Nutmeg ready to shake-up UK pension market February 22, 2015 Online wealth management group Nutmeg is today launching its first personal pension in an attempt to disrupt the UK pensions sector. Nutmeg co-founder and chief executive Nick Hungerford says current offerings on the market are “complicated, underfunded and in need of some massive changes.” “We know there’s a massive deficit in pensions savings; company pensions [...]
Pensions group calls for a new industry body February 22, 2015 The UK government is facing calls to introduce a new independent Pension Commission to deal with problems in the sector and produce better policy. The International Longevity Centre-UK and Prudential have published a report today highlighting the fact that current policy is not enough to secure adequate retirement incomes for many, and retirement planning is [...]
Labour could cut pensions tax relief to fund tuition fees reduction February 21, 2015 Labour is planning a possible tax raid on pensions in order to fund a cut in tuition fees, it has emerged. Ed Miliband is planning to cut tuition fees from £9,000 to £6,000 if Labour wins this year’s General Election, but will need around £2bn a year to fund the scheme. According [...]
Free market think tank Centre for Policy Studies sounds alarm over pension reforms February 20, 2015 A free market think tank has warned over government plans to overhaul the current pensions system in May, saying freeing people from obligation to buy an annuity exposes them to "potentially dangerous" risks. In his 2014 budget, Chancellor George Osborne abolished the obligation on retirees to buy annuities – a guaranteed life income – with their [...]
UK house prices: Is the government’s pension reform about to put strain on the property market? February 16, 2015 Britain is in the grip of a property shortage, and it could be about to get worse. New legislation means that from April many pensioners will be able to cash-in their pension pots, with many expected to invest in the buy to let market. The market seems ill-prepared for such interest. Data from Rightmove, the [...]
Businesses cut employee benefits with changes to pension plans February 11, 2015 Businesses are cutting the benefits they give their employers, so that they make up a smaller proportion of their overall salaries. According to a survey of mid-sized companies by professional services firm Towers Watson, the proportion of companies spending over 20 per cent of employee salary costs on workplace benefits has dropped from [...]
George Osborne sets sights on pensioner votes with extension of 65+ bonds deadline past General Election day February 8, 2015 Chancellor George Osborne yesterday revealed that the government will now be offering £15bn worth of controversial so-called pensioner bonds, with an extended application deadline that falls on 15 May – one week after the General Election. The 65+ guaranteed growth bonds, as they are officially known, offer marketing leading rates, at 2.8 per cent interest [...]
Lanacshire County Pension Fund enters Eurostar bidding war February 8, 2015 Lanacshire County Pension Fund (LCPF) has thrown its hat into the ring in the battle to buy the government’s 40 per cent holding in Eurostar. The £5.7bn fund, which invests on behalf of thousands of Lancashire’s local authority workers, is up against various international infrastructure investors to buy the stake, which is valued at £400m. [...]
George Osborne: Pensioner bond scheme to be extended to after general election February 8, 2015 The government will continue to offer its pensioner bonds for a further three months after more than 600,000 people signed up to the scheme. George Osborne revealed that the deadline for over 65s to apply for the scheme has been extended until after the general election in May due to its popularity. [...]
Free state pension forecasts now available for over-55s February 7, 2015 Millions more people are now eligible for a free estimate of how much is in their state pension pot. Over-55's can request a personalised pension statement estimating how much they'll receive upon retirement. It's calculated based on the national insurance contributions an individual has made to-date. The move will make retirement planning easier for more [...]