This is how many people there are retiring this year who have no pension savings… April 27, 2016 One in seven people who are retiring this year will be doing so with an empty pension pot, research released today has found. According to the study by Prudential, many soon-to-be pensioners will be left leaning on the state pension for support, despite this being £27.33 a week less than the Joseph Rowntree Foundation recommends as a minimum [...]
UK pensions: A pre-funded state pension scheme would be fairer for the young, MPs told April 25, 2016 People should pay for their own retirement, rather than funding the golden years of the generation ahead, a hearing on intergenerational fairness has been told today. Speaking in front of the Work and Pensions Committee, Philip Booth, editorial and programme director at the Institute of Economic Affairs, argued that a system whereby people saved up [...]
Financial services watchdog reveals more information on the secondary market for annuities April 21, 2016 The financial services watchdog has today asked for feedback on its proposed rules on the second-hand market for annuities. Suggestions by the Financial Conduct Authority (FCA) include requiring brokers to set out charges up front and agree them directly with the customer, rather than receiving a commission from firms acting as buyers, and to provide [...]
Not a very regal retirement: The Queen would be living on £18k a year if she saved as we do April 20, 2016 The Queen's 90th birthday throws into sharp perspective the changes that have taken place in our retirement system. Ninety years ago, saving for a pension wasn't even a consideration. Then came the 1960s, when people began living longer and the concept of 10 years' retirement after the age of 60 became possible. For several decades after, [...]
Industry experts join forces in fight against confusing pensions jargon April 18, 2016 A group of pension experts has decided enough is enough for jargon and have today clubbed together to clean up the language of the industry. The Association of British Insurers (ABI) is heading up a Pensions Language Steering Group formed of bodies from government, industry, regulators and consumer groups. Names on the list include the Financial Conduct [...]
UK pensions puzzle: Pension freedoms spark both young and old to ask more questions April 14, 2016 Annuity providers may have been worried their work would drop off once the pension freedoms were introduced, but there's one organisation in the pensions sector that has seen work flood in. The Pensions Advisory Service has received a 71 per cent increase in people seeking guidance on their pensions since the pensions freedoms rules came in [...]
UK pensions crisis: Low interest rates are forcing people to head back to the drawing board on their retirement plans April 13, 2016 Low interest rates have not only taken their toll on general savings, they have also hampered many people's retirement plans, research out today has found. According to the survey by Canada Life Group Insurance, almost a quarter (23 per cent) of employees have been forced to rethink their retirement plans because of low interest rates, including eight [...]
UK pensions trends: FTSE 100 defined benefit pension schemes are increasingly bolstered by bonds April 11, 2016 FTSE 100 companies now hold a record £315bn worth of bonds across their defined benefit (DB) pension pots, research released today has found. According to the study by JLT Employee Benefits, FTSE 100 companies increased the value of bonds they held in their DB pension scheme assets by roughly £25bn over the year to the end of September [...]
Steel crisis: Why is everybody suddenly so fascinated by pension pots? April 6, 2016 The ongoing steel crisis has brought to the forefront not only questions about the UK's dwindling manufacturing industry but also worries about just how some of the country's biggest pensions commitments can be funded. So, the steel workers haven't been topping up their pension pots? Not exactly. Tata Steel's workers are members of the British Steel [...]
From the new state pension to the new lifetime allowance: Here’s everything you need to know about three pension changes taking place today April 6, 2016 Callooh, callay: it's the day a raft of changes to the pensions regime come into force. A week after the last tranche came into effect. Yep – on top of pension freedoms and various Isas, chancellor George Osborne has decided to make even more changes to the system. Confused? From the new state pension to the lifetime allowance, here's [...]