The increasing number of self-employed people is causing a real headache for pensions April 28, 2016 The recent trend towards self-employment could potentially create problems for pensions, a report out today warns. According to the research by the Federation of Small Businesses (FSB), self-employment is now at its highest level for 40 years but less than a third (31 per cent) of those who are self-employed are saving into a private pension. Meanwhile, 15 [...]
Baroness Altmann tells MPs that UK pension system not as unfair as critics say April 27, 2016 The pensions minister has today told MPs that the UK's pensions system is not as unfair to younger generation as some critics have said it is. Speaking in front of the Work and Pensions Committee today, Baroness Ros Altmann cast doubt on the idea that today's retirees are living a life of luxury to the detriment [...]
Hidden fees are a stealth tax on all our savings: This is no free market April 27, 2016 Do you know how much your pension costs? How much the folk looking after your money are charging you? No? It’s not easy to find out. I didn’t until I demanded the information. It wasn’t just the management fee they’d advertised but many times that. Small percentages that really added up. I became suspicious when I received [...]
Retirement is popular – but surviving the pensions crisis means encouraging work April 27, 2016 The Queen’s 90th birthday quite rightly dominated the media last week. Her Majesty continues to break all sorts of records, spending longer on the throne than Queen Victoria and being our oldest ever reigning monarch. But longevity should no longer give cause for surprise. The oldest participant in the London Marathon this year was 88, [...]
This is how many people there are retiring this year who have no pension savings… April 27, 2016 One in seven people who are retiring this year will be doing so with an empty pension pot, research released today has found. According to the study by Prudential, many soon-to-be pensioners will be left leaning on the state pension for support, despite this being £27.33 a week less than the Joseph Rowntree Foundation recommends as a minimum [...]
We’re now more on track with our pension plans, but don’t celebrate just yet April 27, 2016 Good news! We're now better prepared for a comfortable retirement than we were this time last year. But, before you get the party started, you might want to take a closer look at the figures. One in ten (12 per cent) are now on track to afford the lifestyle they want during their retirement, up [...]
UK pensions: A pre-funded state pension scheme would be fairer for the young, MPs told April 25, 2016 People should pay for their own retirement, rather than funding the golden years of the generation ahead, a hearing on intergenerational fairness has been told today. Speaking in front of the Work and Pensions Committee, Philip Booth, editorial and programme director at the Institute of Economic Affairs, argued that a system whereby people saved up [...]
Financial services watchdog reveals more information on the secondary market for annuities April 21, 2016 The financial services watchdog has today asked for feedback on its proposed rules on the second-hand market for annuities. Suggestions by the Financial Conduct Authority (FCA) include requiring brokers to set out charges up front and agree them directly with the customer, rather than receiving a commission from firms acting as buyers, and to provide [...]
Not a very regal retirement: The Queen would be living on £18k a year if she saved as we do April 20, 2016 The Queen's 90th birthday throws into sharp perspective the changes that have taken place in our retirement system. Ninety years ago, saving for a pension wasn't even a consideration. Then came the 1960s, when people began living longer and the concept of 10 years' retirement after the age of 60 became possible. For several decades after, [...]
Industry experts join forces in fight against confusing pensions jargon April 18, 2016 A group of pension experts has decided enough is enough for jargon and have today clubbed together to clean up the language of the industry. The Association of British Insurers (ABI) is heading up a Pensions Language Steering Group formed of bodies from government, industry, regulators and consumer groups. Names on the list include the Financial Conduct [...]