Latest Pensions News
The latest news on pensions, the pensions industry, and retirement planning:
July 20, 2008
Due to the rising cost of living, pensioners in the UK are being forced to delay their retirement, or return to work.
Research from life insurance provider Zurich has established that nearly three-quarters of people who do not seek retirement or investment advice are having to work after retirement age when they discover that their pension does not allow ...
Pensioners return to work due to lack of funds
by Kay Murchie
June 30, 2008
Research from life insurer, Scottish Widows, has discovered that one in three Britons is unable to save for their retirement.
The survey, which monitors the retirement provision of people aged 30 and over, highlights the fact that many people are worried about how they will manage financially when they retire.
The survey, which was carried out by YouGov in March ...
Rising living costs are affecting ability to save
by Kay Murchie
June 17, 2008
Research by marketing agency, Millennium, has revealed that the majority of over 50s are concerned about the impact the credit crunch will have on their pensions and investments.
The organisation discovered that over 75% of people in this mature age group believe that the credit squeeze will affect their investments, while almost 60% are concerned about their pensions.
However, the survey ...
Over-50s worried about credit crunch affecting their investments
by Kay Murchie
June 11, 2008
Key Retirement Solutions is suggesting that around one-third of Britons who have entered or are nearing retirement still owe substantial sums on their mortgages.
In a study of 4,507 equity release clients (aged 55 and over), one-third still had mortgage debt.
Among the 60 to 69 year-olds, 35% were still repaying their home loans. Neither were the over 70s ...
The pensioner mortgage afflicts one in three
by Gill Montia
June 2, 2008
According to Fidelity's third annual retirement index, British workers are set to retire on less than the minimum wage.
A typical worker will see their earnings fall by over 50% on reaching retirement to just £215 per week - less than the income of someone who works 40 hours a week on the minimum wage of £5.52 ...
British workers set to retire on less than minimum wage
by Kay Murchie
May 21, 2008
Prudential has increased its presence further in the retirement solutions market by introducing a new lower cost self-invested personal pension (SIPP) option called FundSIPP, which is in partnership with Cofunds.
With more than 1,100 funds available in the Cofunds range, these funds complement Prudential's existing insured fund range, which includes the multi-asset funds managed by the Pru's Portfolio Management Group.
The Pru has pointed ...
New SIPP launched by Prudential
by Kay Murchie
May 8, 2008
According to actuarial consultancy, Lane Clark and Peacock (LCP), some of the UK's largest employers are likely to offload their pension schemes during the next 12 months.
LCP said the number of companies offloading their pension schemes to insurers has escalated over the last 6 months and the trend looks set to continue.
The pension buyout market in 2008 will exceed £10 ...
Large employers set to offload pension schemes
by Kay Murchie
May 6, 2008
According to Mike O'Brien, Pensions Minister, up to 73,000 women may be entitled to £1,400 in backdated payments.
Mr O'Brien has admitted that thousands of married women may not be getting their full state pension.
Furthermore, a considerable amount of women are getting too little pension because the time spent looking after their children has not ...
Thousands of married women may not be receiving full state pension
by Kay Murchie
April 16, 2008
Figures from the Office for National Statistics (ONS) have established that half of all single pensioners receive an annual income of under £6,000.
The ONS figures, which cover 2005/06, also revealed that 62% of pensioner couples had a total pension income of less than £10,000.
The research is highlighting the need for a private pension as figures from financial advice company Hargreaves ...
Pensioners slipping below the poverty line
by Kay Murchie
Retirement ruined by downsizing
by Kay Murchie
April 8, 2008
A study carried out by the Department for Work and Pensions (DWP) established over 50% of pensioners felt 'unhappy' on the first day of their retirement.
Approximately, 10% said they felt 'sad', 'anxious' or 'lost'. Only 48% said they felt 'happy' about approaching retirement.
A spokesman for the DWP said employees are increasingly rejecting the traditional 'cliff-edge' retirement, when they suddenly stop full-time work ...
10% anxious about retirement
by Kay Murchie
April 3, 2008
Research from Prudential has established that UK workers have nearly halved the amount they pay into private and company pension schemes in the last 12 months.
One year ago, employees were putting an average of £279 a month into a private or company pension scheme, however the contribution is now £145.
The report shows that people are struggling amid the global credit squeeze ...
UK workers halve pension payments
by Kay Murchie
March 27, 2008
It has emerged that those in their late 50s and early 60s have soaring levels of debt meaning that they will have to continue working long after their retirement age.
According to a study by the charity Help the Aged, this group of people owe at least four times as much as people of the same age 10 years ago. The debts ...
Record number of pensioners working
by Kay Murchie
March 26, 2008
With the ongoing credit squeeze and increasing household payments, 2.4 million Britons are set to reduce or even stop saving towards their retirement during the next year, with those aged between 25-34 most likely to do so.
This is according to research from Brewin Dolphin, a portfolio manager, who said by cutting back or stopping pension payments altogether, savers are ...
Millions of Britons putting their retirement at risk
by Kay Murchie
March 18, 2008
Following a decision by the Government, public sector workers such as doctors and teachers doing volunteer work overseas will have their pension contributions paid for them.
In a bid to boost public sector volunteering abroad, contributions for public sector workers will be paid from a £13 million fund.
The fund, which is a joint initiative of the departments of Health, International Development ...
Overseas volunteers to receive pension contributions
by Kay Murchie
Over half of thirtysomethings contributing nothing towards pension
by Kay Murchie
March 7, 2008
Approximately 1.8 million of UK’s 11 million pensioners are living in poverty, the majority of them women.
The UK's basic state pension of £87.30 a week is among the worst in Western Europe. 100 years ago, when the state pension was introduced, it was roughly 25% of average earnings. However, today it is 15% of average earnings, according to the ...
1.8 million of UK pensioners living in poverty
by Kay Murchie
March 3, 2008
Research from insurer AXA has revealed that 75% of British workers have some form of pension provision, with the average person starting to save towards retirement at just 28.
The insurer revealed that Britons begin saving earlier than those in France and Spain who start saving at an average of 35, while those in Hungary put off saving until ...
Europe’s youngest pension savers are in the UK
by Kay Murchie
February 14, 2008
Those heading towards retirement should be aware of their legal rights so as not to be pressured into retiring early.
A recent survey conducted by insurer AXA has discovered that ageism is still an issue in the workplace. The survey established that thousands of workers are being coerced into early retirement in spite of age discrimination legislation that came into force ...
Ageism still an issue in the workplace
by Kay Murchie