Pensions shortfall: You’re almost certainly not saving enough for retirement July 20, 2015 The majority of people will face a pension shortfall running into thousands of pounds each year because we’re drastically underestimating how much we need to save to live comfortably in old age, as study has shown. The average income people expect after giving up work is £12,590 per year – but savings and investments will [...]
£1.8bn withdrawn from pension pots since new freedoms came into force in April July 15, 2015 In almost every facet of life, if more choice is offered, people will take it. Pensions are no exception with the increasing freedom the government has introduced and that came in to force 100 days ago, £1.8bn has flooded out. Read more: Pensions could look more like ISAs In the two months after pension rules were [...]
New Zealand, Turkey and Australia: The countries where your pension pot will go furthest July 10, 2015 Thinking of retiring abroad? New pension freedoms mean Britons can (theoretically) transfer larger amounts of cash abroad than ever before – but what does that mean for those in the market for a home somewhere balmier? New research by foreign currency and international transfer currency Fairfx suggests those looking to move abroad should look to [...]
July Budget 2015: From the pensions expert to the PwC economist, reactions to the chancellor’s statement July 9, 2015 THE BUSINESS GROUP Confederation of British Industry director general John Cridland Firms will welcome measures to boost investment but will be worried about paying living wage. “This is a double edged Budget for business. Firms will welcome measures to balance the books and boost investment, but they will be concerned by legislating for wage increases [...]
July Budget 2015 at a glance: From a new tax-free dividend allowance to the raid on buy-to-let landlords and new inheritance tax rules July 8, 2015 The chancellor outlined £12bn of welfare cuts, introduced new inheritance tax rules & vowed to crack down on tax avoidance. UK ECONOMIC OUTLOOK ● The UK is expected to be the fastest-growing advanced economy again this year. The Office for Budget Responsibility (OBR) expects the economy to grow by 2.4 per cent in [...]
Pensions industry could benefit from tax relief reforms following new consultation July 8, 2015 Financial burdens on pensions could be changed following a consultation into whether there is a case for reforming pensions tax relief. Politicians are also planning to look at whether they should strengthen incentives to save by offering more simplicity and transparency around pensions, or whether keeping the current system is the best option. In yesterday’s [...]
July Budget 2015 summary: All the personal finance measures announced by George Osborne during his speech July 8, 2015 Today's Budget may not have included as many measures aimed at pensioners and first-time buyers as last time; today, George Osborne seemed more intent on telling firms that Britain was "open for business". Osborne's headline grabber this time around was inheritance tax and the creation of a family home allowance which will help people "pass on [...]
July Budget 2015: Pensions could look more like ISAs July 8, 2015 Chancellor George Osborne, as part of the emergency Budget, has announced the government will publish a green paper looking at further reform and making pensions more like ISAs. The truth is Britain isn’t saving enough and that’s something we need to fix in our economy too. While we’ve taken important steps with our new single [...]
July Budget 2015: Every key policy announced today July 8, 2015 George Osborne revealed the first Budget of the government, including policy changes on everything from pensions and inheritance tax to bank levies and the Northern Powerhouse. Here we round up all the essential points from the Red Box. 1. A surplus will be reached by 2019 Osborne pledged to reduce the deficit by [...]
July Budget 2015: Five ways your pension could change after today’s budget July 8, 2015 Substantial changes to the UK's pension rules are expected to be introduced in today's Budget. Read more: Pension changes April 2015: The five things you need to know The government has generally been loath to take away retirement perks in previous years, but this is about to change as chancellor George Osborne moves forward [...]