News - September 2010
Poverty-line plight of £27 a day pensioners: Retirement income is barely enough to cover bills
Daily Mail - 30th September 2010
Most of Britain’s single pensioners are forced to survive on pension income of less than £27 a day, official figures revealed yesterday.
The figures highlight the nightmare facing old people whose retirement dreams are being crushed by a chronic lack of money.
'Most people will be unable to afford a traditional retirement'
Telegraph - 28th September 2010
Will the new Coalition rise to the challenge of overcoming our pensions crisis? I certainly hope so, for all our sakes. There isn't much time left. From next year, the baby boomers start reaching 65. Millions of people in their fifties and sixties are at risk of a miserable old age...
Rich shun retirement to stay in work longer
Telegraph - 27th September 2010
A growing band of wealthy workers, are shunning retirement in favour of staying in work, research has revealed.Rather than bowing out of the office to spend more time on the golf course, 60pc of wealthy individuals in Britain intend to carry on working for as long as they are able.
Britain is now the home of the 'Neverretirees': We work for the longest in Europe
Daily Mail - 26th September 2010
The are more likely to carry on working after retirement age than any other nation, new research has found.The report found that over 60 per cent of people under 65 intend to work past retirement age.
Dubbing them the 'nevertirees', it claims their numbers will increase...
Equitable Life campaigners troubled by a whiff of foul play
Guardian - 25th September 2010
The search goes on for answers with rumours of insider knowledge of the collapse of Equitable Life.It was "blast from the past" time this week when a Money reader emailed me about an article I wrote about Equitable Life back in 2000.
Delay retirement and keep pay as well as pension
Telegraph - 22nd September 2010
Delay retirement and keep pay as well as pension.New figures released yesterday show that an extra 150,000 people will turn 65 in 2012 compared to 2011, as the children of servicemen born after their return from war reach retirement age.
Britons warned of £300bn pensions savings gap
Guardian - 22nd September 2010
A study by insurer Aviva reports that the total pensions shortfall across Europe has reached €1.9tn (£1.6tn).Britons need to find more than £300bn if they are to retire on the recommended 70% of their salaries, according to a report by Aviva.
State pension costs to soar as a record 800,000 post-World War II babies hit 65 in 2012
Daily Mail - 21st September 2010
The post World War II baby boom is set to put a massive strain on pension funding when a record number of people turn 65 in 2012.More than 800,000 people will celebrate their 65th birthday during the year - 150,000 more than in 2011, according to the Department for Work and pensions.
pensioners 'unfairly' targeted by taxman
Telegraph - 21st September 2010
pensioners have been unfairly hit with "unexpected tax bills" following poor decisions taken by HM Revenue & Customs, the official watchdog warned yesterday.The official adjudicator who deals with complaints about HMRC said she had become "seriously" concerned...
Bank's boost for economy hits pensions
This Is Money - 20th September 2010
pension fund deficits are soaring because of the Bank of England's £200bn money-printing programme, which is putting trustees on a collision course with shareholders.By driving down the returns on Government bonds, or gilts, the Bank's programme, known as quantitative easing, is playing havoc...
Over 50s toned, tanned and tinted
SAGA - 16th September 2010
Men and women over 50 are taking full advantage of cosmetic treatments to keep them looking young and beautiful according to a new study by Saga.The survey of more than 10,000 people looked at changing attitudes towards personal appearance over a generation and revealed that spending on...
One in four women rely on their husband's pension in retirement
Telegraph - 15th September 2010
More than one in four women are forced to rely on their husband’s pension to see them through their old age, a study has shown.Only 35 per cent of women said their own savings would provide their main source of income in retirement, while 28 per cent said they would rely on their partner’s pension benefits.
Danger of pensions crisis if 2012 reforms are delayed – CBI
CBI - 14th September 2010
But auto-enrolment must be simpler and more flexible if changes are to work. The CBI today urged the Government to press ahead with reforms to the pensions system, due to come into force in two years’ time. Failing to tackle the issue of undersaving for a pension now will cost government, employers and employees more in the long term.
Altmann brands 55% drawdown charge an attack on middle classes
Citywire - 13th September 2010
Independent pensions consultant Ros Altmann has branded the proposed 55% tax charge on death benefits an attack on the middle classes.Under current rules, those still in drawdown pay a 35% charge at death if they are under 77...
Annuity providers leave pensioners in the dark
Telegraph - 10th September 2010
Higher paying annuities can be found by shopping around, but pension providers don't clearly explain that you have a choice. Shopping around for an annuity can make a huge difference to your retirement income. However, pension providers are not doing enough to explain...
Costs of aging population 'have been overestimated'
Telegraph - 10th September 2010
The negative effects of an aging population may have been exaggerated because people are staying healthier for longer, according to a new study.The two factors tend to balance each other out, the researchers found, suggesting that...
Over 55s see unexpected expenses eat into savings
Aviva - 9th September 2010
Aviva research shows that a quarter of over 55s are being forced to dip into income-generating savings to pay for unexpected expenses.Aviva’s quarterly Real Retirement Report published today shows that unexpected expenses are forcing over 55s to dip into savings that would otherwise have been used for retirement income.
Too poor to retire: The over-55s with no pension, no savings, just massive debts
Daily Mail - 8th September 2010
Millions of the elderly and people approaching retirement have no pension, no savings and large debts, shocking research reveals today.The figures paint a worrying picture of a country with a ballooning population of elderly people who cannot afford to retire, with many...
Most believe 'retirement as we know it is over'
BBC - 7th September 2010
Nearly three quarters of people believe retirement as we currently understand it will not be possible in the future, a BBC Newsnight poll has suggested.Some 70% of the 1,000 asked thought it would not be feasible for people to stop work then live on a pension for up to 30 years, the ComRes survey found.
69% of elderly fear cuts will hit care services
Community Care - 6th September 2010
Elderly people fear that care services for the over-65s will be the first thing to be cut by councils struggling to balance their budgets.A survey by care provider, Anchor, revealed that 69% of over-65s shares this concern, while six out of 10 people believe they will not be able to access high quality care as a result of cuts.
BCC chief fears new pension rules could cost jobs
Telegraph - 5th September 2010
The Government must radically simplify the latest corporate pensions rules or risk damaging job creation in the UK, the British Chambers of Commerce (BCC) warned.The trade body says laws introduced by Labour and passed at the beginning of 2010 amount to a "complex web of ...
UK private pension liability poses 'unprecedented' risk
Telegraph - 3rd September 2010
The pension liabilities of British companies has soared by 20pc over the past 12 months reaching a record £1.2trillion. Aon, a leading consultancy that published the research, warned that the liability levels were 'unprecedented' and posed a 'significant financial risk'.
Firms forced to be 'harsh' with older staff
This Is Money - 2nd September 2010
Ending forced retirement at 65 will create a 'harsher' environment where older workers may be sacked, a leading pensions lawyer has warned.Under Government plans, the default retirement age is set to be abolished from October 2011.
Barings sounds warning over 'head in sand' attitude to pensions
Telegraph - 2nd September 2010
Nearly half of the adult working population have never reviewed their pension plans despite the volatility of the markets in recent years.pensions experts have warned millions of workers may have to work into their seventies to make up for bad pensions choices unless they get to grips with...
Raise retirement age and pension contributions, says key fund
Telegraph - 1st September 2010
A major pensions provider has recommended a number of “quick wins” to help slash the ballooning public sector pensions deficit. The London pensions Fund Authority (LPFA), one of the largest of its kind in Britain, has advocated raising employee contributions from next April, linking pension payments to the Consumer Prices Index, rather than the Retail Prices Index...
Statisticians query CPI 'star billing' ahead of pensions link
IFA - 1st September 2010
Leading UK statisticians are questioning government plans to link the state pension and other key benefits to the consumer prices Index (CPI).In a letter to the chair of the UK Statistics Authority, David Hand, president of the Royal Statistical Society (RSS), says CPI does not merit "sole star billing" and argues...
pensions tax relief changes welcome, but risk ensnaring non higher earners (pdf)
National Association of pension Funds (NAPF) - 1st September 2010
Government plans to restrict pensions tax relief for high earners are sound
in principle but need some urgent fine-tuning, pensions experts said
today.
The National Association of pension Funds (NAPF) warned that the current
proposals risk unfairly penalising those who are promoted or made
redundant, or who have to retire early because of illness.
