Longer lifespans require pensions system overhaul October 27, 2022 The UK population’s increased longevity poses serious problems for the country’s pensions systems, Britain’s largest long-term savings business has warned. Increasing life expectancy will require a re-evaluation of traditional notions of retirement, Phoenix Group said, in warning up to 17m British people are not saving enough to retire when they expect. The FTSE 100 insurance [...]
Analysis: Keeping Triple Lock still requires £550k pension for ‘comfortable’ retirement October 19, 2022 Even if the State Pension was uprated in line with September’s inflation figure of 10.1 per cent, pension savers would still need to build up a pot of around £550,000 to ensure a comfortable standard of living in retirement, according to new figures shared with City A.M. this morning. The data comes amid the increased uncertainty over whether the [...]
Ditching the triple lock would be unpopular – and deeply worthwhile October 19, 2022 Liz Truss said she wanted to be unpopular. She’s certainly achieved that over the past few weeks, and to not much obvious benefit to either her party or the country. But if, as suggested, she takes aim at the triple lock on pensions we may finally be looking at an unpopular decision worth making. The [...]
To triple lock or unlock: Pensioners risk losing out on hundreds of pounds per year if inflation-link is dropped October 19, 2022 This morning’s inflation figures mean that retirees could see their state pension boosted by a whopping 10.1 per cent in 2023/24, but only if Chancellor Jeremy Hunt doesn’t ditch the triple-lock. The increase would be in line with September’s Consumer Prices Index (CPI) inflation figure, which is usually used for benefits uprating Increasing the state pension by inflation rather [...]
Record 730,000 retirees returning to work to top up pension as living crisis pushes older Brits to the brink October 17, 2022 More than 733,000 retirees across the UK are preparing to return to work as the cost-of-living crisis escalates, according to new research shared with City A.M. this morning. For 12 per cent of those in retirement, rising inflation has “upended” their retirement plans. More than a third of UK retirees are worried they will no [...]
Rees-Mogg: Bank’s tame rate hike could have sparked pension crisis October 12, 2022 Jacob Rees-Mogg looked to shift the blame of the pensions crisis onto the Bank of England this morning as he claimed it could have been sparked by Threadneedle Street’s failure to hike interest rates more aggressively.
Bank of England doubles daily bond purchase cap, but borrowing costs surge October 10, 2022 The Bank of England has rolled out a raft of measures to help shore up the UK gilt market this morning as it looks to stave off a return to turmoil when it halts its bond-buying programme on Friday.
Pension cash could flow into start-ups under new fee cap changes October 6, 2022 Pension cash could be freed up to fuel the growth of UK start-ups under new plans published today to loosen a cap on pension money management fees.
Truss does not rule out raising state pension age beyond 67: ‘Whatever it takes’ October 4, 2022 Prime Minister Liz Truss did not rule out raising the state pension age when challenged. Resisting speculation on “all kinds of decisions that haven’t yet been made” she said she would “do what it takes” to address the economic outlook. Speaking to broadcasters in Birmingham, and asked if she will end up raising the state [...]
Pension giant L&G says liquidity strong despite ‘mini-budget’ fallout October 4, 2022 Pensions giant L&G moved to reassure markets of its cash position today after it was caught up in the economic fallout of the government’s mini-budget last week.