Thursday 16th August 2012

As annuity rates continue to fall, those who are retiring soon are facing the lowest level of retirement payments in recorded history......

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Better pensions prospects for women

Friday 10th August 2012

HMRC this week confirmed that gender neutral income factors will apply to capped income withdrawals......

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Government to Provide Guaranteed Pensions

Thursday 2nd August 2012

New Government proposals could allow workers to insure their pensions against stock market crashes......

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