Pension confusion is leaving British workers unprepared for retirement – PwC October 6, 2015 Bewildered by your pension? You’re not alone. British workers are so confused about the current pensions system that they are not saving as much as they should in order to be ready for retirement, according to a report out today from PwC. The advisory firm surveyed nearly 1,200 working adults following chancellor of the exchequer [...]
Why Britain’s savings crisis is worse than you think October 5, 2015 We all knew Britain had a long-term savings crisis, but it’s now looking more like a disaster. For all the effort the government has put into liberalizing the pensions system, boosting personal responsibility by giving everyone the choice of what to do with their pots at retirement, one simple fact has not been addressed: we’re [...]
Pensions jargon busted: Your guide to the experts’ complex lingo October 5, 2015 Six months on from the landmark pensions changes, and one thing hasn't changed: Pensions jargon is as complex as ever. From benefit crystallisation events to annuities and LTAs, here is our simple guide to the experts’ language. Annuity An annuity is an insurance product, purchased to ensure a guaranteed income from retirement [...]
Pensions reform: Lump sums don’t mean Lamborghinis as Britain’s savers are still being prudent October 5, 2015 Pensioners were expected to be buying up Lamborghinis in droves this summer, after landmark pension freedoms came into effect in April. The new system allows people over 55 to take some – or even all – of their pension as a lump sum. It wipes away old restrictions which only let retirees have a [...]
Know your stuff: Five things everyone needs to hear about pensions October 2, 2015 Charges and not taking enough risk can massively dent your long-term savings. Seismic shifts have taken place in the pensions world in recent years – and there may be more to come. Generous employer pension schemes have all but disappeared, and new freedoms brought in by the government this year aim to offer savers [...]
Pension lobby calls for flat rate tax changes October 1, 2015 Pensions savers could soon see a single rate of tax relief if industry proposals come into force. Last night, the government closed its consultation on how pensions should be taxed, after providers were invited to put forward their concerns. Pensions experts have called for a single level of tax to replace the current, tiered [...]
One in six retired men go back to work – and are happier for it September 29, 2015 Working men might dream of retiring to travel the world or simply relax after slogging it out at work – but once they stop working, it seems many of them crave a return to the office. A new study has found that an increasing number of men u-turn on their retirement plans in favour of [...]
We need to defuse our pensions timebomb – The City View September 24, 2015 The current debate over Europe’s migration crisis centres on how many refugees each country “can afford to absorb”. The implication is that each person who migrates into an area brings an economic cost, and that allowing them in is an act of charity. But there are many economists who argue that this just [...]
UK pensions advice: Improve awareness, know what you’re saving and whether it’s enough September 16, 2015 Pensions awareness is a real concern for the UK and the statistics are worrying. Only 27 per cent of people say they feel “very informed” about pensions, for example, according to new research by Towers Watson. And last year, a government report discovered that 11.9m people in the UK are “saving too little”. [...]
UK pensions deficits: FTSE 100 firms fear pension pain as workers retire September 6, 2015 Pension schemes represent a “material risk” for many of the largest companies in the FTSE 100, new research shows. Six firms, including BAE Systems, British Airways-owner International Airlines Group, RSA and Royal Bank of Scotland, all have total disclosed pension liabilities almost double their equity market value, so says JLT Employee Benefits’ quarterly report [...]