Retirement and Pensions in the UK

Parliamentary spat intensifies over ministerial pensions

Source: Professional Pensions - 15th May 2012

A war of words between a senior Tory minister and a vocal backbencher has escalated over the terms of the ministerial pension scheme.

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Glossaries

Source: The Pensions Regulator

This is a guide to help people understand pensions terminology generally. The regulator also issues technical and practitioner guidance which contain glossaries of the technical and legal terms used in them. If there is any difference between the terms used here and similar terms explained in those glossaries, the glossary definitions attached to the relevant guidance should be used.

Source: MGM Advantage

This blog has been set up to help you make the most of your retirement and make sense of the many options available to you. Check back regularly for updates or subscribe using the RSS feed at the top of this page. Please leave a comment and share pieces of interest with your friends and family. If you have any particular topics you would like covered please let us know.

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Pension Facts

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Feature Articles

ISAs, SIPPs, SSASs, VCT, EIS… It's enough to make your head and eyeballs spin. Judging by the amount of acronyms the financial services has, there's some justification of the view that the industry is awash with abbreviations and jargon. No wonder it's easy for people to view financial planning as over-complicated.

• 40% of the over 55s have suffered or currently have high blood pressure
• 33% of the over 55s have or have had high cholesterol with a further 12% requiring treatment for diabetes
• All of these conditions could qualify for a better retirement income through an enhanced annuity, with as many as 70% of retirees potentially qualifying
• A smoker with high blood pressure would receive £1,000 extra income every year by choosing an enhanced annuity

Taking care of the elderly is one of society's prime responsibilities. Old people are people who have a lot of energy and creativity. The 21st century is shaped in such a way that humans do not have time for relationships. They believe that relationships need a lot of time to build and unfortunately, they simply do not have that time.

Feature Articles

Pensions are in the news again and with so many legislation changes over the last few years on private pension provision, it's always useful to have a look over all the options available to you. Pension and retirement planning now needs a multi-dimensional approach and with many choices available, it can seem daunting and quite often leads people to put planning off for another day. In the recent budget it wasn't the cut in the higher rate of tax, the granny tax even the new child benefit rules that most irritated most people, and especially those in Cornwall. What was possibly the last straw was the attack on the iconic Cornish pasty! (1) With Bank of England interest rates remaining at a record low, we've been asked by a few of our clients whether they should be investing in corporate bonds. In short, there's no simple answer to this. As with many things, it depends on your circumstances and what you want from your investments. Only 28% of people aged 55 and over are aware that certain medical conditions could entitle them to a higher level of retirement income

Nearly three quarters (72%) of UK adults aged 55 and over are unaware that certain medical conditions could entitle them to a higher level of pension income through their annuity provider, according to new research¹ from MGM Advantage.

We're afraid the politicians are at it again with yet more changes to pension rules. For pensions geeks (like those at Worldwide) these constant changes provide interesting challenges to be overcome when helping clients plan their retirement. Running a tight tax ship, or is your money leaking away?
Staying with the nautical theme, we thought we'd look at how you can keep your expenses and allowances ship shape, especially as it's nearing the end of the tax year (the current tax year ends on the 5th April). End of year tax allowance - use it or lose it!

Source: Worldwide Financial Planning - Chris Rowe

With Christmas now just a distant memory, what do we have to look forward to in the coming months until the Easter rabbit calls? But if you've already had too much of crème eggs and chocolate bunnies, how about looking forward to making use of your unused tax allowances. Society Undervalues Retired Population

Source: MGM Advantage

A new report reveals that the UK's 'Retirement Nation'¹, which includes all retired people, saves the state and society at least £25 billion a year through unpaid care, community and voluntary work². But the report, 'Our Retirement Nation', which was commissioned by MGM Advantage, warns that the contribution made by this part of society is not fully recognised and that the government and society as a whole need to do more to understand their emotional, health and financial requirements. From East to West - Why raising retirement age should be rejoiced

Source: Gabrielle Pickard

Why we should embrace increasing the retirement age The age of retirement is a hot topic at present both in China and in the UK. In China, the Ministry of Human Resources and Social Security has been studying the different possibilities of changing the retirement age or making it more flexible. In changing extending the retirement age, the ministry believes it will "postpone pension deficiencies," which, according to the 2011 Chinese pension report, currently stands at almost 70 billion Yuan ($11.9 billion).