Retirement and Pensions News Headlines

Savers more worried about looks than pension
Source: Moneyfacts - 27th October 2016
When you think of getting older, what's the first thing that comes to mind? For many, it'll be fears about their looks – but they should really be concerned about their financial situation.
The UK is sleepwalking towards a pension crisis
Source: Professional Adviser - 27th October 2016
Every year the Drewberry Wealth and Protection Survey of 2,000 British workers reveals something new about the financial provision of the average Briton, their preferences and, very often, the illusions under which many still labour.
Pension tax relief will not woo the young
Source: FT Adviser - 27th October 2016
So another plan to alter pension tax relief is being hatched. I am sure those behind it think it is a jolly good one
Pensions Regulator's powers might be expanded after BHS scandal
Source: The Guardian - 27th October 2016
Ability to ‘tackle misbehaviour’ to be assessed in light of collapsed retailer’s £570m pension deficit, says minister
Government determined to tackle pensions 'misbehaviour'
Source: FT Adviser - 27th October 2016
The government is "determined" to "deter and tackle misbehaviour" among businesses in respect of their corporate pension schemes, a minister has said.
Pensions fear as savers take £7.6bn out of their retirement pots
Source: Express - 27th October 2016
PENSION savers have taken more than £7.6billion out of their retirement pots since rules were relaxed last year – fuelling fears that many will run out of cash later.
Secret law that says you CAN cash in your annuity, but (surprise, surprise) insurers are refusing to pay up
Source: Mail Online - 26th October 2016
Hundreds of thousands of pensioners could use a little-known law to cash in rip-off annuities — but insurers are standing in the way.
Retirees draw down £10k a quarter post-pension freedoms
Source: FT Adviser - 26th October 2016
The average amount withdrawn from a private pension in the third quarter of 2016 was £9,700, figures released today (26 October) by HM Revenue & Customs reveal.
Pension freedom withdrawals continue slowdown
Source: Money Marketing - 26th October 2016
The value of pension freedom withdrawals is slowing down, according to the latest data from HM Revenue and Customs.
Police inspector accused of assault stopped from retiring pending a legal challenge
Source: Express - 26th October 2016
A FOOTBALL fan who alleges that he was the victim of a serious assault by police has succeeded in blocking the retirement of one of the accused officers pending a legal challenge.
30 million adults fear their money won't last in retirement - Yet one in four worry more about their looks than their pension
Source: Aviva - 26th October 2016
Almost three in five (59%) UK adults are worried about having enough money to last them in retirement, according to new research from Aviva, with only 13% saying they have no worries that their savings will last.
Pension fraud could be 25% higher than first thought
Source: Money Marketing - 26th October 2016
The amount of pension fraud since the freedoms were introduced could be 25 per cent higher than first thought, analysis of City of London Police statistics suggests.
For some low-income workers, retirement is only a dream
Source: Mail Online - 24th October 2016
It was a striking image. A photo of an 89-year-old man hunched over, struggling to push his cart with frozen treats.
Should final salary pensions be cut to help employers? Or retirees offered chance to transfer out? Radical ideas to tackle deficits floated
Source: Mail Online - 24th October 2016
Scaling back final salary pension payouts to savers could be an option to help firms at risk of going bust, an influential industry body has suggested.
Hidden costs and charges could SLASH your pension pot by a THIRD
Source: Express - 24th October 2016
WORKERS’ pension pots are being slashed by up to a third due to hidden costs and high charges, watchdogs warned yesterday.
UK slips down global pensions rankings
Source: Financial Times - 24th October 2016
Britain slips two places to 11 as its system now contains ‘major risks and shortcomings
Plymouth's over 50s are having more fun - and sex - than ever
Source: The Herald - 24th October 2016
Plymouth's over 50s are living life to the full - with one in eight having more sex now than they did in their twenties and more than one in ten stripping off for a bit of skinny dipping...
‘Pensions can’t simply pray for interest rates to go up’
Source: Financial Times - 23rd October 2016
The problems facing the global pension industry are a concern for governments around the world.
Don't sweat the small stuff and enjoy the early bird special: Why 53 is the age when we find true happiness
Source: Mail Online - 23rd October 2016
Forget about the halcyon days of youth - the age we reach peak happiness is 53, a new study has found.
40 greatest things about getting older as survey reveals happiness begins at 50
Source: Mirror - 23rd October 2016
A study of Brits aged between 50 and 70 has found 72% are happier with their lives in the middle years of life than they were before
Annuity rates bounce back
Source: Moneywise - 22nd October 2016
There’s finally some good news for retirees looking to use some, or all, of their pension to buy a guaranteed income.
Philip Green accuses work and pensions committee chair of making false claims
Source: The Guardian - 21st October 2016
Retailer says Frank Field made defamatory statements about his Arcadia group, which caused distress to its 22,000 employees
How pensioners are spending their cash
Source: AoL - 21st October 2016
Pensioners are richer than the working population - so how are they spending it?
Hundreds of thousands use pension freedoms without advice
Source: FT Adviser - 20th October 2016
More than a quarter of a million pension savers are being left to fend for themselves when it comes to retirement decisions, the Trade Union Congress has warned.
As millions of pensioners are told they can't cash in annuities, the man responsible appeals for sympathy: It's really difficult being a minister!
Source: Mail Online - 20th October 2016
A Minister responsible for the U-turn that has left millions of pensioners unable to cash in their annuities appealed for sympathy last night by claiming it is ‘difficult’ being a top politician.
Green 'moves towards BHS pension deal' ahead of knighthood debate
Source: BBC - 20th October 2016
Former BHS owner Sir Philip Green will meet the pensions regulator by the end of the week to try to secure a deal over the collapsed retailer's pension fund, the BBC has learned.
How to get the best out of your state pension - and your rights to "topping it up" explained
Source: Mirror - 20th October 2016
Six months on from the biggest shake-up to the state pension system and chaos reigns.
Govt warned against early access on state pension
Source: Money Marketing - 19th October 2016
Allowing early access to the state pension may not benefit those who need it most, experts have warned.
Double blow for savers hit by pension reforms as Treasury U-turns on annuity promise and Hammond may axe tax breaks
Source: This Is Money - 19th October 2016
Savers have been hit by a double blow to their pensions from meddling politicians.
Last night the Treasury U-turned on a promise to allow retired savers to cash in their annuities.
Lisa: the word on everyone's lips
Source: FT Adviser - 19th October 2016
Scores of industry delegates flocked to London on a cool September’s day for the latest instalment of FTAdviser’s Retirement Freedoms Forum to broaden their knowledge of the ever-evolving pensions landscape
Many unaware of rise in minimum pension contributions
Source: Belfast Telegraph - 19th October 2016
More than two-thirds of employees do not realise that the minimum amounts they need to save into their workplace pension are set to increase, a survey has found.
Government right to shelve annuity sales, says industry
Source: BBC - 19th October 2016
The Treasury's decision to abandon plans to let pensioners raise money by selling their annuities has been welcomed by the pensions industry.
Treasury carries out major U-turn on pension annuities
Source: The Guardian - 19th October 2016
Former chancellor George Osborne’s plan to allow pensioners to sell existing annuities too risky, suggests minister
Savers stuck with poor pension incomes after government scraps plan to let retirees sell annuities
Source: This Is Money - 19th October 2016
Plans to let retirees sell their pension incomes in return for cash have been scrapped, the government has announced.
I'd have resigned if pensions were turned into Isas, says ex-Pensions Minister Ros Altmann - who warns this 'red line' danger is still lurking
Source: Mail Online - 18th October 2016
Former Pensions Minister Ros Altmann says she would have resigned if the Government had turned pensions into Isas in the last Budget - and warns there is still a danger it will revive the controversial idea.
Rising inflation one of the major risks to retirement income
Source: Actuarial Post - 18th October 2016
Changes to the state pension, rising inflation and concerns about meeting care costs top the list of income worries for people in the UK approaching and in retirement.
Half of Pension Wise customers want ‘specific recommendation’ from service
Source: Money Marketing - 18th October 2016
Half of all customers making an appointment with Pension Wise do so to get a specific recommendation on what to do with their pension pot despite this being outside the organisation’s remit, according to a Government survey.
Our pensions don't need any more tinkering
Source: Mail Online - 18th October 2016
Twice a year, every year, you can guarantee that pensions – our pensions – suddenly become a political hot potato. First in the run-up to the Chancellor’s Budget in March and then in the weeks leading up to the Autumn Statement.
Standard Life ordered to carry out probe into selling of retirement income policies
Source: Herald Scotland - 18th October 2016
FINANCIAL services giant Standard Life has been ordered to carry out an internal investigation into how it has historically handled retiring customers to identify whether it mis-sold annuities.
Time to fix holes in pension freedoms
Source: Money Marketing - 17th October 2016
This autumn, for the first time in over six years, we look forward to dissecting the fresh ideas of a new Chancellor.
Wealth Beats Health In Retirement For The Over 50s
Source: Money International - 17th October 2016
The over 50s are keener to put wealth before health in retirement, according to a new lifestyle survey.
Millennials need to save 18% into a pension to maintain standard of living
Source: Moneywise - 17th October 2016
Only 16% of people contributing into a defined contribution (DC) pension scheme save enough to maintain their standard of living in retirement, according to Aon's DC Member Survey 2016.
Is the Bank of England to blame for shrinking your pension pot?
Source: The Guardian - 17th October 2016
In the 2007 financial crisis, central banks slashed interest rates and poured money into economies. But the result has been dismal investment returns – and now many fear wider social consequences
Retired people struggling to downsize
Source: AoL - 17th October 2016
Retired people in the UK own property worth £1.34 trillion - more than the gross domestic product of Czech Republic, Greece, Portugal, Ireland, Finland and Denmark combined.
Is the Bank of England to blame for shrinking your pension pot?
Source: The Guardian - 16th October 2016
In the 2007 financial crisis, central banks slashed interest rates and poured money into economies. But the result has been dismal investment returns – and now many fear wider social consequences
Almost a third of over 60s still in work - and 40% of those are working full-time
Source: Mail Online - 15th October 2016
Retirement is not a real prospect for a good proportion of over-60s as three in ten are still working and many are struggling to make ends meet, a new survey suggests.
Labour names Alex Cunningham as shadow pensions minister
Source: Professional Pension - 15th October 2016
The MP for Stockton North, Alex Cunningham, has been appointed as shadow pensions minister. Altmann
One in three annuity companies guilty of serious failings
Source: Pensions World - 15th October 2016
FCA finds clear evidence of annuity mis-selling to customers in poor health but process of investigation and redress is painfully slow writes Ros Altmann
Will women, ethnic minorities and the self-employed get help to cope with a higher state pension age? Official report suggests some groups could get extra support
Source: Mail Online - 15th October 2016
Groups most vulnerable to future state pension age rises - women, ethnic minorities, the self-employed, disabled people and carers -...
Govt eyes pension tax relief reform to boost younger savers
Source: Money Marketing - 15th October 2016
The Government is considering reform to pension tax relief which would provide bigger incentives to save for younger workers rather than older savers.
Thousands of pensioners set for compensation over mis-sold retirement annuity
Source: Express - 15th October 2016
THOUSANDS of retirement annuity holders are set for a compensation payout following failures in the way deals were sold.
Some 90,000 savers are losing pension income due to 'poor behaviour' of annuity firms and may be owed compensation, watchdog warns
Source: This Is Money - 15th October 2016
Upwards of 90,000 people could be line for compensation after watchdogs uncovered fresh and damning evidence of ill people being missold annuities.
Nearly HALF of young Americans have zero in retirement savings and no access to a traditional pension
Source: Mail Online - 14th October 2016
Young Americans with just $1 saved for retirement are ahead of the pack.
Forty-eight per cent of all Americans aged 18 to 30 have zero in retirement savings and no access to a traditional pension,...
'Universal' state pension age could be scrapped
Source: The Week - 14th October 2016
Official report asks public's opinion on a range of options for provision for their old age
Expert urges pension rethink as UK sales slide
Source: International Adviser - 14th October 2016
Sales of personal pensions fell by 6.8% in the second quarter of this year as a leading tax expert urges the UK government to do more to get the country’s retirement savings "back on track".
Pensions: Compensation for those mis-sold annuities
Source: BBC - 14th October 2016
Thousands of people in ill-health have been mis-sold pension annuities - an annual retirement income - and will be compensated, a regulator says.
Labour MP claims Nest could avert 'pension scandal'
Source: FT Adviser - 14th October 2016
A pension scandal could be averted by a government proposal to provide low-income retirees with retirement income products, a member of the Work and Pensions select committee has said.
Universal state pension age review raises flexibility options
Source: AoL - 14th October 2016
The possibility of replacing the universal state pension age with something more tailored to people's individual needs has been raised in a Government-commissioned review.
Millions face pension misery: Workers will have to wait even LONGER to get State cash
Source: Express - 14th October 2016
BRITAIN is facing “a retirement time bomb” as State pension costs soar, say experts.
Retire at 60... if you take cut in state pension: Review could allow some to take money early if they sacrifice £35 a week
Source: Mail Online - 14th October 2016
Workers could be allowed to retire at 60 if they accept a smaller state pension in retirement.
State pension age review: interim report published
Source: Moneywise - 14th October 2016
An interim report presenting the progress of the government’s independent review of the state pension age has today been published.
The state pension is under threat and we don't know how to save it
Source: Mirror - 13th October 2016
Every year more money is paid to pensioners and there's less for everyone else -and if things don't change the country could be bankrupt.
Will women, ethnic minorities and the self-employed get help to cope with a higher state pension age? Official report suggests some groups could get extra support
Source: Mail Online - 13th October 2016
Groups most vulnerable to future state pension age rises - women, ethnic minorities, the self-employed, disabled people and carers - should get extra help to cope with the longer wait, suggests a new Government-backed report.
Osborne's pension and savings revolution will boost Treasury coffers until 2022 - but then costs will start to sting
Source: Mail Online - 13th October 2016
The Government's pension and savings reforms over the past six years will boost Treasury coffers between now and 2021-22, but end up costing taxpayers an extra £5billion a year
State pension: people who start working at 16 could get early access
Source: The Guardian - 13th October 2016
Official report into future of state pension raises myriad options ahead of final recommendations amid improvements in longevity
Don’t let people use pensions to buy homes, says industry
Source: Professional Pensions - 13th October 2016
Six out of ten respondents said people should not be able buy homes with their life savings, disagreeing with comments made by pensions minister Richard Harrington.
Young could get early access to state pension
Source: BBC - 13th October 2016
Early access to a state pension for those who start work at 16 or who work in manual jobs is among suggestions made to an official review.
John Cridland CBE launches consultation on the State Pension age
Source: GOV.UK - 13th October 2016
A consultation has been launched today seeking the public and representative bodies’ views on the State Pension system of the future.
Why it pays to be in poor health in retirement
Source: Spectator - 13th October 2016
Annuity rates are in free fall, which is bad news for anyone who wants to buy a guaranteed income at retirement.
Pensions minister says UK needs simple saving strategy
Source: Citywire - 12th October 2016
Richard Harrington signed up to the Conservative Party at Oxford University  40 years ago last week.
Since then he has enjoyed a colourful career in business, starting out at the John Lewis Partnership,...
Aviva comments on State pension age review
Source: Aviva - 12th October 2016
Tomorrow, Thursday 13th October, John Cridland CBE will deliver his opening report into his review of the state pension age. Figures released today by the Office for National Statistics[1] give insight into the issues he must grapple with.
Why banning cold calling can stop the pension scammers
Source: Citywire - 12th October 2016
In July the BBC’s Panorama programme ran a feature on 'pension rip-offs'. It focused on one particular operation based in Derby,...
Pensions tax relief 'slashed by two thirds' in a decade
Source: Pensions World - 12th October 2016
The maximum pension which can be purchased while staying within HMRC tax relief limits has been slashed by two thirds in the last decade, according to a new Policy Paper by Royal London.
Firms that try to wriggle out of pension promises to workers should be slapped with fines, MPs told amid fallout from BHS scandal
Source: Mail Online - 12th October 2016
Firms should face fines for trying to duck responsibilities to pension savers in a crackdown following the BHS scandal, MPs have been told by the industry lifeboat scheme.
Pension tax changes 'may cost UK £5bn annually by 2035'
Source: MSN - 12th October 2016
Changes to pensions brought in since 2010 could cost the public purse about £5bn annually by 2034-35 despite providing a small benefit in the medium term, the government’s spending watchdog has found.
How £1m pension pot may pay just £21,000 annually: Study lays bare how tax raids and rock bottom payouts have hit workers
Source: Mail Online - 12th October 2016
Millions of workers can now only retire on an annual pension of at most £21,000 even if they squirrel away the maximum allowed over a lifetime, a study has found.
Workplace pension ‘safe’ but property more profitable, ONS data
Source: Professional Adviser - 12th October 2016
Saving into an employer pension scheme is considered the safest way to save for retirement by consumers but many believe they can make more money from buying property, research from the Office for National Statistics (ONS) has shown.
'Regret' over women's pension changes
Source: BBC - 12th October 2016
Thousands of women should have been given better notice that they must wait longer for their state pension, say two former pensions ministers.
Perthshire’s baby boomers facing healthiest retirement in the UK
Source: The Courier - 12th October 2016
Retired folk in Perth and Kinross can expect to enjoy the healthiest retirement in the UK, according to official figures.
Pensions product sales hit new record high
Source: Director - 12th October 2016
A healthy growth in pensions product sales for the second quarter of 2016 has been reported by UK pensions companies.
Who are the winners and losers in sterling’s plunge?
Source: The Guardian - 12th October 2016
How drivers, exporters, pensioners and more are being affected by the sharp drop in the pound since the Brexit vote
SNP MPs hand over petitions calling for justice for millions of women set to lose out on state pension age changes
Source: Herald Scotland - 12th October 2016
DOZENS of petitions urging the UK Government to help some 2.6 million women whose retirement plans have been “shattered” by rapid increases to the state pension age have been delivered to Westminster by SNP MPs.
Travel is Moneywise users' top retirement dream
Source: Moneywise - 11th October 2016
The biggest retirement dream for the majority of users is to go travelling, according to our latest poll results.
Nearly half of Britons believe property is the most lucrative investment for retirement - and just a quarter think a company pension is best
Source: Mail Online - 11th October 2016
Almost half of Britons believe property is the most lucrative way of investing for retirement - almost twice as many as those who think a company pension is the best option, a new survey suggests.
SNP MPs deliver petitions calling for fairer pensions deal
Source: STV - 11th October 2016
Around 2.6 million women have been affected by UK Government changes to the state pension age.
Workplace pension ‘safe’ but property more profitable, ONS data
Source: Professional Adviser - 11th October 2016
Saving into an employer pension scheme is considered the safest way to save for retirement by consumers but many believe they can make more money from buying property,...
Shift toward greater pension safety among over 50s
Source: Actuarial Post - 11th October 2016
In the wake of the vote to leave the EU, the gap between a preference for certainty and a desire for flexibility in retirement income has widened among the UK’s over 50s.
Is there a perfect storm for retirement planning on the horizon?
Source: Financial Reporter - 11th October 2016
A new report compiled by the Centre for Economic and Social Research on behalf of Saga reveals that defined benefit pensions –...
British Expat Pensioners Look to Mitigate Against Falls in Pound to Euro Exchange Rate
Source: Pound Strerling Live - 11th October 2016
British expat pensioners living in Europe have suffered significant drops in incomes thanks to Sterling's recent depreciation -...
Pensions regulator wants more powers to protect workers
Source: BBC - 11th October 2016
The Pensions Regulator is asking for new powers to stop final-salary pension schemes being dumped when companies are sold.
Give regulator veto over takeovers that strain pensions, says IoD chair
Source: The Guardian - 11th October 2016
Barbara Judge says BHS demise should prompt increased powers for Pensions Regulator to investigate sales
Over-55s in England have more wealth locked away in their homes than the entire annual GDP of Italy
Source: Mail Online - 11th October 2016
Homeowners who are aged over-55 have more wealth locked-away in their homes than the entire annual GDP of Italy, research shows.
Over 50s opting for pension safety after Brexit
Source: Financial Reporter - 11th October 2016
In the wake of the vote to leave the EU, the gap between a preference for certainty and a desire for flexibility in retirement income has widened among the UK’s over 50s.
Farm group Bernard Matthews becomes new focus of MPs' pensions probe after Boparan's takeover
Source: Mail Online - 10th October 2016
The takeover of turkey farm group Bernard Matthews will be the latest focus of a probe by MPs this week, after the Pensions Regulator complained of being powerless to protect workers' pensions put at risk by the deal.
Bernard Matthews pension pot to receive just 1p in the pound
Source: The Guardian - 10th October 2016
Pension Protection Fund to absorb company’s benefit scheme after post-sale ‘pre-pack’ arrangements hit pension pot
Radical plan for old age as leak reveals care crisis
Source: The Guardian - 10th October 2016
Radical plans to encourage people to save to meet their own social care costs in old age have been discussed in government,...
Law should allow pension increases to be moved to CPI index says ACA
Source: Pensions World - 10th October 2016
Over 90% of firms would welcome changes in the law that would allow defined benefit schemes to move to CPI indexation of benefits (as opposed to RPI or any other higher indexation provision in scheme rules).
Graduates face longer wait for state pension under reform plan
Source: Moneywise - 10th October 2016
The controversial plans would be a blow for graduates, who would be forced to work longer than those in blue-collar jobs.
Over 50s opting for pension safety after Brexit
Source: Financial Reporter - 10th October 2016
In the wake of the vote to leave the EU, the gap between a preference for certainty and a desire for flexibility in retirement income has widened among the UK’s over 50s.
Graduates may have to wait years longer for a state pension: Ministers consider two-tier system under which debt-laden students could only get payments after 45 years in work
Source: Mail Online - 10th October 2016
Graduates could be forced to wait years longer than blue-collar workers to collect their state pension under controversial plans being considered by the Government.
Gov't plans pension reform to boost infrastructure investment
Source: Citywire - 10th October 2016
Pension investment could be given a major overhaul under plans being drawn up by the government that would see schemes put more money behind infrastructure projects.
Court rules pensions are protected in bankruptcy
Source: FT Adviser - 10th October 2016
The Court of Appeal has ruled savers facing bankruptcy will not be forced to cash in their pensions to pay off outstanding debts
Pensioners could boost earnings if they invested in major projects
Source: Express - 10th October 2016
MILLIONS of retirement savers could find their pension pots boosted if radical reforms to allow schemes to invest in major projects get the go-ahead.
Born lucky? Children of the 60s, 70s and 80s on buying their first homes
Source: The Guardian - 9th October 2016
Research by a thinktank has revealed how much harder it will be for today’s young adults to build up wealth in future than it was for previous generations
Pensions revolution: Ministers plan shake-up to get savers investing in building projects
Source: MSN Money - 9th October 2016
Radical pension reforms are being prepared by the Government to help millions of savers get better returns, The Sunday Telegraph has learnt.
Single body to advise public on pensions and debt
Source: BBC - 9th October 2016
A new financial guidance service to provide advice on pensions, managing debts and other money issues is to be created by the government.
It’s a bargain state pension deal: put in £700, get £5,000 out
Source: The Guardian - 9th October 2016
Around half a million public sector workers can massively boost their state pensions. Here’s how
UK drops in world rankings for sustainable pension systems
Source: Professional Pensions - 8th October 2016
The UK has been knocked out of the world’s top 10 pension systems, after Chile climbed up the table five places from 14th last year.
'Bargain rate' pension boosts could be open to 500,000 public sector workers
Source: News & Star - 8th October 2016
Royal London found workers including nurses could gain from opportunities to improve their state pension by paying heavily subsidised voluntary NI contributions
Tory pledge over pensions triple lock
Source: Financial Times - 7th October 2016
Conference supports state protections, but there are concerns over drawdown surge
Falling pound is crushing retirement dreams of expat Brits
Source: CNN Money - 7th October 2016
The pound's dramatic decline is threatening to spoil the golden years of retired Brits living abroad.
Return of pensioner bonds: Theresa May could introduce accounts with high interest rates to help savers
Source: Mail Online - 7th October 2016
Theresa May could bring back pensioner bonds for all ages to help long-suffering savers, it emerged last night.
Inverness women take to street to fight for state pension
Source: Inverness Courier - 7th October 2016
INVERNESS women fighting for their state pensions will hit the streets this weekend to spread the word about changes to the retirement age.
Don't put off your retirement... you'll only end up sick! Living longer does not guarantee people will be fit enough to work into old age
Source: Mail Online - 7th October 2016
The retirement age should not automatically rise as we live longer because people are spending more of their later years crippled by poor health, experts warn.
The perils and pitfalls of pension drawdown
Source: FT Adviser - 7th October 2016
Income drawdown has become a lot more acceptable for those in retirement, but is there a danger that the wrong people are using it?
Tesco sales overshadowed by £5.9bn pension hole
Source: The Guardian - 6th October 2016
Dividend payments could take a hit despite sales growth as collapse in bond yields swells pension deficit
Govt’s ‘potential attitude shift’ over infrastructure is 'good news' for LGPS
Source: Professional Pensions - 6th October 2016
The government’s potential shift in attitude towards infrastructure investment since Brexit should be welcomed by the Local Government Pension Scheme (LGPS), says Jeff Houston.
More than two million workers worried about pension savings
Source: Independent - 6th October 2016
You’d be forgiven for wondering what you’d missed after news that we’re all living longer prompted a landslide of doom and gloom comments rather than celebration that improved health and healthcare are giving us more time to make the most of life.
More than two million workers worried about pension savings
Source: Express - 6th October 2016
MORE than two million workers are disappointed and worried about the performance of their pension fund savings, a new survey has found.
UK employees suffering from pensions “paralysis”
Source: Director - 5th October 2016
Almost half of the UK’s working population are putting retirement plans at risk due to a lack of confidence in their financial decision-making when it comes to pensions, a new report has shown.
Pension savers left to fend for themselves, says TUC
Source: BBC - 5th October 2016
More than 300,000 pension savers a year are being left to fend for themselves when they retire, says the TUC.
Three in ten grandparents say there’s no downside to looking after grandkids
Source: Moneywise - 5th October 2016
Half of parents rely on their own parents to look after their children, but three in ten grandparents say there’s no downside to looking after grandkids.
Computer glitch hits women's pensions leaving tens of thousands at risk of being paid too little
Source: Mail Online - 5th October 2016
Tens of thousands of women risk being paid too little state pension because of problems with government computer systems, experts have warned.
Want a slice of your nest egg to pay debts? No can do, says man from the Pru
Source: Mail Online - 5th October 2016
One of Britain's biggest insurers is refusing to help customers use their pensions like cash machines if they need the money to pay off debts.
Savings crisis as less than one in three feel they are on track to achieve the level of retirement income they need
Source: Mail Online - 5th October 2016
Just three in 10 adults feel they are either very or fairly confident they are on track to achieve the level income they want to see them through their retirement.
Fifth of over 40s fail to discuss retirement plans with partners - study
Source: Yorkshire Post - 5th October 2016
More than one in five over-40s have never discussed their financial plans for retirement with their partner, a survey has found.
Nicola Sturgeon blasted as she plots ‘Sharia home loan’ blitz on pensioners
Source: Express - 5th October 2016
SCOTLAND'S First Minister Nicola Sturgeon has been slammed over a new 'Sharia compliant loan scheme’ that allows pensioners get into debt in exchange for care in their homes.
IFA’s pension cold calling petition passes 1,000 signatures
Source: Money Marketing - 4th October 2016
A petition started by an IFA to ban pension cold calls has reached 1,000 signatures.
Companies could take more than 20 years to cancel out their pension deficits as Brexit hits bond yields
Source: Mail Online - 4th October 2016
Falling yields on long-term investments since Brexit mean that companies will take more than 20 years to cancel out their pension deficits as they face larger gaps than previously expected, according to a report.
Minister: Let people use pensions to buy houses
Source: Professional Pensions - 4th October 2016
Savers should be able to use their nest eggs to buy a home, according to pensions minister Richard Harrington.
Time to break promises to pensioners?
Source: BBC - 4th October 2016
Has the time come for the government to break pledges made to pensioners, asks Paul Johnson, the director of the Institute of Fiscal Studies.
CISI conference: Steve Webb calls for UK 'Save More Tomorrow’ scheme
Source: Professional Adviser - 4th October 2016
As the former pensions minister explained, the schemes ensure that, when someone receives a pay rise, they pre-commit to placing a higher proportion of their earnings in their pension than they currently do.
Baby boomers are busy spending their kids' inheritance
Source: AOL Money - 3rd October 2016
If cash-strapped Generation X is holding out for an inheritance to solve their money woes, then a new survey could bring very bad news indeed.
Altmann challenges government on cold calling
Source: FT Adviser - 3rd October 2016
Former pensions minister Baroness Ros Altmann has questioned why the government has not banned cold calls on pensions when there is a ban in place for such calls  relating to mortgages.
Bank of England gives savers 'a slap in the face' with £3k retirement bash for Martin Weale
Source: This Is Money - 3rd October 2016
The Bank of England has been accused of giving savers a ‘slap in the face’ with a £3,000 retirement bash for a former rate-setter.
Companies must keep their promises on 'final salary' pension schemes
Source: This Is Money - 2nd October 2016
There is little doubt that low interest rates have helped keep the UK economy ticking along since the 2008 financial crisis. But savers have paid a heavy price.
MS sufferer battles for 18 months to draw early pension before ex-employer Premier Foods heeds her pleas for help
Source: Mail Online - 30th September 2016
A 51-year-old saver diagnosed with progressive multiple sclerosis has tried unsuccessfully for the past 18 months to discover if she can draw an early pension from ex-employer Premier Foods.
Under 35s save for the future but self-employed abandon pensions
Source: Pensions World - 30th September 2016
New figures released today by HMRC challenge the perception that the younger generation are living for today and neglecting the need to save for their future.
Record number of centenarians in UK
Source: BBC - 29th September 2016
A record number of people in the UK, some 14,570, are surviving to the age of 100, the latest official data shows.
Governor to approve state-run retirement for private workers
Source: Mail Online - 29th September 2016
Jerry Brown is scheduled to sign legislation Thursday to automatically enroll nearly 7 million people in a retirement savings account, an attempt to address growing fears that many workers will be financially unprepared to retire.
Women rally at Holyrood to highlight 'devastation' caused by UK Government's retirement age plans
Source: The National - 29th September 2016
WOMEN born in the 1950s are holding a rally after First Minister’s Questions at Holyrood today to highlight the “social injustice” of changes in the pension age.
Beware bogus emails from your taxman offering you the chance to claim a tax refund
Source: Mail Online - 28th September 2016
Crooks are being blocked from duping victims into handing over their bank details by sending them emails that appear to be from the taxman.
Bribes to quit gold-plated pensions rise by a fifth as desperate firms try to cut the future cost of their schemes
Source: Mail Online - 28th September 2016
Firms are luring staff out of expensive final salary pensions by offering them up to one-fifth more cash than a year ago.
Holiday spending: Over-50s 'go cruising, while young tighten belts'
Source: BBC - 27th September 2016
People over the age of 50 are spending more and more on holidays - including cruises - while younger people are travelling less, according to research.
BMW to shut final-salary pensions of 5,000 staff in Britain
Source: The Guardian - 27th September 2016
Unite union vows to fight ‘tooth and claw’ car maker’s switch to defined-contribution scheme after it posted record profits
SNP urge Jeremy Corbyn to back women’s pension battle
Source: The National - 27th September 2016
THE SNP called on Labour leader Jeremy Corbyn to back an independent report into women’s pension inequality that showed it would cost the UK Government billions less to fix than they claim.
6 Key Facts Social Security Doesn't Always Tell Retirees
Source: Motley Fool - 27th September 2016
A recent study showed that the Social Security Administration's own agents don't always give all the information you should have in order to make an informed decision.
Put the champagne on hold: Most popular move among newly-retired pensioners is to AVOID extravagant purchases
Source: This Is Money - 27th September 2016
Only one in 10 pensioners spend lavishly in their first year of retirement while a third are averse to making any costly purchases at all, a new study reveals.
Revealed: How you could shave 17 YEARS off your retirement age by moving your pension pot to a fund with low fees
Source: Mail Online - 26th September 2016
Millions of workers could have to delay the age when they retire by several years because they are paying steep fees on their pension fund, exclusive new research suggests.
How to be a mum and still get a decent pension
Source: BBC - 23rd September 2016
Those who give up work to look after a family - whether they be male or female - are amongst those least likely to save for retirement.
PENSIONS WARNING: Workers NOT saving enough for retirement
Source: Express - 22nd September 2016
WORKERS are saving only a tiny fraction of what they are need for a comfortable retirement, experts have warned.
The top ten best places to retire overseas
Source: AOL - 21st September 2016
As the nights start to draw in, it's easy to see the appeal of retirement overseas - despite any concerns sparked by the Brexit vote.
66% of managers believe the average retirement age will increase in their organisation
Source: Employee Benefits - 21st September 2016
Two thirds (66%) of manager respondents believe the average age of retirement in their organisation will increase over the next five to 10 years, according to research by Axa PPP Healthcare.
Shock pension WARNING for savers five years from retirement
Source: Express - 20th September 2016
SAVERS around five years from retirement are at risk of suffering a devastating blow to their cash pots and future income, a pension company has warned.
Group of women born in 50s campaign to change pension rules after Government shift retirement goalposts
Source: Daily Record - 20th September 2016
WASPI – Women Against State Pension Inequality – are horrified the retirement they planned has been snatched away from them as pension age is set to rise to by 2020.
RETIREMENT CRISIS: Millions have NO IDEA how they will pay bills in old age
Source: Express - 20th September 2016
MILLIONS of Britain’s workers are ‘sleepwalking’ towards a poverty-stricken retirement with no idea how they will pay their bills in old age.
'Golden age' of retirement has seen pensioner incomes double in two decades - but it's drawing to a close for future generations
Source: This Is Money - 19th September 2016
A 'golden age' of retirement has seen pensioner incomes nearly double in the past two decades but this era is now drawing to a close, a new study finds.
LV= life and pensions profits double on pension freedoms
Source: Money Marketing - 19th September 2016
LV= has seen operating profits more than double in its life and pensions business thanks to pension freedoms.
Employers offering tasty cash carrots to encourage members to leave generous defined benefit pension schemes
Source: Mail Online - 19th September 2016
Would you go with the dough? No, I’m not talking about The Great British Bake Off’s Mel and Sue choosing not to move from the BBC to Channel 4 despite the lure of serious money –...
'Golden age' of retirement has seen pensioner incomes double in two decades - but it's drawing to a close for future generations
Source: This Is Money - 19th September 2016
A 'golden age' of retirement has seen pensioner incomes nearly double in the past two decades but this era is now drawing to a close, a new study finds.
Pensioners now worth £1 trillion in property
Source: A0L Money - 17th September 2016
Pensioners who have paid off their mortgages have seen their wealth increase by an average of £19,000 since May, thanks to a rising property market.
Women to flood Glasgow streets in protest over pension changes
Source: Evening Times - 16th September 2016
Dozens of women are to take to the streets to campaign against unfair pension changes which will leave them thousands of pounds out of pocket. ...
More than 1million Britons turn 40 with NOTHING saved for retirement
Source: Express - 16th September 2016
A THIRD of British workers approach their 40s without having a penny saved for retirement, according to shock figures.
UK watchdog head cautions on using housing for retirement income
Source: Reuters - 16th September 2016
Savers should be wary of the cost of using housing or equity release mortgages to bump up their retirement income, the head of Britain's financial services watchdog said on Friday.
Marches held in Scotland over state pension changes
Source: BBC - 16th September 2016
Demonstrations are being held on Friday to protest at the effects of the UK government's alterations to the state pension age.
UK pension deficit is a massive £459.4bn
Source: Pensions World - 15th September 2016
The aggregate deficit of the 5,945 schemes in the PPF 7800 Index has increased over the month to £459.4bn at the end of August 2016, from a deficit of £376.8bnn at the end of July 2016
Why the Lifetime Isa could wipe a third off your pension pot... and that loss would be the Treasury's gain
Source: Mail Online - 15th September 2016
Workers who save into Lifetime Isas could end up with a third less retirement income than those with pensions — despite putting in the same amount.
Over-55s withdraw housing equity to survive
Source: Moneyfacts - 15th September 2016
Much is said about the difficulty first-time buyers have in gaining that all-important first step on the ladder,...
More over-65s remaining in work
Source: Moneywise - 15th September 2016
The UK workforce has more older workers than ever before, according to the latest government figures, with some 1.1million over 65s remaining in work.
Pensioner shock as 2016 is worst EVER year for retirement income
Source: Express - 15th September 2016
FIXED retirement income is on track to fall to its lowest ever level, dealing another huge blow to pensioners already dealing with ultra low returns on cash savings, analysis has found.
High fees slicing into pension pots
Source: FT Adviser - 15th September 2016
Personal pension pots have failed to perform properly because savers don’t know about high management fees, according to a report from retirement advice specialists Profile Financial.
New 'quality mark' to help people confused by income drawdown launched by pensions industry body
Source: This is Money - 15th September 2016
A 'quality mark' scheme to help savers pick a decent income drawdown products that can see them through retirement has been launched.
2016: the worst ever year for annuity income
Source: Moneyfacts - 15th September 2016
Tomorrow marks Pensions Awareness Day (PAD), yet our latest research doesn't bode well for the sector – at least not for those seeking an annuity.
Why the Lifetime Isa could wipe a third off your pension pot... and that loss would be the Treasury's gain
Source: Mail Online - 14th September 2016
Workers who save into Lifetime Isas could end up with a third less retirement income than those with pensions — despite putting in the same amount.
Want a 4% return? That's no longer realistic
Source: Citywire - 14th September 2016
Taking 4% a year out of retirement portfolios may no longer be safe as it once was, says investment giant BlackRock.
Retirement annuity rates 'suffering their worst year on record'
Source: IoL Money - 14th September 2016
Retirement annuity rates are suffering their worst year on record, making it even harder for people to secure a decent income, according to a website.
Britons planning Irish retirement may have to prove ‘close connection’
Source: Irish Times - 14th September 2016
Department of Justice immigration review says ancestry claims will need to be backed up
Don’t let money worries ruin your retirement
Source: Press and Journal - 13th September 2016
As thoughts turn to retirement, many people are looking to relax and enjoy time with loved ones and friends.
Europeans far more likely to rely on the state in retirement
Source: AoL Money - 13th September 2016
The UK is far better at saving for retirement - but we’re still not good enough
Cash Offered To Expats Quitting UK Company Pensions
Source: iExpats - 13th September 2016
Company pension schemes are dangling cash carrots in front of Australian expats they want to persuade to give up their final salary pension rights.
Retirees have money to burn
Source: AoL Money - 13th September 2016
A new study shows that the average pensioner is so well off that they can afford to splurge on the good life.
TPAS launches new 'trace a lost pension' tool
Source: Pensions World - 12th September 2016
Everyone has a habit of losing track of things from time to time, but when it comes to your pension(s) it’s not something anyone should misplace.
Two-thirds of retirees reject high performance annuity offer
Source: Actuarial Post - 12th September 2016
Thousands of retirees each month are shunning high performance pension incomes in favour of higher risk and lower returns, says Just Retirement
UK Treasury to bring in a Pensions Dashboard prototype by Spring next year
Source: FTSE Global Markets - 12th September 2016
At the Aviva Digital Garage, the Economic Secretary to the Treasury, Simon Kirby, has announced that a prototype of the Pensions Dashboard will be ready by March 2017.
The cost of care will wipe out your pension
Source: AoL - 12th September 2016
The average cost of care has hit £75,000. How will you pay it?
Bank of England attacked over 50% pension contributions
Source: The Guardian - 12th September 2016
Bank creating private pension deficits while insulating own staff from policies such as QE, claims former pensions minister
34% feel there is too much choice when saving for retirement
Source: Employee Benefits - 12th September 2016
Just over two thirds (34%) of respondents believe there is too much choice when it comes to saving for retirement, according to research by Willis Towers Watson and Nottingham University Business School.
Retirement freedoms result in pension paralysis
Source: FT Adviser - 12th September 2016
A study has found 47 per cent of employees are suffering from ‘pensions paralysis’ following retirement freedom reforms.
Millions of people facing a shock over their state pension
Source: Express - 12th September 2016
MILLIONS of people who think they will receive their state pension when they turn 65 are in for a big shock.
Primark owner reveals £200m pension deficit
Source: International Business Times - 12th September 2016
Shares in Associated British Foods (ABF) tumbled over 3% early on Monday (12 September), after the owner of Primark revealed its pension scheme has plunged to a £200m deficit.
When will all pensions offer total freedom?
Source: Express - 11th September 2016
LAST YEAR’S pension freedom reforms unleashed a new era of flexibility for retirees, but some shackles have yet to be cast off.
Pensioners being kept in the dark about retirement age, claims Tory peer
Source: Express - 11th September 2016
Baroness Altmann says she lobbied the Department for Work and Pensions to run a national advertising campaign because the issue was of such critical importance, but it was blocked.
Break through the pensions 'roadblock': Paralysing fears over the economy are causing many to stall on retirement planning...don't be one of them
Source: This Is Money - 11th September 2016
Nearly half of UK employees are suffering a crisis of confidence over saving for retirement, research for The Mail on Sunday reveals.
women feeling the pinch after pension changes leave them short of thousands
Source: Redditch Standard - 11th September 2016
A REDDITCH woman says she will be £45,000 worse off due to State pension changes meaning women will now no longer receive theirs at 60.
Sir Philip Green: I am working every day on BHS pension crisis
Source: The Guardian - 9th September 2016
Sir Philip Green has denied putting pressure on the Pensions Regulator and dragging his feet over reaching a settlement concerning the pensions of 20,000 former BHS workers.
Retired Couples Don’t Talk About Money And Pensions
Source: iExpats - 9th September 2016
Pension planning is not top of the conversation list for couples – and as a result three out of four over 75s have made no financial provisions for their partners.
Half of Brits do not understand new pension rules
Source: AoL Money - 8th September 2016
A massive 47% of Britons have no real clue how the sweeping changes introduced to give people more retirement saving options will affect them, according to new research from online pension adviser Wealth Wizards.
Lifetime Isa savers will lose chunk of investment returns if they incur 25% penalty for early withdrawals
Source: Mail Online - 8th September 2016
An 'overly punitive' 25 per cent penalty on early withdrawals from new Lifetime Isas could see the Government claw back a large chunk of savers' investment gains, it is claimed.
The government is pushing ahead with the Lifetime ISA
Source: Pensions World - 8th September 2016
The Government is pushing ahead with plans for a new Lifetime ISA (LISA) will be available from April 2017 for individuals under age 40 which can be used for buying a first home or for saving for retirement.
Ireland’s pension gap now second largest in Europe
Source: Business World - 8th September 2016
Irish people need to save an additional €27.8bn a year to close the gap between current pension savings and the income needed to provide an adequate standard of living in retirement.
56% are saving adequately for retirement
Source: Employee Benefits - 8th September 2016
Just over half (56%) of respondents are saving enough money for their retirement, according to research by Scottish Widows.
Lifting the veil on the benefits of pensions
Source: Money Marketing - 8th September 2016
Andy Haldane is fast becoming another Martin Wheatley. What I mean is, someone in a position of power who, to paraphrase the former FCA chief exec, speaks first and thinks later.
Pension investment surges despite Brexit effect
Source: Citywire - 8th September 2016
The Brexit vote seems to have made a mixed impact on pension investments.
Miners’ anger over Treasury’s pensions “robbery”
Source: Chad - 8th September 2016
Angry ex-miners from Mansfield who say they have been “robbed” of half their pension fund claim they have had it confirmed “in black and white” by the Treasury.
Actuaries call for alternative options for early access to state pension
Source: The Actuary - 8th September 2016
The UK government should consider different measures for those who want to access their state pension before their qualifying age, the Association of Consulting Actuaries (ACA) has said.
Savers stick by pensions despite post-Brexit confidence fall
Source: Professional Pensions - 7th September 2016
People's optimism in their retirement saving plans has dropped since Brexit according to research by Scottish Widows.
One in three retired homeowners are taking out expensive loans for dream holidays
Source: Mail Online - 7th September 2016
Retired homeowners are taking out expensive loans to buy dream holidays.
Younger savers feel glum about Brexit impact on pensions while older people are unsure over the potential fallout
Source: This Is Money - 7th September 2016
The Brexit vote has generated gloom among younger savers about the fallout for their retirement prospects but contradictory feelings in the broader population, new research reveals.
'Worrying' decline in 40-year-olds saving for their retirement
Source: Express - 7th September 2016
THE number of 40-somethings saving enough for their old age has shown a “worrying” decline over the past year, a report has found.
PENSION THREAT: Warning for pensioners over government plans to sell off retirement income
Source: Express - 6th September 2016
BRITAIN'S largest retirement income broker has issued a stark warning over the risks for pensioners posed by the Government's secondary market for annuities set to be launched next year.
ACA maps out options for early access to State Pension
Source: Actuarial Post - 6th September 2016
On the assumption that, in aggregate, longevity continues to improve, whilst significant differences in life expectancy continue to exist between different sectors of society, we believe that the retention of a universal but rising State Pension Age will become increasingly difficult’,...
Miners' retirement funds at risk
Source: Yahoo Finance - 6th September 2016
Retirement and health-care funds run by the United Mine Workers of America currently support about 120,000 former miners and their families nationwide, but account balances have dwindled amid a steep decline in the coal industry
Pillow talk should become pension talk
Source: Actuarial Post - 6th September 2016
New research from Aegon finds that an increasing number of couples are not making any provision for pension payments to continue to their other halves in the event of their death.
Pre-retirees fail to make provisions for partners: Aegon
Source: FT Adviser - 6th September 2016
An increasing number of people are not making any provision for pension payments to continue to their other halves in the event of their death, according to research by Aegon UK.
MP’s concern over steelworker’s pensions
Source: The Star - 6th September 2016
A South Yorkshire MP has criticised a steel firm over reported plans to off-load its pension liabilities onto a government compensation scheme.
World’s largest 300 pension funds feel the pinch
Source: Professional Pension - 6th September 2016
Assets of the biggest 300 pension funds globally dropped by over 3% in 2015, the first fall in value since the financial crisis according to research.
One third of retired homeowners use home wealth for holidays
Source: What Mortgage - 6th September 2016
Its data shows nearly one in three (30%) of Key’s customers taking out equity release spend some of the cash on holidays, with average spending on trips hitting £6,785.
Illness forces 12% of workers to quit before pension age - TUC
Source: BBC - 5th September 2016
Ill-health or disability is forcing one in eight people to stop working before they reach the state pension age, the TUC says.
Retirement home sales rocked by project fear as pensioners abandon plans to move in wake of EU refendum vote
Source: This Is Money - 4th September 2016
Nervous pensioners abandoned plans to move house in the wake of the vote to leave the European Union – hitting business for retirement home builder McCarthy & Stone.
McCarthy & Stone says Britons cautious on retirement home purchases after Brexit
Source: Yahoo Finance - 4th September 2016
The company's rate of cancellations of house reservations had "pretty much" doubled in June and July versus the average of 15 percent to 20 percent, its head told Reuters, with the relatively expensive Southeast of England hit the most.
Pensions Ombudsman makes name change
Source: Pensions World - 2nd September 2016
As of 1 September 2016 the Pensions Ombudsman Service is changing its name to The Pensions Ombudsman, or TPO when abbreviated.
McCarthy & Stone says Britons cautious on retirement home purchases after Brexit
Source: Mail Online - 2nd September 2016
McCarthy & Stone Plc, Britain's biggest builder of retirement homes, said it was seeing more property reservations cancelled in the wake of the Brexit vote as potential customers did not want to sell their existing homes in a weak market.
How your retirement income is being killed by other people's pensions
Source: AOL Money - 2nd September 2016
Are you relying on an income-producing investment for your retirement? How about an annuity? Then there's bad news ahead, because both are under threat.
Lack of healthcare workers makes West Sussex only second best for retirees
Source: The Argus - 1st September 2016
WEST Sussex would be the best place in the country to retire if only it had more healthcare workers, according to new research.
Generous grandparents foot the bill for family holidays
Source: AOL - 1st September 2016
A third of the one in seven over 50s who have been on holiday with their children and grandchildren paid for the whole trip, shelling out an average total of £4,000, according to new figures from specialist insurer Saga.
Defined benefit pension fund deficit grows by £100bn in a month
Source: The Guardian - 1st September 2016
Total combined deficit is now £710bn, according to a PwC report, with companies having to halt dividend payouts
Dividend cut as UK pension deficits rise to £710bn
Source: Citywire - 1st September 2016
A listed plastics company has cut its dividend because of its spiralling pension deficits in what may be a sign of things to come, as UK defined benefit (DB) pension scheme deficits hit £710 billion.