Pensions: Act now to avoid 55 per cent tax March 31, 2015 Don’t be caught out by the lower lifetime savings allowance. New rules on the total amount of money that can be saved tax-free in a pension are set to come into force in April 2016. The lifetime allowance was £1.8m in 2011-12, but George Osborne reduced this to £1.25m in 2014, and the limit will [...]
The Big Question: Which multi-asset fund should I put my pension in? March 26, 2015 The upcoming pension reforms will mean new freedom for investors. Multi-asset solutions, which aim to give exposure to a range of asset classes while limiting risk, could be the best solution for your pension. We ask the experts for their recommendations. “The new pensions rules will throw some historic strategies up in the air” [...]
Ros Altmann: The savers’ champion talks pension reform, QE, and the pension annuities bombshell March 26, 2015 "I was gobsmacked.” Ros Altmann summarises her reaction to the Budget last year, when the chancellor first outlined his dramatic plans to bring pension freedoms to all. On the afternoon of that Budget day, Altmann, a pensions expert and campaigner, adviser to successive governments, and investment manager and economist, could barely contain her excitement when [...]
Pensions: How you can find the right adviser March 24, 2015 Don’t be put off by the maze of reforms – pay someone to help PENSIONS are undergoing the most significant reforms in a generation, but don’t squander your savings – seek professional help. The new rules are intended to give savers more freedom, as the requirement to buy an annuity at retirement has been scrapped. [...]
City watchdog tells pensioners to watch out for investment scams March 23, 2015 Retirees are being warned to watch out for scammers ahead of the liberalisation of pension rules next month, as the Financial Conduct Authority (FCA) said fraudsters will try to make the most out of the new regime. Previously savers had to invest their pension pots in annuities, paying a guaranteed income each year for the [...]
Lending Works targets over 55s ahead of pensions freedom day March 23, 2015 Online peer-to-peer lender Lending Works is the latest firm looking to benefit from the anticipated dash for cash in April when pension freedoms come in, after launching new products today for the over-55s. From April, the firm will offer four new features for the pensions market including a bonus for new lenders aged over 55 [...]
Budget 2015: George Osborne’s election gift for young and old alike March 18, 2015 Chancellor George Osborne used the final Budget of this government to give sweeteners to both younger and older voters yesterday. In an unexpected move, he introduced a new Help-To-Buy ISA, giving first-time buyers up to £3,000. “For every £200 [first-time buyers] save for their deposit, the government will top it up with £50 more,” Osborne [...]
Phoenix Group: Fraud up on change in pension rules March 18, 2015 Phoenix Group saw £8m-worth of attempted frauds targetting its customers last year, the firm revealed yesterday, as scammers tried to use the new rules as cover to steal funds. The warning came as Phoenix reported a 10 per cent rise in operating profits, which came in at £489m for 2014. Net incomes came in at [...]
Was George Osborne’s last Budget before the General Election a winner for British savers? March 18, 2015 Iain McCluskey, tax director at PwC, says Yes This was a Budget for those who choose to, in George speak, fix their roof. With returns on savings sitting at miserable lows for most people, the chancellor had to innovate to try and encourage the country to save. He did this by using the Budget to [...]
Budget 2015: What to watch out for today March 17, 2015 WHO: GEORGE OSBORNE WHEN: 12.30PM TODAY WHERE: HOUSE OF COMMONS WHAT WE ALREADY KNOW A further shake up of pensions Over 55-year-olds who had previously been forced to buy an annuity will be able to sell it for a lump cash sum to use as they wish, instead of receiving the regular payouts, building on reforms from [...]