More pensioners putting income at risk by linking to stock market, warn experts
Retirement and Pensions News Headlines
Source: Express - 3rd December 2016PENSION freedoms have increased the number of retirees linking their income to risky stock market investments, which could lead to a nasty shock in the event of a financial downturn or crisis, experts have warned.
Prison officer leaders reach deal on pay and conditions
Source: BBC - 2nd December 2016Leaders of the prison officers union have reached a deal over pay and conditions following concerns about jail safety, the Ministry of Justice has said.
Advice for pensioners in Yemen
Source: GOV.UK - 2nd December 2016Due to the security situation in Yemen we are currently unable to process some State Pension payments through the Yemeni banking system.
There are fairer ways to set the pension age – but politicians are ducking them
Source: The Guardian - 1st December 2016A rise to 70 is rumoured to be on the way. Surely there must be more creative, flexible ways to meet the growing needs of an ageing population
UK consumers think retirement finances are less important than European peers
Source: Money Marketing - 1st December 2016UK consumers think money is less important for a good quality of life in retirement than their European peers, according to Chase de Vere research.
Over-50s Are Banking On Their Home To Pay For Retirement
Source: iExpats - 30th November 2016Two thirds of workers approaching retirement by 2030 do not have enough savings and are relying on the value locked in their homes to see them through.
Source: Which - 30th November 2016Understand how retiring abroad is likely to affect your finances, including the potential impact on your tax bill and pension.
Five reasons why the pensions dashboard displaying your pots will make you richer, says LISA CAPLAN
Source: This Is Money - 30th November 2016The pensions dashboard plan will allow savers to see quickly and easily their retirement investments, Lisa Caplan head of financial advice at Nutmeg, explains why she thinks it will help people
Expats return to UK amid frozen pensions
Source: SBS - 30th November 2016UK pension changes mean people retiring to Canada, Australia and India lose out on state pension increases.
SNP pledges to protect triple lock for UK expats in EU post-Brexit
Source: Citywire - 29th November 2016SNP pensions spokesperson Ian Blackford has pledged to keep the triple-lock guarantee to British expats living in the EU post Brexit.
The rise of encore careers: why over-50s are changing patterns of working life
Source: The Guardian - 29th November 2016What is driving the growing trend for those in midlife and beyond to leave well-paid jobs for more socially worthwhile work?
Why shouldn’t the over-50s start a new career?
Source: The Guardian - 29th November 2016Those in the golden generation still face decades of work – they should enjoy the luxury of being useful while they can. Why not become a teacher?
The Government must be HONEST about its pension plans, says ROSS CLARK
Source: Express - 29th November 2016AS NATIONAL problems go, the rising state pension bill which comes with increasing longevity is one of the most benign.
Glasgow ranked third in top cities in the UK to retire
Source: Glasgow Live - 29th November 2016With our relatively low house prices and 39 golf courses - 18 more than our cousins in capital - Glasgow has been named one of the best UK cities for retirement.
State pension to rise by 2.5% in April 2017
Source: The Guardian - 29th November 2016Weekly payments will increase from £155.65 to £159.55 while the old state pension will rise to £122.30 from £119.30
Chancellor slashes pension tax relief for elderly savers who dig into their pot
Source: This Is Money - 29th November 2016A Government move to prevent people recycling retirement savings to gain a tax advantage has sparked criticism from industry experts, who claim it will curb pension freedoms.
Cashing in your pension will get you the low-down on a drawdown
Source: Express - 29th November 2016PENSION freedoms may backfire for a growing number of Britons who are putting their savings in greater danger than they realise.
One in 10 pensioners 'regret' opting for income drawdown
Source: BT.com - 29th November 2016Some pensioners say they didn't really understand how drawdown works or the risks associated with it, new research finds.
Steve Webb: The self-employed are in a pensions crisis
Source: Money Marketing - 29th November 2016When it comes to workers in employment, the last four years has seen a radical transformation in pension scheme membership.
There are 70,000 British retirees living in Spain, but only 62 Spanish retirees in the UK
Source: QZ.com - 29th November 2016When Britain voted in June to leave the EU, a key reason was resentment at the 3 million other EU citizens living in the UK.
Half the UK workforce face income shortfall in retirement: Workers aged 35 to 54 set for worst pension shocks
Source: This Is Money - 29th November 2016The 'in-between' generation who missed out on final salary pensions and were only auto-enrolled late in life face the biggest challenge in saving up for a decent retirement, a new report finds.
Pensioners get their 2.5% rise: New state pension to climb to £159.55 a week and basic payout to £122.30 from April
Source: This Is Money - 29th November 2016The full new flat rate state pension will rise to £159.55 a week and the basic state pension to £122.30 from next April - both going up 2.5 per cent under current triple lock rules.
'Basically a huge tax increase': readers on proposed pension age rise
Source: FT Adviser - 29th November 2016Former pensions minister Steve Webb says the government is considering raising pension age sooner than previously planned. We follow your reaction
Pensions tax relief changes loom large: McClymont
Source: FT Adviser - 28th November 2016Changes to tax relief on pensions are inevitable, despite there having been no mention of them in the Autumn Statement, a former Labour shadow pensions minister has warned
Pension age may be about to rise again, says former minister
Source: The Guardian - 28th November 2016Steve Webb says government considering faster timetable for higher state pension age of 70, affecting millions of workers
Are we all really expected to work until we drop?
Source: The Guardian - 27th November 2016The pension age is being raised, which might be fine for the professional class, but what of the less fortunate?
1.6 million people set to retire on less than £9,500 a year
Source: Pensions World - 27th November 2016Of the 25.5 million people in employment, 1.6 million are at high risk of falling short of a minimum income standard (MIS) in retirement. Joseph Rowntree Foundation’s MIS defines this at just £9,500 (in 2016).
Pensions tax relief could be scrapped for high earners, according to experts
Source: MSN Money - 26th November 2016Philip Hammond could scrap pensions tax relief for higher earners next year, experts have suggested after the Treasury said it was “expensive” and should be targeted more fairly.
Pensioners '£105 worse off within five years' as UK faces £1.3 billion Brexit black hole
Source: Mirror - 26th November 2016Britain's 12 million pensioners are set to be worse off as the state pension will drop due to the 'black hole' triggered by leaving the EU
Unexpected consequences of pension allowance cut
Source: FT Adviser - 25th November 2016Changes in behaviour caused by cutting the money purchase annual allowance could significantly reduce the savings the government predicts this move will result in or end up costing it money, according to AJ Bell
Think-tank argues for pension auto-escalation
Source: FT Adviser - 25th November 2016The government must not "shy away" from introducing auto-escalation of auto-enrolled pension contributions, despite the grim economic outlook, the International Longevity Centre - UK has argued
Thirteen million could face pension shortfall, figures show
Source: Belfast Telegraph - 24th November 2016More than 13 million workers across Britain could be heading for a shortfall in the amount of pension they need for an adequate income, according to analysis.
Sir Philip Green's yacht and other assets could be seized, says regulator
Source: The Guardian - 23rd November 2016Pensions Regulator says courts could seize former BHS owner’s assets if he ignores legal demand to plug £571m pension deficit
The pensions divide: Can MPs who stopped savers cashing in annuities really understand their pain?
Source: Mail Online - 23rd November 2016Lynne Skelton burst into tears when she heard she would no longer be able to cash in her paltry £59-a-month pension for a lump sum.
Autumn Statement 2016: The key announcements on pensions
Source: Professional Pensions - 23rd November 2016Cuts to the Money Purchase Annual Allowance; a £1bn raid on salary sacrifice schemes; a pledge to keep the pensions triple-lock; and increases in the Insurance Premium Tax… Professional Pensions takes a look at the key Autumn Statement announcements.
State pension may not be protected from cuts after 2020, Philip Hammond hints in Autumn Statement
Source: Independent - 23rd November 2016Chancellor says state pension will continue to rise until 2020 - at which point it will be reviewed
They’re dazzling retirement homes to make you green with envy — but might (eventually) benefit us all: Care fit for a millionaire
Source: Mail Online - 21st November 2016Breakfast in bed, a spa treatment, pre-lunch cocktails and canapes, a little light shopping, a gourmet dinner, the chauffeur to take you to the opera — welcome to Chelsea Court Place, a home for people with dementia... and lots of money.
Labour pension pledge could save millions of women from 'shattered retirement plans'
Source: Mirror - 20th November 2016The party plans to extend pension credit to those who were due to retire before the chaotic pension age increase of the Tory-led Coalition Government
Retirement villages for the silver surfers
Source: Express - 20th November 2016WHAT'S the saying about old dogs and new tricks? Well silver surfers all over the country are proving it wrong.
Victory for Mail as pension cold-callers are hit with ban and threatened with £500,000 fines
Source: Mail Online - 19th November 2016Rogue firms are to be banned from using cold calling to sell rip-off pension investments.
Self-employed face retirement poverty without pension reform
Source: The Guardian - 19th November 2016Experts say the government needs to act to let gig economy workers benefit from flagship auto-enrolment pension schemes
Pension cold calling to be banned after rise in scams
Source: The Guardian - 19th November 2016Philip Hammond will announce new rules in autumn statement to tackle fraud that cost older people almost £19m in 2015
Irish pension fund deficits soar to €6.8bn
Source: Investment & Pensions Europe - 18th November 2016Irish pension schemes’ funding plans may come unravelled in the coming months due to spiralling deficits, consultant LCP has warned.
Rising pension age will have 'disproportionate effect' on Scots
Source: STV - 18th November 2016Age UK has warned that some Scots would lose out to planned rises in the State Pension Age.
Age UK calls for 'flexible and individualised' approach to state pension age
Source: Professional Adviser - 18th November 2016The government must take the financial needs of middle-aged carers and those who will struggle to keep working into old age fully into account when making any future changes to the state pension age, Age UK has warned.
Auto-enrolment has boosted pension membership to 88%
Source: Professional Adviser - 17th November 2016Auto-enrolment has increased pension saving by £2.5bn a year by April 2015. This is one of the main findings of new research, published today by the IFS and funded by the IFS retirement saving consortium.
Women still lagging men in retirement saving - Scottish Widows
Source: Professional Adviser - 17th November 2016Almost three-fifths (57%) of women fear they are not preparing adequately for retirement, compared with two-fifths (41%) of men, according to research from Scottish Widows.
A broken lock – why the state pension could soon become far less generous
Source: MSN - 17th November 2016The triple lock that protects the state pension and guarantees it will rise annually by at least 2.5% until 2020 is under threat.
Polish parliament approves costly cut in retirement age
Source: Mail Online - 16th November 2016Poland's lower chamber of parliament approved a cut in the retirement age on Wednesday, a move economists said will push up budget deficits and reduce economic growth.
Future life expectancy to be considered in first State Pension age review
Source: GOV.UK - 16th November 2016The Government Actuary’s Department (GAD) has been commissioned to look at projected life expectancy in future years, to inform one aspect of the first State Pension age review.
Miners' pension fund surplus is our money, ex-miner says
Source: BBC - 16th November 2016Former miners in Wales are calling for a review of their pension fund, arguing they should be awarded a larger share of surplus money.
DWP looks at life expectancy link to state pension age
Source: FT Adviser - 16th November 2016The Government Actuary’s Department has been commissioned to look at using projected life expectancy to inform the first state pension age review
Retirement savings a distant dream for many freelancers
Source: Small Business - 16th November 2016The government needs to do more to make freelancers more aware of their retirement saving options, a new survey reveals.
Gender gap widening for retirement saving
Source: Financial Reporter - 16th November 2016The retirement savings gap between men and women has widened since 2014, with self-employed and part-time women increasingly vulnerable, according to new Scottish Widows research.
Five reasons you can’t ignore responsible investment
Source: FT Adviser - 16th November 2016Professional advisers want to know the schemes they recommend are addressing all of the issues that could affect members’ pots for better or worse
Miners' pensions 'should not be used as a cash cow'
Source: BBC - 16th November 2016Former miners in Wales are calling for a review of their pension deal, arguing they should be awarded a larger share of surplus money.
Retirement savings gender gap narrowing, report claims
Source: Sunday Post - 16th November 2016Women are still lagging behind men when it comes to saving for their retirement – but the gender gap is closing, research has found.
Women 'struggling more than men' to save for retirement
Source: Belfast Telegraph - 16th November 2016Just over half of women are saving adequately for their retirement compared with nearly two-thirds of men, a report has found.
Pension exit fee cap confirmed at 1% by regulator
Source: BBC - 15th November 2016Early exit charges for people taking money out of their pension pots will be capped at 1%, the financial regulator has confirmed.
PENSION WARNING: Workers in flagship scheme 'being lulled into false sense of security'
Source: Express - 15th November 2016WORKERS in the government’s flagship pension scheme are being lulled into a false sense of security about how much money they will have in retirement.
Unequal Scotland? - Wealth inequality and the link to pensions
Source: BBC - 15th November 2016When we talk of the well-off, the prosperous or the minted, what do you have in mind: how much they trouser, or how big the stash?
Retirement developments are tuning into the benefits of choir as residents get to sing and perform
Source: Mail Online - 14th November 2016Singing gets people together, exercises a range of muscles and makes you feel happy, declares choir master Gareth Malone whose new BBC series The Choir: Gareth’s Best In Britain is on TV now.
Five-minute guide to making the most of retirement
Source: Sunday Express - 13th November 2016THE BIG worry facing every retired person is that their pension pot will not last as long as they do.
Dominic Chappell allegedly arrested over £500,000 unpaid tax
Source: The Guardian - 13th November 2016Former BHS owner, who bought now-closed chain for £1, reportedly arrested for failing to pay HMRC
Refusing child benefit payments could see new mums take a state pension hit
Source: The Guardian - 12th November 2016Tens of thousands of new mothers could each end up losing almost £5,000 of state pension when they are older due to an unintended quirk in the rules surrounding child benefit,...
Women's pensions hit by child benefit rule change
Source: Moneywise - 12th November 2016New mothers could have lost out on more than half a billion pounds worth of state pension in the three years since changes to child benefit payments were implemented,...
Pensions Regulator seeks 'multiples of £1m' from Chappell over BHS
Source: The Guardian - 12th November 2016Regulator has sent warning notices to the former owner and his company over the retailer’s £571m pension scheme deficit
Don't listen to pension scare stories
Source: The Week - 11th November 2016An article this week claimed you need a pension pot of £725,000, but you may only need to save half of that amount.
UK retirees need advice but are reluctant to pay
Source: Money Management - 10th November 2016Retirees in the United Kingdom need advice on how to deal with their retirement income but too few are prepared to pay for it, according to UK Pensions Institute director, Professor David Blake.
Research says not enough homes for retired people are being built in the UK
Source: Property Wire - 10th November 2016Housing policymakers in the UK are too focussed on providing for first time buyers and ignoring the need for more homes for people who are retired, according to a new analysis report.
Tata's plans to close British Steel pension fund lambasted by MP
Source: The Guardian - 9th November 2016Tata Steel has been lambasted for considering closing its UK pension scheme before making a £60m payment scheduled for next year.
Loophole that lets workers in their 60s go back to work and boost their state pension
Source: Mail Online - 9th November 2016Older savers who get fed up of retirement can use a little-known loophole to go back to work and boost their state pension.
State pension triple lock under threat: Will pensioners face stingier annual rises in future?
Source: This Is Money - 9th November 2016The 'triple lock' guaranteeing the elderly an annual state pension increase of at least 2.5 per cent is under threat.
State pension triple lock under threat: Will pensioners face stingier annual rises in future?
Source: Mail Online - 8th November 2016The 'triple lock' guaranteeing the elderly an annual state pension increase of at least 2.5 per cent is under threat.
Pension triple lock needed for 30 years to 'do its job'
Source: FT Adviser - 8th November 2016Scrapping the triple lock in 2020 would keep the state pension at unacceptably low levels, leading to increased poverty in retirement, prominent supporters of the policy have claimed.
Tax when you get a pension
Source: GOV.UK - 8th November 2016You pay tax if your total annual income adds up to more than your Personal Allowance. Find out about your Personal Allowance and Income Tax rates.
DWP won't contact state pension losers
Source: FT Adviser - 8th November 2016State pension changes have not been communicated by the Department for Work & Pensions' to those who will lose out the most, a report into the introduction of the new state pension has claimed.
Tories refuse to scrap 'triple lock' protection of pensions despite calls from MPs
Source: Express - 7th November 2016The Labour-led Work and Pensions Committee released a report at the weekend claiming the lock was unaffordable and should be scrapped by 2020.
State pension triple-lock should be scrapped, say MPs
Source: BBC - 6th November 2016The "triple-lock" on state pensions - which has protected the incomes of the older generation since 2010 - should be scrapped, a committee of MPs has said.
Scrap the state pension triple-lock, says Committee
Source: Parliament.uk - 6th November 2016The state pension triple-lock will worsen an economy already heavily "skewed" towards baby boomers and against millennials, and it should be scrapped, says the Commons Work and Pensions Committee in its report.
Pensioners risk losing £1,000 as MPs call for an end to ‘triple lock’ rise: Bid to end ‘unfair’ inflation protection and give cash to ‘millennials’ instead
Source: Mail Online - 6th November 2016Pensioners should have their income rises pegged to release more money for struggling youngsters, a powerful group of MPs says today.
Almost HALF of over-50s here feel discriminated against over age
Source: Irish Mirror - 6th November 2016Despite helping many mums and dads get to the office each day almost one in five grandparents said they suffered a shortage of money
Two-thirds of older people ‘have low literacy, numeracy skills’
Source: Irish Times - 5th November 2016Irish people are ageing happily but unhealthily and feel safe in communities with good social links, new research indicates.
Pension crisis awaits for debt-laden millenials saddled with soaring education and housing costs
Source: Mail Online - 4th November 2016A generation of young Britons saddled with thousands of pounds of debt face a future pensions crisis, research warns.
Criminal gangs target pension pots following law change
Source: Herald Scotland - 4th November 2016Changes to the law giving pensioners more access to their cash are being exploited by criminals, the report says.
Former BHS workers may wait 'years' for pension scheme bailout
Source: Guardian - 4th November 2016Experts fear a long legal war of attrition after the Pension Regulator started formal proceedings to force the ex-owner to help plug £571m deficit
BHS pension deal 'could be struck by Christmas'
Source: BBC - 4th November 2016Sir Philip Green and pension regulators could reach a deal over the BHS scheme within weeks, the BBC understands.
Can downsizing your property help you fund retirement? The challenges that home owners looking to cash in face
Source: This Is Money - 4th November 2016The number of over-55s cashing in on their homes by taking equity release hit a new record high in the third quarter, figures published today show.
Pensions Regulator begins legal proceedings against Sir Philip Green
Source: The Guardian - 3rd November 2016Pensions watchdog begins enforcement action against Green and Dominic Chappell – leaving door open to settlement offers
Put state pension into ‘run-off’ says think tank
Source: Money Marketing - 3rd November 2016No further entitlements to a state pension should be given after 2020 to reduce the cost to the government, a think tank has argued.
Diffusing the demographic time bomb
Source: The Actuary - 3rd November 2016Dr Chris Ball looks at how an ageing population can be supported to work longer to encourage the benefits of extending employment lives
Raise state pension age to 80, says think tank expert
Source: FT Adviser - 3rd November 2016The current state pension should be scrapped and replaced with a "workplace Isa" and an alternative state pension exclusively for the over-80s, the Centre for Policy Studies' Michael Johnson has argue
Can downsizing your property help you fund retirement? The challenges that home owners looking to cash in face
Source: This Is Money - 3rd November 2016The number of over-55s cashing in on their homes by taking equity release hit a new record high in the third quarter, figures published today show.
UK Pension Reforms Will Leave Most People Worse Off Long Term
Source: Morning Star - 3rd November 2016Pension reforms introduced in the UK this year will leave most people worse off in the long-term, according to the public spending watchdog.
Retirement housing shortfall laid bare
Source: Property Week - 3rd November 2016New data from Knight Frank shows that currently around 715,000 homes in the UK are classified as ‘retirement housing’, ranging from age-restricted developments to close care housing.
Could baby boomers be the answer to the nation's savings woes?
Source: Independent - 2nd November 2016As crisis point looms in the financial generation divide, experts have called on the over 65s to solve the nation’s funding gap. But few, understandably, are willing to part with the cash just yet.
Equity release reaches another record in UK as home owners cash in
Source: Property Wire - 2nd November 2016The total value of equity release lending in the UK reached a new record in the third quarter of 2016 of £571.6 million, up 26% year on year.
Make pension and investment cold calls illegal, demands petition backed by former pension ministers and industry experts
Source: Mail Online - 2nd November 2016A petition demanding pension and investment cold calling be made illegal has won the support of two former Pensions Ministers and a growing band of industry supporters.
Pensioners told to check their National Insurance records after 30,000 are hit by state pension bungle
Source: This Is Money - 2nd November 2016Pensioners are being told to check their National Insurance records after it emerged that thousands of people are being paid too little state pension.
'Inheritance gap' warning as survey finds less in the pot to pass on
Source: AoL - 1st November 2016Many people are heading for an "inheritance gap" between the amount of cash they are expecting to receive and what they are likely to get, a survey suggests.
Pre-retirees overestimating 'safe' yearly cash withdrawal level
Source: Professional Adviser - 1st November 2016Pre-retirees are risking "retirement ruin" by overestimating the amount of cash they can withdraw per year, Retirement Advantage has warned.
Pension scheme deficit shrinks sharply in October
Source: The Guardian - 31st October 2016Total deficit in UK’s 6,000 defined benefit funds improves by £60bn to £630bn, according to accountancy firm PwC