The City watchdog is having a think about how you’ll take your pension July 14, 2016 The City watchdog is keen to make sure the pensions market keeps ticking over, and has revealed today just how it plans to do it. The Financial Conduct Authority (FCA) is conducting a Retirement Outcomes Review, with a full report expected to be published next summer, and has today laid out what precisely it plans [...]
Britons are not feeling very optimistic about the future of the state pension July 14, 2016 Britons are not feeling positive about the future of the state pension. Less than a third (32 per cent) of nearly 4,000 people surveyed for Aegon UK believe that the state pension will be as generous when they retire. Read more: Pensions minister to meet Waspi group over pension age reforms Some 33 per cent, [...]
Brexit batters pension plans – from falling annuity rates to slashed savings, it hasn’t been good for wannabe retirees July 14, 2016 Many people have had thousands wiped off the value of their Sipps and investment portfolios in the short time since Brexit. The bad news is that markets are likely to remain uncertain. The good news is that they will probably recover and have a solid period of rises, as the general trend over history shows. [...]
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 [...]