Defined benefit pension hole deepens to over £380bn following Brexit vote, according to pensions lifeboat figures July 12, 2016 The hole in the UK's pension pots became much harder to fill last month, according to figures released today by the pensions lifeboat. The numbers from the Pension Protection Fund revealed that, based on its calculations, the aggregate deficit across 5,945 defined benefit (DB) pension schemes had jumped from £294.6bn at the end of May to £383.6bn at [...]
Focus on retirement goals when saving for your pension, urge actuaries July 11, 2016 People need to shift their mindset on pensions away from what proportion of their paypacket they are saving to what kind of lifestyle they want in retirement, a report out today suggests. According to the research from The Institute and Faculty of Actuaries (IFoA), encouraging people to focus on what they want their pension pot [...]
Pensions under threat from Brexit July 6, 2016 Savers have faced the biggest shake-up to the pensions system in a generation under the watch of chancellor George Osborne. Many of the changes are controversial, and others have been announced yet not formalised. But Brexit has put a spanner in the works – as negotiations over a deal with Europe under a new Conservative leader [...]
New chair of UK pensions lifeboat set to be named amid BHS and Tata crises June 29, 2016 A new chairman is set to be named for the UK’s Pension Protection Fund (PPF) on Thursday. The Department for Work and Pensions is believed to have picked one of its existing board members to replace Lady Judge, who is stepping down after six years. Read more: Now the PPF warns possible amends to steel pensions could [...]
Will Brexit affect my pension? All your post-referendum questions answered June 29, 2016 While it was always expected to be close, the fact that the UK has voted to leave the European Union is a genuine shock for most people. With the vote exposing divides between England and Scotland/Northern Ireland, London and the rest of the UK and younger and older members of society, what will it mean for [...]
Pensioners have a lot to celebrate as their incomes are now almost as much as working wages June 28, 2016 Why work when you could retire? In a new golden age of retirement, pensioners' incomes have climbed to a level almost rivalling that of workers' pay. Pensioners' average weekly income was 38 per cent lower than that of the working age population in 1994-95. However, by 2014-15 the gap had lowered significantly to seven per cent, according to figures [...]
Brexit vote gives defined benefit pensions yet another battering, as markets swing wildly after Leave decision is revealed June 26, 2016 The vote for Brexit may have driven another nail into the coffin of defined benefit (DB) pension schemes, after the markets went into meltdown on Friday. Figures from Hargreaves Lansdown show that around 33 per cent of UK scheme investments consist of shares, 25 per cent of which are UK shares, which will have come as [...]
What Brexit means for your pension June 24, 2016 The UK went to the polls yesterday to make the historic decision to leave the EU, a result the markets had not exactly geared themselves up for. More than £100bn was wiped off the FTSE 100 this morning, while the pound dropped to its lowest point against the dollar in over 30 years, so many people [...]
Steel pension rule changes should be open to all, says Aon, on the day the British Steel Pension Scheme consultation closes June 23, 2016 Any changes to pension rules should apply across the board and not just to select industries, Aon Hewitt has told the government. The consulting giant has today revealed that, in its response to a Department for Work and Pensions consultation examining possible changes that could be made to the British Steel Pension Scheme, it advised that [...]
Government to write to the thousands who could miss new state pension requirements June 22, 2016 Government has agreed to get in touch with those who are not on track to meet the qualifying requirements for the new state pension, the Work and Pensions committee revealed today. Responding to a recommendation from the committee, government has agreed to write directly to those who look like they will not satisfy the minimum qualifying [...]