Over-50s considering returning to work due to concerns about retirement funds December 6, 2022 The overwhelming majority of over-50s are not financially set for retirement due to the pandemic and cost of living crisis. Just under two-fifths of those aged 50-54 are happy their retirement funds are sufficient, rising to 55 per cent for those 60-65. The worrying trend, highlighted in research from Handelsbanken Wealth & Asset Management, shows [...]
Moneyfarm strikes deal to fully-acquire digital advice platform Profile Pensions December 6, 2022 Online investment adviser Moneyfarm has agreed to fully acquire digital pensions planner Profile Pensions as it pushes forwards with efforts to expand its client base and services offerings. The cash-and-shares deal for an undisclosed sum will see Moneyfarm’s shareholders finance a 100 per cent takeover of the Preston headquartered pension adviser, as it seeks to [...]
Collapsed City pension firm fined millions by FCA over ‘unsuitable’ advice to British Steel workers December 2, 2022 Pembrokeshire Mortgage Centre Limited (PMC), trading as County Financial Consultants, has been fined nearly £2.4 million for unsuitable advice to consumers to transfer out of the British Steel Pension Scheme (BSPS) and other pension schemes, the Financial Conduct Authority (FCA) said. PMC advised 420 consumers, nearly two-thirds of whom were BSPS members, on whether to [...]
PensionBee announces over £3bn assets under administration November 28, 2022 PensionBee has announced there are over £3bn assets under administration as of this month. The online pension provider said despite the macroeconomic volatility, it has been able to reach this “milestone” through high customer retention and strong net inflows. “The ongoing growth in our Assets under Administration results from our commitment to delivering outstanding customer [...]
Volatile markets and soaring gilt yields could see pensions buy-out boom, analysts say November 14, 2022 The UK could see £200bn worth of pensions buyouts over the next three years as higher gilt yields and increasingly volatile markets boost the attractiveness of bulk purchase annuity deals, analysts have said. The market for bulk purchase annuity deals could show fast paced growth over the next few years as pension funds seek to [...]
Apollo snapped up $1.1bn from UK pension funds in cash scramble November 2, 2022 Apollo Global revealed it bought over $1bn of assets from distressed UK pension funds as they scrambled to raise cash in the near-meltdown sparked by Liz Truss’s tax-cutting mini-budget.
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 [...]