Pension reforms: Drawdown customers warned over scammers August 7, 2015 George Osborne's reforms to pensions, which mean people can withdraw their savings and buy, say, a Ferrari (or just shares in Lloyds Banking Group), was seen as a revolutionary move by most savers. But it seems scammers were also pretty pleased about it: now Citizens Advice has warned pensioners and pensioners-to-be to be on alert. [...]
Lloyds, GSK and Vodafone: The 10 shares pension drawdown investors are buying up August 5, 2015 Four months after pension savers were given freedoms allowing them to withdraw their savings and invest it into other areas, they have yet to spend their pension pots on those Ferraris everyone was worried about when the freedoms were first announced. Or that's according to financial adviser Hargreaves Lansdown, anyway, which has listed the top [...]
Standard Life share price falls on hit from Osborne’s pension shake-up August 4, 2015 The insurance giant's admission that it will be hit by the government's pension shake-up sent shares down three per cent to 440.7p in mid-morning trade today. The figures In results posted this morning, Standard Life said operating profit before tax rose six per cent to £290m in the six months ended 30 June, from £274m during the same period a year earlier. The [...]
Exit fees review serves as a wake-up call to those who think pensions born in the 1990s are fit for the 21st century July 30, 2015 In April this year, pensions received a makeover Trinny and Susannah would have been proud of. Described as a revolution, the new pension freedoms aimed to wipe a tatty slate clean and give everyone as much choice with their retirement income as they could want. Pension savers are now treated like adults; to spend [...]
David Cameron launches pensions fee review as he accuses industry of charging “rip off” exit fees July 30, 2015 The Prime Minister has accused the pensions industry of charging “rip off” exit fees, saying the sector is taking advantage of pension reforms by creating a “new way of charging people”. Exit fees are currently charged when savers try to get hold of their money, which could be capped as part of a further overhaul. [...]
Pension tax relief for top earners could be at risk as government mulls reforms July 28, 2015 Pensions minister Ros Altmann said last night that the government is considering ending special pension tax relief for high earners. The government is currently carrying out a consultation into whether there is a case for reforming pensions tax relief. Currently top-rate taxpayers receive 20 per cent tax relief on their pensions, and can claim back [...]
Pensions shortfall: You’re almost certainly not saving enough for retirement July 20, 2015 The majority of people will face a pension shortfall running into thousands of pounds each year because we’re drastically underestimating how much we need to save to live comfortably in old age, as study has shown. The average income people expect after giving up work is £12,590 per year – but savings and investments will [...]
£1.8bn withdrawn from pension pots since new freedoms came into force in April July 15, 2015 In almost every facet of life, if more choice is offered, people will take it. Pensions are no exception with the increasing freedom the government has introduced and that came in to force 100 days ago, £1.8bn has flooded out. Read more: Pensions could look more like ISAs In the two months after pension rules were [...]
New Zealand, Turkey and Australia: The countries where your pension pot will go furthest July 10, 2015 Thinking of retiring abroad? New pension freedoms mean Britons can (theoretically) transfer larger amounts of cash abroad than ever before – but what does that mean for those in the market for a home somewhere balmier? New research by foreign currency and international transfer currency Fairfx suggests those looking to move abroad should look to [...]
July Budget 2015: From the pensions expert to the PwC economist, reactions to the chancellor’s statement July 9, 2015 THE BUSINESS GROUP Confederation of British Industry director general John Cridland Firms will welcome measures to boost investment but will be worried about paying living wage. “This is a double edged Budget for business. Firms will welcome measures to balance the books and boost investment, but they will be concerned by legislating for wage increases [...]