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£1.8bn withdrawn from pension pots since new freedoms came into force in April July 15, 2015 In almost every facet of life, if more choice is offered, people will take it.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 [...]
July Budget 2015 at a glance: From a new tax-free dividend allowance to the raid on buy-to-let landlords and new inheritance tax rules July 8, 2015 The chancellor outlined £12bn of welfare cuts, introduced new inheritance tax rules & vowed to crack down on tax avoidance. UK ECONOMIC OUTLOOK ● The UK is expected to be the fastest-growing advanced economy again this year. The Office for Budget Responsibility (OBR) expects the economy to grow by 2.4 per cent in [...]
Pensions industry could benefit from tax relief reforms following new consultation July 8, 2015 Financial burdens on pensions could be changed following a consultation into whether there is a case for reforming pensions tax relief. Politicians are also planning to look at whether they should strengthen incentives to save by offering more simplicity and transparency around pensions, or whether keeping the current system is the best option. In yesterday’s [...]
July Budget 2015 summary: All the personal finance measures announced by George Osborne during his speech July 8, 2015 Today's Budget may not have included as many measures aimed at pensioners and first-time buyers as last time; today, George Osborne seemed more intent on telling firms that Britain was "open for business". Osborne's headline grabber this time around was inheritance tax and the creation of a family home allowance which will help people "pass on [...]