UK pensions: Three-quarters of UK employees are anticipating being worse off in retirement than their parents, and those who are worried about money are more likely to be out of the office unwell February 3, 2016 Sons and daughters spend much of their childhood trying to imitate their parents, but their inability to mimic their pension pot has left them with a sense of worry. Research released today by professional services firm Willis Towers Watson has discovered that almost three-quarters of UK workers think that their parents' generation will benefit from a [...]
UK Waspi pension campaign: Minister says women born in the 1950s who are affected by transitional state pension arrangements should use “other benefits” like jobseekers allowance February 1, 2016 An MP has said today that women who are losing out from changes to the state pension age can rely on other benefits, such as jobseeker's allowance. The comment was made during a debate in Parliament over whether women born in the 1950s were properly notified by the government that the age at which they could retire would [...]
UK Pensions: FTSE 100 companies slice over £20bn off defined benefit (DB) pensions deficit but overall funding level in private sector remains bleak February 1, 2016 The total deficit for defined benefit (DB) pensions schemes for FTSE 100 companies has been slashed by £21bn over the course of a year. According to figures released today by JLT Employee Benefits, the total deficit across FTSE 100 companies stood at £77bn at 31 January 2016, down from £98bn at the same time the year [...]
UK pensions: Parliament to debate transitional state pension arrangements for women born in the 1950s tomorrow after online Waspi petition receives more than 100,000 signatures January 31, 2016 MPs will tomorrow debate the fairness of state pension arrangements for women born in the 1950s, after an online petition received more than 100,000 signatures. The petition, entitled "Make fair transitional state pension arrangements for 1950’s women", was started on behalf of the campaign group Women Against State Pension Inequality (WASPI) and points out that some women [...]
UK Pensions: Half of self-employed people lack confidence in pensions, while many have received no form of advice on how to stash their cash for retirement January 28, 2016 Those who call themselves boss are snubbing private pensions because they neither trust nor understand them. According to a report released today by Citizens Advice, half of self-employed people are not confident a private pension is a safe place to store their money for their golden years, with just 17 per cent opting to pay [...]
UK Pensions: Nearly one year on from introduction of pension freedoms, pensioners are not being as reckless as was feared with their lifetime savings January 28, 2016 People have not abused greater access to their pensions by splashing their cash on the fast life, with the new rules encouraging many to save for their retirement. A report released today by the Pensions and Lifetime Savings Association (PLSA) showed little evidence that people had maxed out their pension pots since the pension freedoms [...]
Hold your horses: The government’s plans for to let pensioners sell their annuities in a new secondary market are coming in for criticism January 27, 2016 Pensioners who bought an annuity will be given the freedom to sell it on from next year, under new government plans. But criticism is piling up, and it seems the new secondary marketplace will be a good idea for almost no-one – except the brokers who trade them. The details are still being ironed out, but [...]
Number of people worried they’ll never be able to afford to retire increases January 27, 2016 We talk a lot about the amount of pressure the younger generation are under – but those nearing retirement age have it just as hard, it turns out. A new report suggests that the number of people who said they're worried they may never be able to completely retire has risen to 12 per cent of [...]
Low interest rates more of a challenge to defined benefit pension schemes across the EU than people living longer, says pensions watchdog January 26, 2016 Postponed interest rate rises will be the real cause of problems for those providing defined benefit (DB) pensions, not people living longer. According to results released today from a stress test on occupational pensions by the European Insurance and Occupational Pensions Authority (EIOPA), DB schemes showed greater sensitivity to sudden falls in interest rates and rises in inflation [...]
UK pensions: Flat rate pensions tax relief would be “fairer” and encourage people to save more for their retirement, but pensions ISA would be a bad idea, says industry body January 24, 2016 A single rate of pensions tax relief would make the system simpler, fairer and more sustainable, according to a statement made by the Association of British Insurers (ABI) over the weekend. The ABI, which has been calling for reform to higher rate pension tax relief since 2013, has urged government to consider introducing what it [...]