What pension freedoms have done to bankers’ pension pots June 6, 2016 Bankers may well have shunned the stereotype of splashing out on fast cars and long lunches last year in favour of topping up their pension pot, research shown exclusively to City A.M. suggests. According to the study by Aegon, 22 per cent of banking, financial management and accountancy professionals now feel like they are on track [...]
Public encouraged to take more risk to compensate for smaller pension pots June 5, 2016 “Work longer, save more and look to take more risk” was the gloomy advice from the pensions sector following the reports over the weekend that those entering retirement now can only expect to receive half the income of their counterparts at the turn of the century. The Organisation for Economic Co-operation and Development (OECD) will lay [...]
Proposed government plans on steel pensions could see oldest pensioners losing out on thousands, warns former minister June 4, 2016 Proposals to rule changes for the British Steel Pension Scheme could strike the oldest and most vulnerable pensioners the hardest, a former pensions minister warned today. Steve Webb, who is now director of policy at Royal London, said his firm's calculations suggested that an 80-year-old currently receiving an income from the scheme could be as much as £10,000 [...]
You’ll probably live far longer than you think – and the implications are huge June 2, 2016 What is the most important number you can think of? Your bank balance? Your mortgage? US GDP or the FTSE 100? All of these are important but the one number you should be very focused on is a guess of your own life expectancy. Get that wrong and the chances are you will get a [...]
Defined benefit pension scheme deficits break £300bn mark, as uncertainty surrounding a potential Brexit grows June 1, 2016 The level of funding across defined benefit (DB) schemes has worsened over the last year, figures out today show. According to the analysis by JLT Employee Benefits, the total deficit across all private sector DB schemes has increased to £310bn at end of last month, up from £255bn the same time the year before. "Pension [...]
Pensions lifeboat may have to take on 33,000 UK pensioners of bankrupt Canadian telecoms giant Nortel May 31, 2016 The Pension Protection Fund (PPF), the lifeboat set to rescue BHS pensioners and possibly those of British Steel, may also have to take on the 33,000 UK pensioners of bankrupt Canadian telecoms giant Nortel Networks. Nortel's British pensioners are one of three groups of creditors wrangling over $7.3bn (£5bn) worth of assets. The long-running battle boils [...]
Fast forward: What will pensions be like in 20 years? Experts say taking a loan and easy access are on the cards, while inheritance may mean losing the state pension May 26, 2016 The nation's plans for old age have been subject to change lately as the chancellor has announced a range of reforms to how pensions work. There have been radical changes, and everyone believes more are heading our way. So what will pensions saving be like in 20 years’ time? Read more: The planned second-hand annuities [...]
Pensions dashboard takes a step closer to becoming a reality, with prototype in the pipeline May 26, 2016 The long-awaited pensions dashboard took a step closer to becoming a reality today, with a potential prototype revealed as being in the pipeline. In a white paper launched today, the Association of British Insurers (ABI) and the Money Advice Service (MAS) revealed that they would be taking the next step in developing the dashboard, which aims [...]
Prime minister David Cameron warns of hit to pensions if Britain backs Brexit May 26, 2016 Prime minister David Cameron has warned retirees face a triple threat to their pension pots if Britain votes to leave the European Union. He said pension funds would shrink due to the economic shock from a leave vote, just as the fallout increased the cost living and changes to visa and residency rules led to a shortage of [...]
Retail Acquisitions may not have been fully aware of the BHS pension position when it first explored buying the retailer May 25, 2016 BHS' pensions fund trustees today told MPs that Retail Acquisitions may not have been fully aware of the pension scheme position when it began the process of buying the business. Speaking in front of the Work and Pensions committee and the Business, Innovation and Skills committee, Chris Martin, chair of the BHS Pension Fund Trustees, pointed [...]