An intergenerational study reveals millennials are ridiculously optimistic about when they’ll retire October 28, 2016 Britain's 20-somethings have unrealistic expectations as to when they will retire, thinking that they will be able to down-tools much earlier than any other age group. Those aged between 20 and 30 think that they will retire halfway between their 60th and 61st birthday. Across all age groups, Britons think on average that they will retire just before their [...]
Don’t rely on downsizing to make up for your insufficient pension October 27, 2016 After years of runaway house prices, few will be surprised that a sizeable proportion of the UK’s net wealth is tied up in property. The latest ONS statistics show that dwellings make up a massive 62 per cent, or £5.5 trillion, of the country’s £8.8 trillion total. So it is also unsurprising that many see [...]
This government will be more radical on savings and pensions than you think October 27, 2016 For all her bold ambitions to reshape Britain’s economy in a more interventionist direction, Theresa May is unlikely to spend as much time on domestic matters as she might like. Brexit is said to be the most fiendishly complicated task Whitehall has had to undertake since the Second World War, touching nearly every area of [...]
What the new government should do to pensions: Scrap the £1m lifetime allowance and nudge young people to save more October 27, 2016 Philip Hammond has a lot on his plate. As the Autumn Statement approaches, shielding the UK economy from Brexit’s slings and arrows will be higher up his agenda than fiddling with a pensions system which was tinkered with year after year under the last government. Some of the changes (many at the exit end of [...]
Time to remortgage? The rates on two-year fixed deals are very low, but watch out for additional fees October 27, 2016 Brexit has been kind to mortgage holders. As the Bank of England’s interest rate has come down, banks have been able to borrow more cheaply, allowing competition to increase and mortgage rates to fall. Borrowers have been quick to take advantage of the deals on offer; in August, the number of people remortgaging hit a [...]
Here’s how to make the most of investing in Apple, Amazon and major overseas players October 27, 2016 In a globalised world, equity investors need to think big if they want to buy the world’s best companies. “There is no UK equivalent to the likes of Amazon or Facebook. The UK’s own social networking pioneer, Friends Reunited, finally closed its web doors in February this year,” says Michelle McGrade, chief investment officer at [...]
The government’s pension freedoms were less popular last quarter as withdrawals fell October 26, 2016 Retirees have taken £7.6bn from their savings since reforms were introduced in April 2015, the Treasury revealed today – but the pace of withdrawals is falling. The amount withdrawn during the third quarter of 2016 dipped to £1.5bn, down from £1.8bn in the previous three months. One of George Osborne's flagship pension reforms announced just over 18 months [...]
Criminal activity in connection with loosening of pension restrictions was worse than expected October 25, 2016 The level of fraud following the freeing-up of pension reforms was a lot higher than previously thought according to data from City of London Police. George Osborne's flagship policy to give pensioners greater freedoms – including allowing them to take a lump sum out of their pension – provided criminals a new opportunity to con people out of their money. Read more: Government bins plans [...]
Many Britons have a considerable interest in taking out a Lifetime Isa October 24, 2016 Londoners are keen to enrol in a Lifetime Isa (Lisa), with almost three-quarters wanting to use them to save for the future according to the latest research. If they could, 72 per cent of residents under the age of 40 in the capital would open a Lisa, with over one-third (37 per cent) ready to open one straight away. Although [...]
Unite to begin balloting Gatwick staff on strike action over closure of pensions scheme October 20, 2016 Unite has announced it will begin balloting 1,800 members for strike action next Friday over the closure of Gatwick’s final salary pension scheme. Surface transport workers, firefighters and security officers are to be balloted, following a 96 per cent vote in favour of doing so in a recent consultative ballot. It will close on 16 [...]