UK pensions: Six million people have been auto-enrolled into a workplace pension since the rules were introduced in 2012 March 8, 2016 The Pensions Regulator had a reason to celebrate today, as it revealed that the number of people saving into a workplace scheme as a result of auto-enrolment has now passed the six million mark. Since the scheme started being rolled out in 2012, more than 100,000 employers have enrolled staff. "It is brilliant to see [...]
UK pensions: Has chancellor George Osborne missed an opportunity by saying he won’t reform the pensions system at the Budget on 16 March and what might he do instead? March 8, 2016 It is with relief that we welcome the chancellor’s turnaround, in choosing not to radically change the basis of pension taxation in the Budget on 16 March and in particular not to introduce pensions Isas. However, there are other rabbits that he could pull out from his hat. At current levels of auto-enrolment contributions (2 per cent of earnings rising [...]
Pensions in Budget 2016: Government urged to hurry up on pensions dashboard plans, after consumer group discovers those approaching retirement are not sure of how much they have saved March 8, 2016 A consumer interest group has today called on government to speed up its plans to introduce a pensions dashboard after discovering that many of those approaching retirement have little or no idea how much they have saved. According to figures from Which?, almost half (47 per cent) of employees aged over 50 with a personal [...]
George Osborne scraps pension reforms package including tax relief plans March 5, 2016 Chancellor George Osborne will scrap plans to introduce a package of reforms on pensions including cutting tax relief for higher earners. It was feared that the radical reforms, which would have made pension pot withdrawals tax-free but eliminated relief on contributions, could have triggered a run on savings and backlash from high-earning voters. A product of an [...]
UK pensions: Auto-enrolment gives savers a false sense of security, and mismatch between pension freedoms age and state pension age causes further confusion March 4, 2016 Those who think that paying the minimum into their pension pot under auto-enrolment is going to fund them a comfortable retirement are in for a nasty shock, as pension experts warn the savings contribution system is lulling people into a false sense of security. Portal Financial also today warned that some people could be confused by the [...]
UK pensions and Waspi campaign: Why state pension age is going up and what we need to do to bring it down, be it a more productive workforce, immigration, building more houses or having more children March 4, 2016 The current Waspi campaign by women affected by changes to state pension age has brought the issue back into focus again. And it will really ignite in 2018 when male state pension age starts to increase above its current level of 65. It’s a common misconception that the national insurance we and our employers pay [...]
Budget 2016: George Osborne’s plan to create pension Isas could create “Northern Rock-style run on the pension system”, Hargreaves Lansdown March 4, 2016 George Osborne's plans to reform pension taxation by creating so-called pension Isas could cause a "Northern Rock-style run on the pension system" – and may end up costing investors billions of pounds. The plans are expected to be revealed as part of the chancellor's Budget on 16 March. It is thought they will see the current regime scrapped in [...]
Pension tax relief reform: A fairer flat rate system will drive up saving rates and prepare people for rising life expectancy March 4, 2016 I read a startling fact recently. The first person who is going to live to 150 years old is already alive today. Think about that for a moment. That is potentially 75-plus years in retirement. If that person is in this country, either the state is going to have to pick up the bill for [...]
Pensions: Secretary of state for work and pensions Iain Duncan Smith defends independent review into state pension age March 2, 2016 Secretary of state for work and pensions Iain Duncan Smith has defended the independent review that his department has launched into state pension age. Responding to an urgent question from the shadow secretary of state for work and pensions Owen Smith, he added that changes to the state pension age could need to be taken to [...]
UK pensions: As state pension age is reviewed, with experts warning that people may have to work until their 70s, study reveals that 61 per cent of over-45s already envy older generations March 2, 2016 Everyone is jealous of retirees right now – even those who are relatively close to becoming one themselves. Nearly two-thirds (61 per cent) of over-45s currently saving into a pension pot envy the financial security and lifestyle the generations above them seem to have, acutely aware that they'll probably never have it so good, research released today by [...]