Record numbers working beyond retirement age, says report
Retirement and Pensions News Headlines
Source: AOL Money - 30th June 2016A record number of people are working beyond traditional retirement ages following a "surge" in self-employment, according to a report.
'Pension time bomb' warning: Annuity rates slashed 8% and final salary deficits widen as Brexit vote sees gilt yields crash
Source: This Is Money - 30th June 2016A collapse in gilt yields - the interest earned on UK Government bonds - could be building a 'pension time bomb' as annuity rates are slashed 8 per cent and final salary scheme deficits widen after the Brexit vote.
Great expectations in retirement are unrealistic for many
Source: Actuarial Post - 30th June 2016New research from NEST, released today to coincide with the NEST Insight conference, reveals that millions of people have unrealistic expectations about their retirement income.
New programme launched to help over 50s overcome isolation
Source: ITV News - 30th June 2016A new programme is being launched today (29 June) in Birmingham to help anyone over 50 overcome isolation.
PM: 'very important' ex-pats get UK pension certainty
Source: Citywire - 29th June 2016Prime minister David Cameron has said that giving British citizens living abroad on UK pensions certainty would be ‘very important’ during negotiations to leave the EU.
Pensioners enjoying nearly the same incomes as workers
Source: Moneywise - 29th June 2016The gap between the incomes of pensioners and workers has narrowed substantially over the last 20 years, according to the Office for National Statistics (ONS).
Top five pension con tricks revealed
Source: Moneywise - 28th June 2016A pension fraud campaign group has highlighted five signs that should set alarm bells ringing and alert you to the fact you and your savings could be the target of a sophisticated scam.
Annuities take a hit as rates fall following Brexit
Source: The Guardian - 27th June 2016Retirees thinking of using their pension to buy an annuity to fund their retirement are advised to buy sooner rather than later
IFA reaction: Brexit stokes pension fears and uncertainty
Source: International Adviser - 27th June 2016British expats living overseas face a period of uncertainty around retirement plans after the UK’s shocking decision to leave the European Union on Friday, according to IFA firms around the world.
Millions of women miss out on pensions in the UK - because they work part time
Source: Mirror - 27th June 2016Workers who earn less than £10,000 aren't automatically given a workplace pension and so don't save for their retirement
Bonds rate fall set to hit pensions as interest rates paid out on Government debt collapse after Brexit vote
Source: This Is Money - 27th June 2016Pension deficits could balloon after a collapse in the interest rate paid on Government bonds.
Investors poured cash into the bonds on Friday as they sought safe havens from the market turmoil.
Falling pound will hit expat pensioners: Those who get top rate of the State pension risk losing £817 a year
Source: This Is Money - 26th June 2016The lure of better weather and living conditions has tempted many British pensioners to retire overseas. It is estimated there are 1.1million British expat pensioners globally, with roughly 400,000 of them living in the eurozone.
Keep calm and carry on... paying in to your pension: Experts predict annuities will become popular again
Source: This Is Money - 26th June 2016Our ability to build retirement wealth through saving into a pension faces a multitude of challenges in the wake of the country’s decision to vote to leave the EU.
What Brexit means for your pensions, mortgages and money
Source: Express - 25th June 2016BRITAIN'S historic vote to leave the European Union is set to have a big impact on household's everyday finances.
What the EU vote could mean for pensions
Source: Money Marketing - 25th June 2016The future of the triple lock on state pensions, the tax relief system and defined benefit schemes have all been called into question by the vote to leave the European Union.
What does Brexit mean for pensions?
Source: Moneyfacts - 25th June 2016The votes have been cast and the decision made - Britain is leaving the EU. Many Brits have woken up to the news with surprise and are now wondering how this will affect them and their finances.
What will Brexit mean for the over-50s?
Source: Saga - 25th June 2016Although there's a lack of clarity about what will happen in the future, we look at how the immediate aftermath of the Brexit vote could affect the over-50s.
Brexit: How will pension regulation change?
Source: Professional Pensions - 24th June 2016Britain's vote to leave the European Union has shocked pollsters and investors, but what are the legislative and regulatory changes schemes and trustees can expect? James Phillips reports.
BREXIT: experts look at the impact for pensions
Source: Pensions World - 24th June 2016The United Kingdom has voted to leave the EU, and the stock market has responded by falling 6% in early morning trading with volatile markets.
Pension savers told 'DON'T PANIC' amid market carnage but follow THESE key steps
Source: Express - 24th June 2016RETIREMENT savers have been urged to keep their cool and not make hasty decisions amid stock markets turmoil sparked by Britain's vote to leave the EU.
UK pension deficit jumps by £80bn overnight due to Brexit
Source: The Actuary - 24th June 2016The gap in UK defined benefit (DB) pension funding has now reached £900bn, an increase of £80bn from yesterday, as a result of UK’s decision of leaving the EU, Hymans Robertson has confirmed.
Brexit: what's going to happen to our money now we're leaving the EU?
Source: BT.com - 24th June 2016The UK has voted to leave the EU. We look at how the markets and sterling have reacted and what it could all mean for your money.
Brexit: What does it mean for expats, here and in the EU?
Source: BBC - 24th June 2016Approximately 1.3 million Britons live and work in Europe. Spain's sunny climes are the biggest draw for expats - with Ireland and France following behind.
'Brexit' heralds 2020 state pension crunch time
Source: Citywire - 24th June 2016State pension predicted to come under severe pressure in 2020 as impact of EU exit on UK's demographics takes its toll.
Union urges M&S to open talks about pay and pension changes
Source: The Guardian - 23rd June 2016Thousands of shopworkers concerned about proposed cuts to Sunday and bank holiday pay, says Usdaw
Government writes to Brits ineligible for state pension
Source: FT Adviser - 23rd June 2016The government has said it will send letters to about 100,000 people warning them they are unlikely to receive the new flat rate state pension unless they take action.
The £30k cut to your pension lifeline: Former employees of companies that have gone bust face financial blow if they retire early
Source: This Is Money - 23rd June 2016Hundreds of thousands of former employees of companies that have gone bust face a £29,000 pension blow if they retire early.
Life is more enjoyable after retirement
Source: Reuters - 23rd June 2016Enjoyment of everyday activities increases after retirement, a study from Australia has found.
Government contacting tens of thousands over state pension 'confusion'
Source: Yahoo Finance - 23rd June 2016More than 100,000 people who do not qualify for the new state pension will be written to by the Government as part of plans to raise awareness of the changes.
State pension outcasts to receive warning letters
Source: BBC - 23rd June 2016Letters will be sent to more than 100,000 people who are set to miss out on the new state pension owing to a lack of contributions.
PPF slams proposed British Steel pension cuts
Source: FT Adviser - 23rd June 2016The Pension Protection Fund has criticised a radical government proposal to cut benefits for members of the British Steel Pension Scheme, saying it would not want to insure a scheme that did not have a proper sponsoring employer.
Who will pay for aged care?
Source: FT Adviser - 23rd June 2016Newspaper headlines suggest that many industries are facing a ‘timebomb’.
However, even a ‘back of a vape packet’ calculation suggests that the care industry may well be correct when it suggests that the UK...
New State Pension: Committee publishes Government response
Source: Parliament.UK - 23rd June 2016In its 27 March 2016 report the Committee found widespread confusion over the impact of the New State Pension, just weeks before its introduction, with many people left "unprepared and confused".
Over-50s overwhelmingly in favour of Brexit –and 77 per cent believe it will see end of EU
Source: Express - 21st June 2016TWO-thirds of over-50s will vote for Brexit in this week's referendum – with 77 per cent believing it could spell the end of the EU altogether.
UK pension deficit grew £120bn over six weeks
Source: Pensions World - 21st June 2016Huge volatility is a major problem for UK defined benefit schemes.
At Thursday last week the collective UK DB pension deficit had reached £850bn,...
Staying in the EU will be CATASTROPHIC for state and private pensions, expert warns
Source: Express - 21st June 2016ONE of Britain's foremost pensions experts has warned that remaining in the EU will be catastrophic for both state and private pensions in the UK.
Two attractive solutions for retired people seeking a new house
Source: Express - 19th June 2016ANYBODY aged 65 today might well live at least until their early 80s, so who knows what’s in store for those still in their 50s?
Almost 10 MILLION over-50s delay retirement to make ends meet
Source: Express - 19th June 2016Almost 10 million people over 50 are now in employment – the largest number since records began in 1992.
One quarter of workers not in pensions ‘due to box-ticking small companies’
Source: Professional Pensions - 18th June 2016Smaller companies need to emulate the success of their larger competitors in encouraging employees to stay in workplace pensions, say experts.
Number of retired renters soars by more than 200,000 in 4 years
Source: National Landlords Association - 17th June 2016The number of people living in private rented accommodation in retirement has soared by more than 200,000 in the last four years, according to a poll of private renters*.
EU watchdog defends widely criticised cross-border pension
Source: International Adviser - 17th June 2016The introduction of a Europe-wide single pension product will be good for providers and savers, an EU regulator has said.
Pensioner property wealth up £9.24bn so far this year
Source: Property Investor Today - 17th June 2016Retired homeowners have seen the average value of their property rise by £500 a month since the start of this year thanks to rising property values, new figures show.
British Steel workers urged to back pension deal in bid to avoid a rescue from the protection fund
Source: This Is Money - 17th June 2016Thousands of members of the British Steel pension scheme have been asked to accept worse terms on their retirement benefits, in a bid to avoid a rescue from the pensions lifeboat.
UK plc sleepwalking into BHS-style black hole, pensions experts warn
Source: Evening Standard - 16th June 2016Pension experts told corporate Britain today to get their business in order, in the wake of the commotion surrounding collapsed BHS’s £571 million pension fund black hole.
NHS figures reveal staff receiving massive £50k pensions more than doubles
Source: Express - 16th June 2016NHS staff retiring on pensions of more than £50,000-per-year has more than doubled in five years.
Green has a thin skin but a fat wallet – will he open it for BHS pensioners?
Source: The Guardian - 16th June 2016The biggest revelation was that Sir Philip Green can talk for six hours without swearing. Few would have suspected that. He could not, however, do so while being polite.
Early retirement 'will be dead in 13 years'
Source: Morning Star - 16th June 2016EXPERTS predicted the impending 'death of early retirement' yesterday after official figures revealed that more over-50s are working than ever before.
Beware rise in pension scams with around 60 savers a month being targeted by crooks in 2016
Source: Mail Online - 15th June 2016A major insurer says the number of customers asking to transfer their pensions to suspected scams has tripled.
Retail tycoon Green says can resolve BHS pension crisis
Source: Yahoo Finance - 15th June 2016Retail tycoon Philip Green said he was working to fix a gaping hole in the pension scheme of BHS as lawmakers questioned him over the demise of the department store chain he sold to Dominic Chappell, a serial bankrupt with no retail experience.
Alert over pension freedom rip-offs: Seven in ten savers who have taken advantage failed to shop around for the best deal
Source: This Is Money - 15th June 2016Seven in ten savers who have taken advantage of new pension freedoms failed to shop around for the best deal.
Smaller pension funds to suffer most if there's a Brexit
Source: City A.M. - 15th June 2016Mercer has warned smaller pension funds are most at risk from potential market volatility in the wake of Brexit.
Britain heading for 'retirement time bomb as savers splash out on holidays and new cars'
Source: Express - 14th June 2016BRITAIN is heading for a retirement crisis as workers "fail to grasp" the need to save for the future, experts have warned.
NHS turns to retirees to ease GP crisis in Scotland
Source: The Courier - 14th June 2016NHS chiefs are pleading with doctors to come out of retirement to ease the GP crisis.
Webb accuses Treasury of taking over pension policy
Source: FT Adviser - 14th June 2016The Lifetime Isa could pass into law without being subject to the scrutiny of the House of Lords, former pensions minister Steve Webb has warned.
A quarter of my £648 monthly pension goes on council tax - how is this fair? Retirement Agony Uncle Steve Webb on how to cut bills
Source: This Is Money - 13th June 2016I am now a pensioner and have just received my council tax bill for the next financial year.
This is why the UK is facing a time bomb of retirement woes
Source: City A.M.- 13th June 2016Longer lives have combined with scant savings to put the UK on the road to pensions chaos, one financial advisory firm has today warned.
Pension exit fees must be capped at £50: Call for tougher limit as it's revealed charges are swallowing 10% of pots
Source: Mail Online - 13th June 2016Savers with smaller pension pots are being slapped with charges that can total 10 per cent of their nest egg, according to research by Citizens Advice
DOMINIC LAWSON: Trying to terrify the elderly about their pensions? The PM must be desperate!
Source: Mail Online - 13th June 2016A couple of Scottish National Party MPs, with whom I was sharing a glass or three at Westminster a few weeks ago,...
From project fear to project panic: Embattled PM trying to scare pensioners, says minister after he claimed 'triple lock' could be scrapped after a Brexit
Source: Mail Online - 13th June 2016A cabinet minister yesterday accused David Cameron of trying to ‘terrify pensioners’ into voting to stay in the EU as he ramped up warnings about the cost of Brexit.
Six million workers saving for first time: You’ve got to roll with company pensions
Source: Express - 13th June 2016THE UK pension system has been a disaster zone for 20 years, but there has been one bright spot in the shape of so-called auto-enrolment.
EU referendum: Cameron issues Brexit pensions warning
Source: BBC - 12th June 2016David Cameron has said the government might not be able to protect spending on pensions, the NHS and defence in the long term if the UK leaves the EU.
David Cameron says state pensions could be at risk if Brexit becomes reality
Source: The Guardian - 12th June 2016Prime minister claims protected NHS cash may have to go as he cautions voters on possible consequences of voting to leave
Brexit would threaten pensions and the NHS': David Cameron in 'panic' mode as he warns of brutal new wave of austerity if voters reject his pitch to stay in the EU
Source: Mail Online - 12th June 2016Brexit would put pensions and NHS spending in danger, David Cameron warned today amid increasing signs of panic in Downing Street over the EU referendum result.
Pension exit fees must be capped at £50: Call for tougher limit as it's revealed charges are swallowing 10% of pots
Source: Mail Online - 11th June 2016Savers with smaller pension pots are being slapped with charges that can total 10 per cent of their nest egg, according to research by Citizens Advice.
Soaring house prices mean pensioners are sitting on £926bn-worth of property wealth
Source: Express - 11th June 2016PENSIONERS are sitting on a record £926bn-worth of property wealth, new figures show.
Pension pot rip-off: fees swallow up to 10% of retirement funds
Source: Yahoo Finance - 11th June 2016People using new rules to access their pensions have seen as much as 10% of their retirement pot gobbled up by exit charges and other fees, research from Citizens Advice has shown.
70% of pension feedom users fail to shop around
Source: Citywire - 11th June 2016Seven out of every 10 people who have accessed their pension since the pension freedoms were introduced did not shop around for a different product, Citizens Advice research shows.
Only three in ten people shop around under the pension freedoms
Source: Pensions World - 10th June 2016Seven in 10 people who have accessed their pension since new freedoms were introduced didn’t shop around for different products, reveals new research by Citizens Advice.
Savers 'paying up to 10%' to cash in pension pots
Source: The Guardian - 10th June 2016Citizens Advice says 41% of people who want to access their cash are charged a fee, and those with smallest pots hit hardest
Consumers stung by 10% 'exit fees' to access pension cash under George Osborne's reforms
Source: Mirror - 10th June 2016Citizen's Advice says people should shop around for the best deal and has called for a flat £50 fee to stop customers losing out
How keeping fit in middle age boosts health in retirement: Exercising in your 40s 'cuts chances of stroke by a third'
Source: Mail Online - 10th June 2016Being fit in your 40s could cut your risk of a stroke in your 60s.
Research has shown that men and women who are very fit in their mid to late 40s are a third less likely to suffer a stroke aged 65-plus...
Ros Altmann: How the EU has protected our pensions
Source: Money Marketing - 9th June 2016Most people involved in pensions probably understand the risks of leaving the EU.
Many retirees set to use pension freedoms just to get by: Nearly a third of over-55s are in 'uncomfortable' financial position
Source: Mail Online - 9th June 2016Many people approaching retirement are likely to take advantage of the new pension freedoms just to get by as nearly one in three over-55s said to be in an ‘uncomfortable’ financial position, a new survey has found.
70% of pension professionals predict increased costs in the event of BREXIT
Source: Pensions World - 9th June 2016A ‘leave’ vote in the forthcoming EU referendum would cause negative portfolio returns and result in a prolonged period of uncertainty according to research from mallowstreet.
War widows 'discriminated against' over pension, says soldier's son
Source: BBC - 9th June 2016The family of a Flintshire soldier killed in the Falklands War has launched a campaign calling for all war widows to receive a pension for life.
Steel crisis: Tata pensioners 'could lose average of 25%'
Source: BBC - 9th June 2016Trustees of the Tata Steel pension scheme are writing to members urging them to take part in the UK government's consultation on changing the benefits they will receive.
Longevity risk biggest concern for pension schemes
Source: Professional Pensions - 8th June 2016When asked what level of priority they assign to different risk types, 26% said ‘very high' in relation to longevity according to Pensions with Purpose: Meeting the Retirement Challenge.
Pensions In The UK and EU Going Bankrupt
Source: Market Oracle - 8th June 2016Pensions in the UK, EU and internationally will go bankrupt as the long awaited ‘pensions time bomb’ detonates in slow motion.
UK pension changes: be on guard, Brits
Source: The Senior - 8th June 2016New British pension rules have taken effect, prompting the group British Pensions in Australia (BPiA) to warn expatriates what may be in store.
Court ruling protects pensions from bankruptcy claims
Source: FT Adviser - 8th June 2016People facing bankruptcy proceedings do not have to hand over undrawn pension funds, the High Court has ruled.
Pensions issue fuels ‘recruitment crisis’
Source: IOM Today - 8th June 2016Teachers’ pension arrangements are fuelling the secondary schools’ ‘recruitment crisis’.
Royal Mint starts selling gold bars to pension savers - but it levies annual fee of up to 1% (including storage)
Source: Mail Online - 8th June 2016Pension investors can stash gold bullion bought from the Royal Mint in their retirement pots from today, the 1,000-year-old supplier has announced.
30% of over-55s 'already financially uncomfortable ahead of retirement'
Source: Belfast Telegraph - 8th June 2016Nearly one in three over-55s describe their financial situation as "uncomfortable" and two-fifths worry about running out of cash in their retirement, a survey has found.
Worrying pension deficit at UK’s top charities
Source: Third Force News - 8th June 2016Data gathered from a survey of the largest 50 charities in the UK shows their pensions schemes’ combined deficit rose by over a third in the last two years.
Stock up in GOLD for your retirement with this special new scheme
Source: Mirror - 8th June 2016Savers can now keep solid gold in their pension pot thanks to a scheme from the Royal Mint. This is how to do it
New EU threat to your pension: Expert says vote leave to protect retirement pots
Source: Express - 8th June 2016Research shows a potential drop in annual EU migration following Brexit could force the government to lower the state pension and further increase the age it can be accessed.
How migration fall after Brexit could reduce state pension
Source: Professional Pensions - 7th June 2016Research shows a potential drop in annual EU migration following Brexit could force the government to lower the state pension and further increase the age it can be accessed.
Government pension meddling that will hit steel workers 'could hit payouts from final salary schemes across the board'
Source: Mail Online - 7th June 2016Elderly retirees with final salary pensions could see their payouts hit because of Government changes aimed at reducing the massive deficit at the British Steel scheme, a pensions expert warned today.
IT pros lead the way in retirement planning
Source: Information Age - 7th June 201623% of technology professionals are on track for retirement, almost double the UK average
Tata Steel pension cuts will hit older workers hardest but could still prove a good deal
Source: The Week - 7th June 2016Industry rescue scheme would completely freeze payouts on any pensions accrued before 1997
Why retiring at 65 won't be an option soon
Source: Management Today - 7th June 2016Forget retiring at 65. As people live longer – life expectancy at birth has increased globally by six years since 1990, according to the World Health Organisation – they will need or want to work longer.
Millennials saving for retirement
Source: Moneyfacts - 7th June 2016The general assumption that younger workers aren't concerned about saving for the future appears to be unfounded, with recent research from PensionBee finding that just 7% of those aged 25-44 would rather spend their money than save into a pension.
Working till you drop: Five-minute guide to the chaining face of retirement
Source: Express - 5th June 2016ANYBODY who is looking forward to a relaxing retirement after years of hard work may have to think again.
Moray women want pension equality
Source: The Northern Scot - 5th June 2016A GROUP of Moray women have banded together to fight for a fair deal on pensions.
Frozen pension: the RAF veteran facing a chilling choice in Canada
Source: The Guardian - 4th June 2016At 90, Joe Lewis could return to the UK for his full state pension – without his sick wife who’s in care. Or he could sell his home to try and make ends meet
Some steel pensions could be largely frozen, Steve Webb says
Source: BBC - 4th June 2016Some retired steelworkers could see their pensions "largely frozen" under possible changes to the scheme's rules, a former pensions minister has warned.
Pensioners warned they could lose thousands in planned rule changes
Source: Belfast Telegraph - 4th June 2016Pensioners across the board are being warned they could lose out on over £10,000 as a result of proposed Government rule changes to the British Steel pension fund.
BHS pension falls on lifeboat as rescue bids fall through
Source: Citywire - 4th June 2016The department store BHS is to be wound down, forcing its £571 million pension scheme liabilities on to the Pension Protection Fund.
Vulnerable British Steel pensioners set to lose thousands under the changes now being pushed through by Government
Source: This Is Money - 4th June 2016Some of the oldest and most vulnerable British Steel pensioners stand to lose thousands of pounds from changes being pushed through by the Government, analysis shows.
Aviva finds ‘footloose’ retirees regret lack of planning
Source: FT Adviser - 3rd June 2016Those working later into retirement are often doing so because they did not engage early enough with their retirement finances, according to Aviva.
Number of retirees expecting to leave an inheritance HALVES in just five years as they dole out money to support families
Source: This Is Money - 3rd June 2016Fewer retirees can afford to leave an inheritance nowadays because they are already doling out handouts to family members, new research suggests.
New retirees can't afford to leave inheritances
Source: Moneywise - 3rd June 2016Under a third of new retirees say they will be able to leave their loved ones an inheritance when they die.
Brexit: Reduction in EU immigration would impact the state pension
Source: Pensions World - 3rd June 2016If EU migration into the UK falls by around 150,000, the net impact on tax revenues and benefit expenditure could cost the state more than £3bn a year by 2032,...
Immigration is Good for Your Pension
Source: Yahoo Finance - 3rd June 2016Immigration is an emotive issue. Both sides of the Brexit debate have used the number of migrants coming every year to Britain as a battering ram...
Majority of retirement plans done ‘in people’s heads’ or not at all – survey
Source: Professional Adviser - 3rd June 2016The majority of UK savers who have thought about planning their retirement have done so “in their heads”,...
'State pension could be cut' if immigration slows - report
Source: BT.com - 3rd June 2016Reducing the movement of EU migrants into the UK could impact the state pension, new research suggests.
BHS pension falls on lifeboat as rescue bids fall through
Source: Citywire - 3rd June 2016The department store BHS is to be wound down, forcing £571 million in pension scheme liabilities on to the Pension Protection Fund (PPF).
58% value phased retirement globally
Source: Employee Benefits - 2nd June 2016More than half (58%) of global respondents feel that phased retirement is a very or extremely important occupational benefit, according to research by the Aegon Centre for Longevity and Retirement (ACLR) and the Transamerica Centre for Retirement Studies.
How EU meddling slashed £15,000 off your pension: Loyal savers hit by record low payouts from insurance giants
Source: This Is Money - 2nd June 2016Savers have been hit by a secret attack on pensions that could strip £15,000 from their retirement income.
UK pensioners worse off in Brexit, says Treasury
Source: Investment & Pensions Europe - 2nd June 2016UK pensioners could lose up to £32,000 (€42,050) off their assets if the UK votes to leave the European Union (EU), according to an analysis published by the UK Treasury.
Probe into UK occupational pension schemes
Source: BBC - 30th May 2016An inquiry is to be launched into the UK's 6,000 occupational pension schemes after question marks about the future of the BHS and British Steel schemes.
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 2016A 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 2016IF 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 2016Pensioners 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 2016British 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 2016EX-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 2016Select 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 2016There 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 2016Savers 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 2016Sir 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 2016People’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 2016Workers 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 2016Only 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 2016Central 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 2016Hello 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 2016There 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 2016A 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 2016Andrew 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 2016If 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 2016David 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 2016Savers 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 2016The 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 2016Employment 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 2016Names 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 2016Pensioners 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 2016UK 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 2016Nearly 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 2016Work 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 2016British 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 2016Here’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 2016Typical 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 2016Potential 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 2016There 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 2016The 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 2016New 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 2016A 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 2016Stephen 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 2016Pensions 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 2016Fears 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 2016SCOTLAND 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
Source: FT Adviser - 11th May 2016Just 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 2016Spending 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 2016UK 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 2016The 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 2016Women 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 2016Hundreds 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 2016Complaints 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 2016Australia 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 2016WEALTHIER 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 2016Eight 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 2016New 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 2016The 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 2016There 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 2016A 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 2016More 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 2016The 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 2016Sir 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 2016Many 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 2016Rescue 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 2016The 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 2016Pensions 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 2016Gap 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 2016The 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 2016The 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 2016HMRC 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 2016The 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 2016The 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 2016According 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 2016The 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 2016Many 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 2016According 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 2016Nearly 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 2016The 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 2016The 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 2016OLDER 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 2016Scott 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 2016Millions 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 2016Over 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