It’s time to bring retirement into the twenty-first century June 14, 2016 Few words can stop a conversation as quickly as “retirement”. Many of us can hardly bear to think about it, never mind talk about it. Others – just under half, according to our latest Investor Pulse survey – do save for old age, but with no confidence we’ll get the income we want at the [...]
Scottish Widows reveals £630m bulk annuity buy-in deal with the ICI Pension Fund June 14, 2016 Scottish Widows announced today that it has secured a £630m buy-in with the ICI Pension Fund. The buy-in, which is essentially an insurance policy deal for pension benefits and will cover over 4,000 of the fund’s pensioner members, is Scottish Widows' largest external bulk annuity transaction to date. "We are delighted to have been chosen by the trustee of the [...]
Total deficit on pension schemes eligible to board the pensions lifeboat grew by more than £20bn in a month June 14, 2016 It could be a tight squeeze to board the pensions lifeboat, as figures released today revealed that the total deficit value of the schemes eligible to join increased by more than £20bn in a month. The latest PPF 7800 Index figures, which keep track of the funding position of the defined benefit (DB) pension schemes eligible for [...]
LV calls on government to make financial guidance at retirement age compulsory June 13, 2016 One financial services company has today called on government to make the provision of guidance to those reaching retirement compulsory. Revealing how it had responded to a Treasury consultation, LV warned that the introduction of the pension freedoms rules had made it increasingly difficult for people to assess how to handle their money during their [...]
This is why the UK is facing a time bomb of retirement woes June 13, 2016 Longer lives have combined with scant savings to put the UK on the road to pensions chaos, one financial advisory firm has today warned. Chase de Vere notes life expectancy has increased substantially in recent years, with Office for National Statistics showing the average life expectancy for a 65-year-old man has increased 29 per cent over the last [...]
Pension freedoms haven’t inspired people to shop around for better deals, as charity slams proposed exit charge cap for being too high June 10, 2016 Critics of the pensions freedoms worried it would lead to pensioners going on shopping sprees for Lamborghinis. However, research out today suggests they should have been more concerned about them not shopping around for the best pensions deal. The study by Citizens Advice discovered that seven out of ten people who have dipped into their pensions pot since [...]
Ready, set, go: Pension scheme investors need to be ready to react quickly in run up to EU referendum June 8, 2016 Pension scheme trustees should pour their coffee is extra strong over the next few weeks, as research out today has found they'll need to be quick to react in the run up to the EU referendum. Investment consultants LCP warned that, thanks to the level of uncertainty caused by the upcoming vote, pension trustees will have to [...]
What pension freedoms have done to bankers’ pension pots June 6, 2016 Bankers may well have shunned the stereotype of splashing out on fast cars and long lunches last year in favour of topping up their pension pot, research shown exclusively to CityAM suggests. According to the study by Aegon, 22 per cent of banking, financial management and accountancy professionals now feel like they are on track [...]
Public encouraged to take more risk to compensate for smaller pension pots June 5, 2016 “Work longer, save more and look to take more risk” was the gloomy advice from the pensions sector following the reports over the weekend that those entering retirement now can only expect to receive half the income of their counterparts at the turn of the century. The Organisation for Economic Co-operation and Development (OECD) will lay [...]
Proposed government plans on steel pensions could see oldest pensioners losing out on thousands, warns former minister June 4, 2016 Proposals to rule changes for the British Steel Pension Scheme could strike the oldest and most vulnerable pensioners the hardest, a former pensions minister warned today. Steve Webb, who is now director of policy at Royal London, said his firm's calculations suggested that an 80-year-old currently receiving an income from the scheme could be as much as £10,000 [...]