Up a bit, down a bit: Last minute changes to Lifetime Isas prove they’re a bad idea, says former pensions minister December 14, 2016 A former pensions minister has hit out at the government's last-minute fiddling with Lifetime Isas, saying it is proof the initiative "has not been properly thought through". Steve Webb lamented the news the Treasury will scrap exit fees on Lifetime Isas in the first year of their existence. “This announcement is a further sign that the [...]
The hell of being middle-aged: The financial pressures of children and ageing parents mean that 45 to 54 year-olds are more likely than any other group to be saving nothing for retirement December 14, 2016 New research has found that an overlooked "sandwich" generation is saving surprisingly little for retirement Young people between the ages of 25 and 34 are often singled out as being the most hard done by in the UK today. Rates of home ownership within this group have fallen dramatically since the early nineties, leading many [...]
More pressure on Fox-Sky deal as pensions lobby group wades in December 13, 2016 Rupert Murdoch’s proposed Sky takeover came under further scrutiny today as a pensions lobby group stressed the need for an appropriate premium to be paid for the business. Murdoch’s 21st Century Fox is expected to make a firm £10.75-per-share cash bid for the 61 per cent of Sky it does not already own before the end [...]
Authorities claim victory for pension savers but underline there’s still room for improvement December 13, 2016 Over a million Britons' retirement savings have been boosted by slashed pension charges, authorities revealed today. The Financial Conduct Authority (FCA) and department for work and pensions (DWP) hailed the news as "significant progress" but still felt there was more work to be done in reducing costs levied on retirement savings. Read more: This business sector is [...]
A median of £0? Well, that’s what the ONS says one sector’s workers are putting into their pension pots December 9, 2016 Work in the tourism sector? Are you putting money away for retirement? If the answer is no, then you aren't alone. The latest numbers from those clever boffins over at the Office for National Statistics (ONS) suggest the median pension savings reported in the tourism sector is a mighty… well, diddly-squat. That's right, the ONS said the median reported [...]
The Brexit vote will scare workers into saving for retirement December 6, 2016 Britain's decision to leave the EU will boost pension savings as concerns over future financial uncertainty provide a catalyst for workers to put more money aside for their retirement. Nearly half of businesses polled by Close Brothers believe the Brexit vote will increase employee engagement in retirement planning and over one in four employers expect staff to increase their pension [...]
It’s good but it ain’t enough: Auto-enrolment numbers are a “tale of two halves” December 1, 2016 Auto-enrolment of workplace pensions is failing key sections of the workforce and needs to be "re-booted", according to industry experts. The department for work and pensions today released its annual report on the country's participation in the initiative, which was an attempt to "address the decline in private pension saving and to help normalise saving". [...]
Annuity rates have surged since the summer providing relief for customers on the hunt for fixed returns December 1, 2016 With annuity rates at rock-bottom levels and the cancelling of plans for a secondary market, it's been a tough year for retirees hoping to secure a decent fixed level of income. However, finally there is some relief as it was revealed annuity rates have jumped by 10.6 per cent since August. On a £50,000 cash [...]
UK pension funding deficits remain at nearly one-third of UK GDP, despite recovery of £50bn in November December 1, 2016 A £50bn improvement in the deficit of defined benefit pension funds in November 2016 failed to offset declines earlier in the year, leaving the total deficit at £580bn. The deficit is still over £100bn higher since the start of the year, according to PwC’s Skyval Index. Deficits have leapt since Spring after asset value growth failed to [...]
It might not be our problem in the future: Southern rail’s owner cuts pension costs to reflect “limited responsibility” November 29, 2016 It's been a nightmare year for Southern rail. But its owner was given a boost today after revealing its profits will leap by 38 per cent, simply by changing the way it accounts for its railway pension costs. Go-Ahead shares were one of the top movers in the FTSE 250 this morning, up over three per cent, following [...]