Competition and Markets Authority to investigate price comparison websites September 29, 2016 The UK's competition watchdog is launching a wholesale review into price comparison websites to investigate how they make their money and whether they really do help consumers get the best deals. The Competition and Markets Authority (CMA) announced the review this morning – the latest in a long-line of high-profile probes the body has conducted including [...]
BMW faces backlash from unions on pension reforms September 27, 2016 Unions have hit back at BMW over proposals to close its UK defined benefit pension schemes, promising to fight the German motor giant's attempts to "salami-slice" retirement incomes. BMW wrote to 5,000 employees yesterday outlining proposals to close its two final salary pension schemes to future accruals from 1 June 2017. "It is clear that our members will be [...]
Pensioners refrain from splashing the cash despite retirement rule change September 23, 2016 Fewer than one in 10 (nine per cent) new pensioners overspent or think they will overspend in their first year of retirement, research out today has found. When polled on behalf of Prudential, just one in five (22 per cent) first year retirees planned on purchasing a luxury holiday and only 16 per cent intended to splash [...]
Workplace pension scheme member levels hit record highs, but experts warn enough still not being done to prepare for retirement September 22, 2016 The number of people with a workplace pension has soared to its highest level yet, but pensions experts have warned people still are not doing enough to get ready for their golden years. According to figures released from the Office for National Statistics (ONS) today, total membership of occupational pension schemes in the UK rose to 33.5m [...]
This chart shows pension savers in their 50s should put £7,500 more into their pension each year – while those in their 20s should save £1,500 more September 22, 2016 The average Briton in their 50s should be saving almost £7,500 more each year if they want to have a comfortable retirement. That's according to a study by Aviva, which suggests not only that the gap between what people in the UK are saving and the income they're expecting to have during their retirement has increased [...]
It’s official: Saving for a house is more important than saving for a pension (to under-35s, anyway) September 21, 2016 Remember back in August, when Bank of England chief economist Andy Haldane was branded "irresponsible" after he suggested he'd rather invest in property than put money into a pension scheme? Well, it seems the nation's millennials agree with him, after a study found saving for a home is three times more important to them than putting [...]
The Lifetime Isa: New clarifications are good news for first-time buyers, but do nothing to solve its conflict with pensions September 21, 2016 The Treasury released final details last week on the Lifetime Isa (Lisa) which launches in spring 2017. Aimed at two very different types of savers – first-time buyers and retirees – the updates mostly concern the first group, and will do little to silence critics who say that the Lisa will lure away people who could [...]
Financial advice and the rise of gamification: Robo-advice may improve access but augmented reality could boost engagement September 21, 2016 The Pokemon Go craze may have subsided, but the mobile game has cemented augmented reality in the public’s consciousness. With the UK release of Oculus Rift yesterday, the more immersive virtual reality is also set to grip the nation. With these new states of reality engaging us, it begs the question: how long it will take [...]
Influential MP calls for pensions probe into sale of turkey business September 19, 2016 Frank Field, who chairs the influential Work and Pensions Select Committee, has called on the Pensions Regulator to probe the takeover of turkey producer Bernard Matthews by Ranjit Boparan. The Labour MP is concerned that the deal will see Bernard Matthews’ retirement scheme absorbed by industry-funded lifeboat, the Pension Protection Fund (PPF). Read more: Turkey [...]
Britons are scared to commit to investment strategies when planning for retirement September 12, 2016 Too much choice is seriously undermining the nation’s confidence when it comes to planning for retirement, according to a new study. Nearly half of people do not have courage in their own convictions to make a final decision on their pension, researchers found, while 43 per cent continue to have doubts after they have choose a strategy. The research [...]