November Spending Review 2015: Chancellor George Osborne to say basic state pension will rise by the most in 15 years in 2016 November 21, 2015 The basic state pension is set to rise the most in real terms since 2001, according to media reports. Chancellor George Osborne will confirm that 2.9 per cent increase to £119.30 a week from April 2016 in next week's widely anticipated Spending Review. The government has committed itself to a so-called "triple-lock" on state pensions over the next five [...]
Is Workie, the government’s psychedelic embodiment of the workplace pension, a hit with audiences – or is it P45 time? November 19, 2015 Eyebrows have been raised at his £8.5m price tag; Baroness Altmann, the pensions minister, has taken to her government blog to defend him and he's been described (somewhat uncharitably) as an "outrageously condescending supersized gonk". So the question is…is "Workie", the government's psychedelic embodiment of workplace pensions, working? It's clear something had to be done to get the message [...]
Seeking income: Three contrarian ideas for hunters, from Cyprus government bonds to energy companies November 19, 2015 Times have been tough for investors seeking regular income payments. Nearly all bond sectors have made losses for investors this year. Meanwhile, some of the companies which could once be relied upon for good dividend payments from their shares – such as Tesco and Glencore – have cut or scrapped them entirely. But specialist fund [...]
More than half of retirement savers are confused on pension freedom tax rules November 18, 2015 Over half of retirement savers are unclear on what the tax rules are following the launch of pension freedoms, according to new research. The study, by employee benefits consultancy Portcus, showed 53 per cent of those saving for retirement are confused on tax rules in the wake of new pension freedoms. The study pointed to a "worrying" view on tax, [...]
Shunning fossil fuels could burn £1m a year off of GLA pension fund November 18, 2015 Going green might be good for the environment, but it could eat into the Greater London Authority (GLA) pension fund. GLA Conservatives economics spokesman and assembly member Gareth Bacon has said that the pension fund could potentially lose out on £1m per year if it stops investing in fossil fuels. “Recent calls to stop the [...]
One in six employers feel their staff are still unclear about pension freedoms, more than six months after they came into force November 16, 2015 One in six employers have noticed staff are still scratching their heads over pension freedoms, despite the new rules having been in force since April, according to a study by Close Brothers Asset Management. However, some staff are getting the hang of the rules. In the survey of almost 900 UK employers, 21 per cent said [...]
UK pension freedoms could be costing people £104m, as they fail to shop around for the best annuity deal November 16, 2015 People who have purchased an annuity over the last six months without shopping around for the best deal are set to collectively lose out on £104m over the course of their retirement, according to figures released today by Retirement Advantage. The calculation was based on data collected for the first six months of pensions freedoms, [...]
Those in default pension funds could be missing out on returns equating to around £500,000 for a lifetime November 11, 2015 Be warned if you’ve opted to stay in your default pension fund – research out today by JLT Employee Benefits has found that you could be missing out on returns by six per cent. Over the last three years, the performance of the top ten defined contribution (DC) pension default funds has been between roughly 3.5 per [...]
Work and Pensions Committee pressure chancellor George Osborne to delay tax credit cuts for a year November 11, 2015 A group of influential Members of Parliament, including six Conservatives, have called on chancellor George Osborne to delay cutting tax credits. The Work and Pensions Select Committee today published a unanimous cross-party report calling on the government to "pause for a year and plan for a major overhaul of the tax credit system". Read more: Osborne's "rhetoric [...]
Saving for retirement: Are you one of the UK’s super savers? November 11, 2015 More Brits are saving for retirement now compared to two years ago, boosted by the government’s policy of auto-enrolment. That’s according to our Investor Pulse survey, which also shows that the number of 25-74 year olds putting money away specifically for retirement has risen by an impressive 28 per cent since we began the survey [...]