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Retirement and Pensions News Headlines

SIMON WATKINS: There's a pensions crisis looming and the proposed Tata Steel deal is a quick fix that will do more harm
Source: This Is Money - 28th May 2016
A pensions crisis is looming in the UK and the Government’s proposals for the Tata Steel pension scheme is a small step towards making it worse.
Now Project Fear turns its attention to the pensioners
Source: Express - 27th May 2016
IF YOU want to know why Project Fear has now alighted on pensioners, claiming that Brexit would be catastrophic, one statistic reveals all.
Why staying IN Europe could harm your pension: Experts contradict Osborne's claim that retirees would lose out from Brexit
Source: Mail Online - 27th May 2016
Pensioners were last night told they face losing ‘dramatic’ sums of money if Britain votes to stay in the European Union.
Treasury predicts Brexit doom for UK pensions
Source: Professional Pensions - 27th May 2016
British pensioners will be worse off if the country votes to leave the European Union (EU) on 23 June the Treasury warns.
New EU laws will cost pensioners ‘DRAMATIC sums of money’, says Iain Duncan Smith
Source: Express - 27th May 2016
EX-CABINET minister Iain Duncan Smith today claimed new EU rules on pensions will cost Britons “dramatic sums of money” unless the UK quits the bloc on June 23.
MPs to investigate how many pension schemes are at risk of failing
Source: The Guardian - 27th May 2016
Select committee announces wide ranging inquiry into occupational pension schemes amid its scrutiny of £571m deficit at BHS
Possible scams in 11% of pension transfer cases finds Xafinity
Source: Pensions World - 25th May 2016
There are signs of potential scam activity in 11% of pension transfer requests, according to research by Xafinity.
Pensions running dry: Experts now say retirees should withdraw only 2.5% a year from a £100,000 pot
Source: Mail Online - 25th May 2016
Savers may have to cut the income they take from their pension pot to just 2.5 per cent a year to avoid running out of money.
If I die and my husband remarries, how do I ensure my kids inherit my money?
Source: The Guardian - 24th May 2016
Sir Philip Green, who offloaded BHS for £1 leaving a £571m deficit in its pension fund, could work with MPs on drafting new laws to ensure pensioners are protected in future, the MP Frank Field has suggested.
Study claims hidden fees are helping to reduce your pension pot by more than a third
Source: Independent - 21st May 2016
People’s pensions are being eaten away by dozens of hidden charges that can reduce the value of funds by more than a third, new research has claimed.
How did we get pension calculations so wrong?
Source: The Guardian - 21st May 2016
Workers will have to save much more of their salary or stay in their jobs a lot longer if they want a decent income in retirement
Scots behind rest of UK in readiness for retirement
Source: Herald Scotland - 21st May 2016
Only 8% of Scottish savers are on track for a comfortable retirement, behind the UK average of 12%, according to figures from Aegon UK.
Britain's pension system is a disgrace we all deserve an easier way to save for retirement
Source: Yahoo Finance - 21st May 2016
Central bankers are meant to be measured and uncontroversial. Thank goodness Andy Haldane is different.
Brexit would hit property values, plus why pensions are so complicated
Source: The Guardian - 19th May 2016
Hello and welcome to this week’s Money Talks – a roundup of the week’s biggest stories and some things you may have missed.
Pension incomes vary by up to £12,000 a year
Source: Money Observer - 19th May 2016
There is huge regional variation across the UK in the amount of pension income a retired household can expect, according to Fidelity International's Class of 2015 research.
Pension advice for the self-employed - how to plan for retirement
Source: The Guardian - 19th May 2016
A record number of people in the UK are now self-employed, yet less than a third are saving into a pension
Bank of England's chief economist calls for more simple pension system
Source: The Guardian - 19th May 2016
Andrew Haldane says workers have little chance of making sense of funds when financial experts ‘have no clue either’
Bank of England's chief economist admits: 'Even I can't make the remotest sense of pensions' and says experts and advisors 'have no clue' either
Source: Mail Online - 19th May 2016
If you’ve ever found yourself utterly baffled when grappling with your pension pot, you are not alone – the Bank of England’s chief economist does not understand his either.
Pension fees capped in victory for the Mail: New bill will prevent firms snatching up to a third of a customer's nest egg
Source: Mail Online - 19th May 2016
David Cameron yesterday promised to protect consumers from rip-off pensions fees and give help to savers in a Queen’s Speech intended to paper over Tory party divisions on Europe.
Revealed: the amount of income pension savers can safely withdraw
Source: Money Observer - 18th May 2016
Savers who took advantage of the pension freedoms when they were introduced last April have had a rough ride, with the FTSE 100 index losing 9 per cent over the period.
The Queen's Speech: Pension savers to be better protected
Source: BBC - 18th May 2016
The cash of millions of pension savers will be better protected, under plans announced alongside the Queen's Speech.
UK job numbers boosted by women delaying retirement
Source: The Guardian - 18th May 2016
Employment rate for women hit a record in March after pension changes pushed up retirement ages
Pro-Brexit bosses include retirees and tax avoidance experts
Source: The Guardian - 17th May 2016
Names on letter making case for leaving EU range from those offering offshore tax-planning and servicing super-rich, to heads of dormant business
Report warns of wealth gap between older and younger pensioners
Source: Citywire - 16th May 2016
Pensioners over 75 are more likely to be living in poverty than those under 75, according to research by charity Independent Age.
Pensioners: Nearly 1m over-75s living in poverty, report says
Source: Herald Scotland - 16th May 2016
UK savers will be left in the dark over their retirement finances unless the government delivers the ‘pensions dashboard’ promised as part of its reforms, the former pensions minister Steve Webb has said.
Pensioners: Nearly 1m over-75s living in poverty, report says
Source: BBC - 16th May 2016
Nearly one million people aged over 75 live in poverty and need more help from the government, a report suggests.
Pensions regulation gaps could see workers lose savings, MPs warn
Source: The Guardian - 15th May 2016
Work and pensions select committee says it had concerns about lack of regulation around master trusts many employers use to invest employees’ cash
Retirement savings at risk: MPs warn on safety of big funds that supply British companies' pension schemes
Source: This Is Money - 15th May 2016
British workers face losing their retirement savings if poorly regulated pension funds go bust, MPs warned today.
Here’s Why a Record Number of Older Americans Aren’t Retiring
Source: Time - 15th May 2016
Here’s some good news about retirement: a record number of Americans age 65 and over remain in the workforce.
Black holes in pensions grow by 35% over the past three years: Latest figures from the regulator reveal worrying scale of the crisis
Source: Mail Online - 14th May 2016
Typical final salary pension schemes have seen the black holes in their liabilities increase by 35 per cent in the past three years.
Fears British Steel pension scheme may be folded into Pension Protection Fund
Source: The Guardian - 14th May 2016
Potential buyers of Tata Steel, thought to be keen to avoid the burden of the £15bn scheme, which has 130,000 members and a £485m deficit
Carry on working! Record NINE million Americans over the age of 65 are employed
Source: Mail Online - 14th May 2016
There are more people over the age of 65 working in the United States than ever before, according to the latest reports.
New alert on pension pots: Fears Chancellor's reforms could trigger a 'mass mis-selling' scandal
Source: Mail Online - 13th May 2016
The commons Public Accounts Committee warned there is a 'substantial' risk of another mis-selling scandal and accused the government of not doing enough to protect the public.
'Waspi' MPs issue stinging attack on pension minister
Source: Citywire - 13th May 2016
New all-party group of MPs backing Women Against State Pension Inequality warn Stephen Crabb they are not going away.
Defiant refusal to get 'rip off' financial advice leaves upholstery entrepreneur, 75, facing compulsory £60k annuity purchase in stand-off over £356k pension pot
Source: Mail Online - 12th May 2016
A 75-year-old businessman is being forced to buy a £60,000 Zurich annuity against his wishes because he refuses to pay for financial advice about his pension arrangements.
'Women should not expect government help over pension changes'
Source: The Guardian - 12th May 2016
Stephen Crabb says it is not possible to unwind changes to the state pension age that mean women stand to lose out
Third of savers would put spare cash in pensions
Source: Professional Pensions - 12th May 2016
Pensions are growing in popularity as an increasing number of people would choose them to save their spare income, according to research.
Panic over Aussie pension rule changes is premature
Source: FT Adviser - 12th May 2016
Fears that an overhaul of Australia’s superannuation system will harm wealthy British expats are overblown, as the rules will not become law before the July general election, an expert has told FTAdviser.
Scots facing £20,000 retirement shortfall as fewer than one in 10 save enough
Source: Herald Scotland - 11th May 2016
SCOTLAND is facing a more dramatic pensions crisis than anywhere else in the UK as it emerged that fewer than one in ten people is investing enough for their retirement
Drawdown downside
Source: FT Adviser - 11th May 2016
Just over two years ago, the pension world was rocked by the announcement that people would no longer need to buy an annuity.
Inflation is three times higher for under-30 Millennials than retirees thanks to the rising cost of rent, smartphones, meals out and uni
Source: This Is Money - 11th May 2016
Spending on rent, education costs, smartphones and meals out means inflation is running three times higher for under-30s compared to pensioners.
UK expats to lose £50k from state pension following Brexit
Source: International Adviser - 11th May 2016
UK expats living in Europe could see their state pension slashed by up to £50,000 ($72,125, €63,372) if Britain votes to leave the European Union next month.
UK government launches website to help track £400m lost pensions
Source: The Actuary - 11th May 2016
The department estimates there is currently £400m unclaimed by people who have previously saved from different workplaces.
Millions of women hit by state pension age hike won't be offered any concessions, admits minister
Source: Mail Online - 11th May 2016
Women who will be hit by a hike to the state pension age may not be offered any relief, the Work and Pensions Secretary suggested today.
Women lose fight against delay to state pension
Source: BBC - 11th May 2016
Hundreds of thousands of women who are fighting against delays to their state pension have had their hopes dashed.
Boom in dodgy do-it-yourself pension plans which promise big returns that often fail to materialise
Source: Mail Online - 11th May 2016
Complaints about popular do-it-yourself pensions are soaring as savers are duped into unsuitable investments.
Australia's change signals pension freedom danger
Source: Citywire - 11th May 2016
Australia has pioneered many retirement changes so its move to row back on 'pension freedom' sends a message about our own reforms.
Forget retiring by the seaside: Pensioners want cathedral cities and market towns
Source: Express - 11th May 2016
WEALTHIER pensioners are turning their back on a retirement by the sea in favour of upmarket cathedral cities or bustling market towns.
Britain staring into a £309bn pension black hole with eight in ten final salary schemes in in deficit
Source: This Is Money - 11th May 2016
Eight in ten final salary pension schemes in Britain are in deficit with a total shortfall of more than £300billion.
No more state pension age concessions for women
Source: Citywire - 10th May 2016
New work and pensions minister Stephen Crabb rules out further changes to help women hit by state pension age increases.
UK launches website to trace £400m in unclaimed pensions
Source: International Adviser - 10th May 2016
The UK’s Department for Work and Pensions (DWP) has launched a new pension tracing website to help savers track down lost or forgotten retirement pots.
Govt urged to include Pensions Bill in Queen’s speech
Source: Professional Pensions - 10th May 2016
There are growing calls for a Pensions Bill to be announced at the state opening of parliament next week amid concerns about the regulatory framework.
UK pensions 'creaking at the seams'
Source: Moneywise - 10th May 2016
A leading pensions expert has questioned how adequately occupational pension schemes are being managed after the Pensions Regulator and Pension Protection Fund gave evidence to the Department of Work and Pensions Committee in the wake of the BHS collapse.
Pension Savers Unrealistic About Retirement Needs
Source: iExpats - 10th May 2016
More savers are on track to enjoy a financially comfortable retirement, according to figures from a leading pension provider.
Whistleblowing reports to the Pensions Regulator rise 29% in a year
Source: Pensions World - 9th May 2016
The number of whistleblowing reports made to the Pensions Regulator has surged by almost a third (29%) in the past year, according to law firm Clyde & Co.
Minister knew BHS pension fund was in trouble in 2012 but watchdog delayed action
Source: Mirror - 9th May 2016
Sir Philip Green held a meeting over the protection levy with then Pensions Minister Steve Webb but the regulator let the tycoon drop a deal to fix the shortfall
Retirees snub the seaside for market towns: Growing numbers not ready to settle down as they live longer and more active lives
Source: Mail Onine - 9th May 2016
Many of us may dream of moving to a beautiful house by the sea when we retire.
But for wealthier pensioners resorts are falling out of favour as cathedral cities and market towns become more desirable, according to a report.
Call for time limit on pension fund rescue plans
Source: BBC - 9th May 2016
Rescue plans for troubled company pension schemes should have time limits, the head of the Pension Protection Fund (PPF) said.
Should we be worried about our pensions?
Source: BBC - 9th May 2016
The travails of BHS and its pension scheme have thrown a spotlight onto the health of final-salary pensions.
BHS pensioners are on the ropes, but Frank Field is in their corner
Source: The Guardian - 9th May 2016
Pensions protection bigwigs face a select committee grilling in the latest round of the Field and Philip match
UK’s ageing population experiencing an increasingly ‘ranging retirement’
Source: Experian - 9th May 2016
Gap is widening between rich and poor in retirement – North/South divide is evident. Better-off retirees heading for affluent suburbs, market and cathedral towns
BHS £300m pension deficit will be absorbed by Pension Protection Fund
Source: International Business Times - 7th May 2016
The Pension Protection Fund (PPF) will need to pay out £300m ($433m) to cover BHS's retirement schemes, one of the largest deficits in the organisation's history.
Existing laws 'putting people's pensions at risk'
Source: BBC - 7th May 2016
The chancellor has been warned that gaps in existing pension laws "could put the retirement savings of many thousands of people at risk".
HMRC in ‘nightmare’ pensions death tax blunder
Source: Money Marketing - 7th May 2016
HMRC has been forced to suspend death benefit reporting after grieving consumers were incorrectly sent notices demanding tax that was not due.
Altmann: on a collision course with Osborne
Source: FT Adviser - 7th May 2016
The pensions minister knows what needs to be done, unlike most in the out-of-touch Government.
More UK savers on track for retirement
Source: International Adviser - 7th May 2016
The UK appears to be taking their retirement a bit more seriously, with 12% of the population now on track for the retirement they aspire to have, up from 7% in April 2015, according to Aegon UK.
The chart that shows how big the pensions deficit at UK firms has grown
Source: Independent - 5th May 2016
According to data from Mercer the gap between FTSE 350 schemes' assets and future liabilities was £92bn at the end of last month
UK pension system is not stable warns ex-shadow minister
Source: Citywire - 5th May 2016
The UK pension system is ‘not stable going forward’, former Labour shadow pension minister Gregg McClymont has warned.
Savers outline fears over pension planning
Source: Yahoo Finance - 4th May 2016
Many pension savers fear being hit with a large tax bill on their retirement pot, making a mistake with their retirement planning, or running out of cash in older age, a survey has found.
WEALTH at work poll reveals lack of employee understanding around retirement income needs
Source: Money Marketing - 4th May 2016
According to a recent poll* by WEALTH at work, only 18 per cent of respondents believe their employees know how much they should be saving into their pension to get a good retirement income.
Young Scots expect to work past retirement age to pay off mortgage, finds study
Source: Scottish Housing News - 4th May 2016
Nearly a third of Scotland’s young people expect to work beyond retirement age to pay off their mortgage, according to a report.
Pensions industry wants UK to remain in EU
Source: Funds Europe - 4th May 2016
The June 23 referendum on the United Kingdom’s membership of the European Union has been described as a ‘huge deal’ for the UK by the pensions industry, with research suggesting 61% of solutions providers, trustees and consultants will vote for the UK to remain.
Pensions of 134,000 steel workers at risk in Tata rescue bids: Fears grow after two potential buyers fail to agree to take on scheme
Source: Mail Online - 4th May 2016
The retirement savings of 134,000 steel workers are at risk despite two rescue bids being made for Tata Steel's plants.
Retired and still in debt: Yorkshire’s ‘destitute’ older generation
Source: Yorkshire Post - 4th May 2016
OLDER People are struggling with “severe” debts in their 60s and into retirement in Yorkshire as a charity warned urgent action is needed to stop them being “destitute” in their later years.
'Jobs and growth' 2016 budget pitch costs wealthy retirees, smokers and multinationals
Source: The Guardian - 4th May 2016
Scott Morrison’s first budget offers company and personal tax cuts – for those earning more than $80,000 – but nothing for families on $37,000 to $80,000
Why Retirees with Low Savings Are Happy Anyway
Source: Time - 4th May 2016
Millions of retirees say they will never fully recover from financial losses during the Great Recession, new data show, yet the vast majority say they are happy.
Here's the secret life of the money in your pension pot - it will make you angry
Source: Independent - 2nd May 2016
Over the lifetime of a typical pension, hidden charges can eat up as much as 30 per cent of what it would otherwise have been worth
Extra 2 million savers on track to desired retirement income
Source: Professional Pensions - 30th April 2016
The number of savers on the right track to receive their desired pension income has increased to 12% from 7% a year ago according to research from Aegon.
Retirement Is Good, Not Great, for More Retirees: EBRI
Source: Think Advisor - 29th April 2016
Analysis shows retirees increasingly report moderate or negative satisfaction levels
Many first time buyers in UK expect to be paying for mortgage into retirement
Source: Property Wire - 29th April 2016
A third of young people in the UK expect to still be paying a mortgage beyond age 60 with over half worried that they would not be able to afford the payments when retired, new research shows.
Adviser under fire for annuity sale to terminally ill client
Source: FT Adviser - 29th April 2016
The Financial Ombudsman Service has ruled an adviser should have taken his client’s terminally declining health into consideration before recommending an annuity.
Retirement really COULD kill you: Researchers find those who work past 65 live longer
Source: Mail Online - 29th April 2016
Most people count down the days to retirement, but a recent study has found it could actually send you to an early grave.
Osborne's tax grab on savers who breach lifetime limit on pension pots surges by 153% in just five years
Source: Mail Online - 29th April 2016
Swingeing cuts to the amount savers can put into a pension tax-free over a lifetime has led to a 153 per cent rise in annual takings from those busting the limit.
Webb, Bee and McClymont reveal their pension policy priorities
Source: Citywire - 29th April 2016
We got together the former pensions minister Steve Webb, ex-shadow minister Gregg McClymont and pensions guru Steve Bee to analyse recent reforms and talk about what needs to happen next in pensions policy.
Working later into life could help us live longer, new study shows
Source: Express - 29th April 2016
CARRYING on working beyond retirement age could help us all to live longer, scientists have found.
Third of 20 to 45-year-olds expect to work beyond retirement age to pay mortgage
Source: Mail Online - 29th April 2016
One in three 20 to 45-year-olds expect to be working beyond their retirement age to pay off their mortgage, a report has found.
Pension Freedoms May Offer False Hope To Savers
Source: iExpats - 28th April 2016
Retirement saves who take money from their pensions to invest for better returns may be jumping from the frying pan into the fire.
Quarter of a million savers take advantage of pension freedom
Source: The Guardian - 27th April 2016
It is never easy to be a pioneer – to think outside the well-defined box and consider other possibilities rather than tread a familiar path.
Lifetime Isa penalty exposes flawed govt thinking: Webb
Source: FT Adviser - 27th April 2016
Former pensions minister Steve Webb has said “fat penalties” of 5 per cent on the Lifetime Isa compare uncomfortably to recent overhauls of exit charges on workplace pensions, branding it little more than a fine on savers.
More people on track for a comfortable retirement
Source: Moneyfacts - 27th April 2016
Running out of money in retirement is a growing concern for many, and the key to ensuring that the fear isn't realised is to save as much as possible during your working life.
Pension freedoms used by 230,000 in first year, says Treasury
Source: BBC - 27th April 2016
More than 230,000 people have taken money out of their pension pots since new rules were introduced just over a year ago, according to the Treasury.
Pension freedom jolts more savers into action - but one in seven retirees only has state pension to fall back on
Source: This Is Money - 27th April 2016
Pension freedom reforms are inspiring more people to check up on savings and top up retirement pots - but numbers of those still depending entirely on the state pension appear to be static, new research shows.
Pension sale hopes fade: Blow to savers hoping to cash in poor-value annuities as firms admit they are unlikely to join scheme
Source: Mail Online - 27th April 2016
Savers hoping to cash in poor-value annuities face disappointment, after major pension firms said they were unlikely to take part in the scheme.
Regulator says pension providers must be clear on charges
Source: Citywire - 27th April 2016
Financial Conduct Authority (FCA) director of policy David Geale has warned providers they must clearly tell clients how much they are being charged.
One in seven people retiring this year have no pension
Source: Mirror - 27th April 2016
14% of the 1,000 people intending to retire this year surveyed had made no pension provision other than the state pension
Why your neighbour might get £10,000 more state pension than you: Savers who retired before April 6 will see their payouts rise more slowly
Source: This Is Money - 27th April 2016
Money Mail today exposes a secret state pension divide that could cost millions of older savers up to £10,000 each in their retirement years.
This is how many people there are retiring this year who have no pension savings...
Source: City A.M. - 27th April 2016
One in seven people who are retiring this year will be doing so with an empty pension pot, research released today has found.
Ageing population presents problems for pensions
Source: FT Adviser - 26th April 2016
Regulatory body the Financial Conduct Authority has published a discussion paper on the ageing population and financial services, which is the precursor to the FCA publishing its strategy on the subject in the first quarter of 2017.
What is the Pension Protection Fund and will BHS sink it?
Source: The Guardian - 26th April 2016
The state-backed pensions safety net offers limited protection against inflation, and this will particularly affect BHS ‘lifers’
PENSIONS CRISIS: Market chaos could wipe out TEN YEARS of retirement income
Source: BBC - 25th April 2016
PENSIONERS who retired last year are at risk of losing a decade's worth of retirement income as a result of market chaos, experts have warned.
Pension scheme at heart of BHS woes
Source: BBC - 25th April 2016
Many analysts argue the writing has been on the wall for retailer BHS for some time - and much the same could be said for the pension scheme.
Horror jargon banished by pension industry: Gibberish like 'UFPLS' and 'benefit crystallisation event' to be binned forever
Source: Mail Online - 25th April 2016
Are you ready to draw your pension but mystified by the jargon involved? Just what on earth do 'UFPLS', 'decumulation', 'MPAA' or 'flexi-access drawdown' mean -...
Abandoned: Armed Forces veterans who lost their jobs following government cuts - and were then denied a pension
Source: Mail Online - 25th April 2016
When Martin Crimin received his commission from the Royal Air Force in 1999 he pledged to give 16 years – and possibly even his life – to Queen and country.
Pensions Minister 'hoping' to help 1950s-born women hit by retirement age hikes
Source: Mail Online - 25th April 2016
Help may be on the way for women who feel they have been cheated out of part of their pensions, a Government minister signalled.
German minister rejects raising retirement age to 70
Source: This Is Money - 23rd April 2016
Germany's labor minister is rejecting suggestions by conservatives, including the finance minister, that the retirement age should be raised to as late as 70.
Millions of self-employed are heading for old age poverty, warns former pensions minister
Source: This Is Money - 23rd April 2016
Britain's 'forgotten army' of self-employed workers are heading for old-age poverty in their droves, according to a report headed by pensions expert Steve Webb.
Millions of self-employed 'face poverty in old age'
Source: Belfast Telegraph - 23rd April 2016
Millions of self-employed people risk heading for old age poverty unless stronger action is taken to help Britain's "forgotten army" of workers, a report by former pensions minister Steve Webb warns.
Consumers flock to annuities over Brexit fears
Source: Professional Pensions - 21st April 2016
Market volatility and concerns about Britain leaving the European Union are pushing people back into annuities according to eValue.
Rules for selling second-hand pensions for cash revealed, but expert warns of rip-offs in 'firesale' of unpopular annuities
Source: Mail Online - 21st April 2016
The opportunity to escape unwanted or poor-value pensions has moved a step closer.
Watchdogs charged with overseeing the new second-hand market for annuities, which typically provide pensioners with an income for life,
Workplace Isa labelled ‘worst idea this year’
Source: FT Adviser - 21st April 2016
Members of the financial services industry have responded critically to proposed features of a ‘Workplace Isa’ unveiled by the Centre for Policy Studies today.
Annuities on the rise again
Source: FT Adviser - 21st April 2016
Annuities could soon overtake drawdown again as market volatility drives consumers to seek caution, according to new research be eValue.
Pensioners face risks selling annuities, says FCA
Source: BBC - 21st April 2016
Significant risks face those who decide to sell a retirement income - such as running out of money in old age, the City watchdog has said.
Altmann says leaving EU would jeopardise expat pensions
Source: Citywire - 21st April 2016
Pensions minister Ros Altmann has warned UK expatriates living in the EU may not keep their pension rights if the UK votes to leave the EU.
'Turning pensions into Isas would be a disaster' says minister Baroness Altmann - despite speculation Chancellor will dust off idea after EU vote
Source: Mail Online - 21st April 2016
Pensions Minister Baroness Altmann said 'turning pensions into Isas would be a disaster' at a meeting of industry insiders this week - potentially setting her at loggerheads with the Treasury should it revive the radical idea in future.
MPs warned on rising retirement inequality
Source: Citywire - 21st April 2016
Independent pensions commentator Alan Higham has told MPs they need to consider means tested benefits to solve a growing problem with inequality in retirement.
MPs to form parliamentary group for women's state pension campaign
Source: Citywire - 21st April 2016
MPs are going to form an all-party parliamentary group (APPG) in support of women hit by rises to the state pension age (SPA).
What do the retired wish they'd known in hindsight? The lessons from the future for today's generation of savers
Source: Mail Online - 21st April 2016
What financial pitfalls do retirees wish they had avoided in hindsight? People still planning retirement are being offered lessons from the future from those with the benefit of experience.
Older homeowners unlocked £393m from properties in early 2016
Source: The Guardian - 21st April 2016
Equity Release Council reports biggest quarter for lending in its 25-year history on the back of drawdown mortgages
300,000 people expected to sell their annuities
Source: Pensions World - 21st April 2016
HMRC has today published a tax consultation on the secondary annuity market.
'Millions lost' in dormant accounts, no-claim prizes and unclaimed savings
Source: Yahoo Finance - 21st April 2016
Britons have lost millions of pounds collectively "down the back of the nation's sofa" through dormant bank accounts and unclaimed pension savings and Premium Bond prizes, research from Which? has found.
Young women risk pension poverty, says Fawcett Society
Source: BBC - 20th April 2016
Women aged in their 20s and 30s are risking poverty in retirement by cutting contributions as they pay for childcare, a think tank says
300,000 people expected to sell retirement annuity once changes come into force
Source: Belfast Telegraph - 20th April 2016
Around 300,000 people are expected to sell their retirement annuity after a further pensions shake-up comes into force next year, HM Revenue and Customs (HMRC) documents show.
Military wives who accompany husbands overseas thrown lifeline to allow them to build up state pensions for the first time
Source: Mail Online - 20th April 2016
Thousands of military wives have been thrown a lifeline that will allow them to build up state pensions for the first time.
Ageing population presents problems for pensions
Source: FT Adviser - 20th April 2016
Regulatory body the Financial Conduct Authority has published a discussion paper on the ageing population and financial services, which is the precursor to the FCA publishing its strategy on the subject in the first quarter of 2017.
Millennials to embrace annuities as older people ditch them
Source: Professional Pensions - 20th April 2016
An overwhelming majority of millennials are considering including annuities in their retirement strategies according to research.
UK's pensioner debt crisis becoming a real blight on retirement as average OAP owes £34,000
Source: Mirror - 20th April 2016
Research has revealed that the average pensioner in Britain retires owing thousands on credit cards, mortgages, loans and overdrafts
Pension black hole is ‘crippling UK’ and will bankrupt future generations
Source: Express - 18th April 2016
EVERY taxpayer in Britain is facing a £54,000 liability to cover a public-sector pensions black hole which will “bankrupt” future generations, a leading economics think-tank has warned.
Nearly three in four think the state pension is enough to live on
Source: Moneywise - 18th April 2016
Nearly three in four (73%) people think the state pension alone would enable them to live comfortably in retirement, according to The Pensions Advisory Service (TPAS) latest ‘Women and Pensions’ survey.
Ageing population presents problems for pensions
Source: FT Adviser - 18th April 2016
Regulatory body the Financial Conduct Authority has published a discussion paper on the ageing population and financial services, which is the precursor to the FCA publishing its strategy on the subject in the first quarter of 2017.
Retirees shun bargain state pension top-ups
Source: Citywire - 15th April 2016
Topping up your state pension costs much less than boosting annuity income, but few retirees have taken advantage.
The No. 1 thing that most surprises retirees about retirement
Source: Market Watch - 15th April 2016
What retirement is really like may surprise you — and not always in a good way.
Ask retirees what they’ve done in retirement that they didn’t expect to, and one answer stands out: they spent more money than they thought they would.
Planning mistakes leave UK retirees struggling financially
Source: International Adviser - 15th April 2016
More than two-in-five (41%) pensioners regret some of the decisions they made before and after their retirement, which have left them struggling financially, according to Prudential.
Wealthy professionals choose risk over retirement
Source: Professional Funds Online - 15th April 2016
Wealthy professionals are rejecting retiring at 65 in favour of starting a business, pursuing an alternative career or doing good, according to a new report by UBS Wealth Management.
Tpas sees 71% increase in people seeking guidance
Source: FT Adviser - 14th April 2016
The Pensions Advisory Service has found most people who contact them are clueless about how their retirement income will be provided.
Retirement incomes fall 10% in just one year
Source: Moneyfacts - 14th April 2016
The recent reports of the rising popularity of annuities will no doubt come as welcome news, as it means that retirees are realising the importance of securing a guaranteed income.
Savers are retiring on 10% less than a year ago: Double blow from poor investment returns and dreadful annuity rates
Source: Mail Online - 14th April 2016
Smaller pension pots and falling annuity rates mean people are now retiring on nearly 10 per cent less income than a year ago, a new study reveals.
Retiring at 65 out of reach for two thirds of workers
Source: Professional Pensions - 14th April 2016
Almost one in four workers expect to work past the age of 65 because of seven years of low interest rates according to Canada Life research.
Seven years of rock bottom interest rates push 7 million more UK employees to work past 65
Source: Pensions World - 14th April 2016
Almost one in four UK workers say they expect to work past the age of 65 as a result of low interest rates, according to research by Canada Life Group Insurance.
Savers are retiring on 10% less than a year ago: Double blow from poor investment returns and dreadful annuity rates
Source: Mail Online - 14th April 2016
Smaller pension pots and falling annuity rates mean people are now retiring on nearly 10 per cent less income than a year ago, a new study reveals.
Pensions Ombudsman launches practical advice videos
Source: Professional Pensions - 13th April 2016
The Pensions Ombudsman Service has launched two videos setting set out practical advice and whatsetting out practical advice choices are available to pensioners and trusteesfor members when on how to making a e formal a complaint about their scheme.
Housewives cheated out pensions by the state: Women were told they'd win in the shake-up but thousands who gave up careers will get almost nothing
Source: Mail Online - 13th April 2016
Like millions of women who are coming up to retirement age, Celia Burnett was looking forward to getting a boost from the new £155 a week state pension, which was launched last week.
UK pensions crisis: Low interest rates are forcing people to head back to the drawing board on their retirement plans
Source: City A.M. - 13th April 2016
Low interest rates have not only taken their toll on general savings, they have also hampered many people's retirement plans, research out today has found.
Pensions crisis: Millions blame record low interest rates for wrecking retirement
Source: Express - 13th April 2016
MILLIONS of employees are now resigned to working into old age as years of record-low interest rates take their toll on pensioner savings.
Retirees with inadequate incomes to reach 15m by 2060
Source: Professional Pensions - 12th April 2016
Policy changes will result in an extra three million retirees on inadequate incomes by 2060 on top of the 12.2 million already forecast, according to research.
Over half of people don't understand the new state pension
Source: Moneywise - 12th April 2016
A massive 55% of people who voted in our latest poll, which received 969 votes, said they don’t understand how the new state pension works.
State pension gives freelancers £40 extra a week
Source: Freelance UK - 12th April 2016
Self-employed freelancers are in line for almost £40 extra each week, thanks to an overhaul of the state pension system which took effect on Wednesday April 6th 2016.
Housewives and widows hit by hidden pension cuts: Thousands lose up to £6,000 in national insurance small print
Source: Mail Online - 11th April 2016
Tens of thousands of women in their 50s and 60s will be worse off under the new state pension because of changes buried in the small print.
Expats Miss Out On New State Pension Changes
Source: iExpats - 11th April 2016
Two out of three people approaching state pension age are confused by the latest changes to the UK state pension, according to research by consumer watchdogs.
New pension leaves us all in a state of confusion
Source: Express - 10th April 2016
WHEN Government ministers announced the new State pension they claimed it would be simpler and fairer for all, but it does not look that way today.
Retirees make wrong choice for a secure income
Source: Independent Online - 10th April 2016
A large majority of South Africans are buying high-risk pensions that may not be sustainable for life instead of what they actually seek and need: a pension that is guaranteed for life.
State pension overhaul creates winners and losers
Source: Herald Scotland - 9th April 2016
Another week, another upheaval in pensions, only this time it’s the state pension intended to be the bedrock of everyone’s retirement.
'Over 50s have HAD ENOUGH' Britain's older generation will vote LEAVE in EU referendum
Source: Express - 7th April 2016
MORE than half of voters over 50 will vote to LEAVE the European Union in this summer's referendum, a poll has revealed.
Webb: early state pension access for women will not solve the problem
Source: Professional Pensions - 7th April 2016
Allowing certain women to access their state pension early would have little or no benefit or those affected by the rise in age, according to Royal London's Steve Webb.
Self employed workers are big winners from new state pension rules
Source: Business Matters - 7th April 2016
The self-employed are now entitled to up to £155.65 a week compared to a previous maximum entitlement of £119.30 under the previous basic state pension however seven in ten self-employed people are not aware of the new level.
Government urged to introduce compulsion in pensions
Source: Professional Pensions - 7th April 2016
People will not save enough unless government forces them to according to PP research.
Govt to cut one-in-three Pension Wise guiders
Source: Money Marketing - 7th April 2016
The Department for Work and Pensions is to cut just over a third of the total number of guiders working on the Government’s Pension Wise service.
New issue of How to Retire in Style hits the newsstands
Source: Moneywise - 7th April 2016
From the team that brings you Moneywise each month, How to Retire in Style will help you get the retirement you want – whether you are ready to retire and working out how you will turn your pension into an income, or younger and looking for ways to boost your savings.
How state pension is worth a quarter of a million pounds: Retirees would need to fork out huge sums to buy equivalent on market
Source: Mail Online - 7th April 2016
The new state pension would cost retirees around half a million pounds if bought on the open market, a new study suggests.
Freedom failure: Has Osborne’s pension revolution lost its way?
Source: Money Marketing - 7th April 2016
The unresolved issue of insistent clients, providers frustrated by technical problems and a lack of customer data means the Government’s pension revolution has not been covered in glory.
Why you should care about the government's pension changes if you're under 30
Source: BBC - 7th April 2016
Let's face it, talking about pensions is pretty boring.
But you might want to read on, because changes which have come into effect in the UK mean you could end up around £19,000 worse off.
The New State Pension: Winners and Losers revealed
Source: Express - 7th April 2016
RETIREMENT benefits are to be completely overhauled from April 6 in a move that will benefit millions, but also leave plenty of savers paying the price.
Shake-up in state pension will give elderly "dignity in retirement," insists Chancellor
Source: Herald Scotland - 6th April 2016
THE BIGGEST reform of the state pension since it was created more than a century ago will deliver “dignity in retirement,” Chancellor George Osborne has said today.
Beware the state pension lottery... it could take some time before the real winners and losers emerge
Source: Mail Online - 6th April 2016
It's been five years in the making, but today the wait is over: Britain has a new state pension. It marks the biggest change in a generation to the way this country looks after older people.
Self-employed 'big winners' from new state pension
Source: Professional Adviser - 6th April 2016
The self-employed will be the 'big winners' from the government's new flat rate state pension, as others are set to lose out, provider Aegon has said.
Will you be a winner in the state pension revolution? It's the biggest shake-up in our pension system in a generation. But not everyone is going to be better off
Source: This Is Money - 6th April 2016
The new state pension launches today, heralding a revolution in our basic retirement saving.
Altmann admits savers ‘bewildered’ by pension changes
Source: FT Adviser - 6th April 2016
Pensions minister Baroness Ros Altmann has admitted constant changes to the UK pension regime have led to widespread financial confusion, amid criticism recent reforms are more to do with politics and HM Treasury’s coffers than savers.
6.2m save more into pensions: 1 Yr on from pension freedoms
Source: Actuarial Post - 6th April 2016
6 April marks one year since the introduction of radical reforms to UK pensions. New research from Aegon UK has found that 15% of the working population are saving more into their pension as a direct result of pension freedoms,...
Osborne Says U.K. Pension Reform to Benefit Women, Self-Employed
Source: Bloomberg - 6th April 2016
U.K. Chancellor of the Exchequer George Osborne said the government’s move to simplify state pensions will benefit women and the self-employed especially by giving them greater security to plan their retirements, though some analysts said it will be less generous to retirees in the longer term.
Pensions: FCA says rush to cash in pots of savings is fading
Source: BBC - 6th April 2016
The rush to cash in pension savings - a year on from the introduction of revolutionary rules - has been fading, the regulator says.
People facing retirement 'more confident' thanks to pension freedoms
Source: Belfast Telegraph - 6th April 2016
More than a third of people retiring this year say the new pension freedoms have boosted their confidence, according to research.
Pension freedoms boost savings rate as millions of workers prepare for retirement
Source: Express - 6th April 2016
MILLIONS of workers are saving more for their old age in the wake of new pension freedoms which gave them more control over their money.
Millions to miss out on the new £155 pension: Workers warned they face 'nasty surprise' when they retire as they will not qualify for the full rate
Source: Mail Online - 6th April 2016
Millions of workers are in for a ‘nasty surprise’ when they retire as they qualify for the full flat rate pension, a leading thinktank warned yesterday.
Pensions D-Day and how to make sure you hang on to more of your nest egg
Source: Mirror - 5th April 2016
Wednesday marks a year since the new pension freedoms came into force and also marks the start of a new state pension system
Retirees heading abroad are still choosing the continent to spend their pension pot in - but will Brexit change their destination?
Source: This Is Money - 5th April 2016
Retirees have set their sights on continental Europe as an ideal location to settle in their golden years despite Brexit fears, according to TransferWise.
Third of over-60s clueless about pension freedoms
Source: FT Adviser - 5th April 2016
Almost one in three working over 60-year-olds are oblivious to historic reforms enacted a year ago, giving them total freedom with their pension pots, according to research.
Millions of younger workers to be 'worse off' under new state pension
Source: BBC - 4th April 2016
More than 11 million workers now in their 20s and 30s will end up worse off as a result of reforms to the state pension, a think tank has said.
Winners and losers under the new state pension
Source: BBC - 4th April 2016
The new flat-rate, or single-tier, state pension is coming into effect for everyone who retires after 6 April, 2016.
Pension freedoms cash withdrawals plummet
Source: Money Marketing - 4th April 2016
The rate at which savers are raiding their pension pots has plummeted since the freedoms were launched in April last year.
Cost of public service pensions to rise annually by £3bn
Source: Professional Pensions - 4th April 2016
Maintaining public sector pensions will cost £3bn more each year with employer contributions expected to rise according to KPMG.
UK steelworkers' pensions could be slashed under Tata plan
Source: Times of India - 4th April 2016
Tens of thousands of steelworkers in the UK could have their pensions slashed by up to 20 per cent under plans by Tata to wash its hands of the 15 billion pounds British Steel retirement scheme, media reported on Sunday.
New state pension aims to clear up how much we will be paid in old age
Source: Independent - 4th April 2016
The new state pension launches this week in the hope that it will give savers a more solid base for their retirement planning.
Over-50s risk pension scams as they shun expert advice
Source: The Guardian - 3rd April 2016
Survey points to threat of fraud as those near retirement refuse to seek expert guidance, revealing that almost nine in 10 people miss common warning signs of a pensions scam
Tata in talks to dump £15bn steel pensions
Source: Sunday Times - 3rd April 2016
Ten of thousands of steelworkers could have their pensions slashed under plans by Tata to wash its hands of the £15bn British Steel retirement scheme.
Soon-to-be retirees in the dark over new state pension
Source: Scotsman - 3rd April 2016
Many people approaching retirement are still in the dark about aspects of the new state pension, according to research from Which
State pension reforms: ?Millions stillclueless about entitlements
Source: Independent - 2nd April 2016
The pace of pension change has been so quick that it’s understandable that many people have little idea how much they may have to live on when they retire, says Simon Read?
African and Caribbean pensioners hope for fair pensions deal
Source: The Voice Online - 2nd April 2016
Britons living in countries such as Nigeria, Ghana and St Lucia who are denied increases to their state pensions have been given fresh hope of a fairer deal as the government signals it may be open to changing the rules.
Public 'confused' over state pension changes
Source: BBC - 2nd April 2016
Many people are still confused about changes to the state pension, which come into force next week, the consumer group Which? has warned.
Get your state pension forecast now! Government tests new online prediction tool for workers of all ages as overhaul looms
Source: Mail Online - 2nd April 2016
State pension forecasts are now available online via a tool being publicly tested ahead of major reforms next week.
Annuity rates slashed by 17% in a year: Thousands of savers endure savage cuts to their retirement incomes
Source: Mail Online - 2nd April 2016
Tens of thousands of savers have endured savage cuts to their retirement incomes as the Chancellor’s pension reforms have backfired.
85,000 former British Steel workers face cuts to their pensions
Source: The Sun - 2nd April 2016
THE PENSIONS of more than 85,000 former British Steel workers could be under threat as Tata’s UK business teeters on the brink.
Soon-to-be retirees in the dark over new state pension
Source: Scotsman - 2nd April 2016
Many people approaching retirement are still in the dark about aspects of the new state pension, according to research from Which?
80% of over 50s are baffled by the new state pension plan while nearly half don't know how much money they are entitled to
Source: Mail Online - 2nd April 2016
The majority of those approaching retirement are ignorant of vital details of the new state pension, a survey revealed yesterday.
Hundreds of thousands of steel workers are warned their pensions are at risk... with UK taxpayers set to foot the bill for any shortfall
Source: Mail Online - 1st April 2016
The pensions of hundreds of thousands of steel workers were hanging in the balance last night – with British taxpayers facing the prospect of picking up the bill for any shortfall.