Tag: pension

Budget could end higher-rate pensions tax relief

Budget could end higher-rate pensions tax relief

Danny Alexander, chief secretary to the Treasury, has told The Telegraph that he wants to cut tax relief on pensions to 20 per cent across the board, eliminating the higher rate of tax relief currently enjoyed by high earners. The reform would help to pay for an increase in the tax allowance to A?10,000. Under […]

February 15, 2012 More
LV= announces Pensions Income Plus Annuity

LV= announces Pensions Income Plus Annuity

LV=, the UK’s largest friendly society, has launched a Pension Income Plus Annuity (PIPA) which combines a high level of initial income with the guarantee of an minimum income. It is structured more simply than traditional with-profits annuities and offers enhanced terms, value protection and competitive starting incomes. Clients can take out a PIPA with […]

November 8, 2011 More
Occupational pension contributions fall to 54-year low

Occupational pension contributions fall to 54-year low

According to a report by the Office for National Statistics (ONS), the number of people paying into an occupational pension has slumped to a level not seen since 1956. Last year, there were 8.3 million people contributing to an occupational pension (3 million in the private sector and 5.3 million in the public sector). This […]

October 29, 2011 More
UK inflation surges to 5.2% in September

UK inflation surges to 5.2% in September

The Office for National Statistics (ONS) today announced Consumer Price Inflation (CPI) accelerated to annual rate of 5.2% last month from Augusta��s rate of 4.5%. The rate represented the highest since September 2008 and it has never exceeded this rate since the CPI measure was first calculated in 1997. Higher inflation continues to be led […]

October 18, 2011 More
Public sector workers protest against pension reforms

Public sector workers protest against pension reforms

A 24-hour strike is underway in the UK as public sector workers protest against pension reforms. The Public and Commercial Services (PCS), which is Britaina��s largest civil service union, as well as three teaching unions, are protesting against changes to their pensions. The industrial action will result in Britaina��s worst strike for decades and will […]

June 30, 2011 More
New flat rate state pension scheme revealed

New flat rate state pension scheme revealed

The Government has now provided details of the new flat-rate state pension, as well as increases in the retirement age – due to be equalised at 65 by 2018. The state pension age will then be lifted to 66 for both men and women by 2020. Meanwhile, it was announced that the new pensions system […]

April 5, 2011 More
State pension reforms to be unveiled next week

State pension reforms to be unveiled next week

Details of the new flat-rate state pension will be unveiled next week by the Government. In last montha��s Budget, it was announced that the new pensions system should make pension planning easier to understand a�� stripping out the current complex means-tested payments system and will move towards a flat-rate payment for men and women. The […]

April 2, 2011 More
Flat-rate state pension confirmed in Budget

Flat-rate state pension confirmed in Budget

In todaya��s Budget, Chancellor George Osborne confirmed that the new flat-rate state pension will be brought in but will take many years to come into force. According to the Government, the new pensions system should make pension planning easier to understand a�� stripping out the current complex means-tested payments system and will move towards a […]

March 23, 2011 More
Government plans to simplify pension system

Government plans to simplify pension system

Business Secretary Vince Cable has today unveiled a proposed reform of Britaina��s state pension system, with the introduction of one universal payment. This would replace the current system of earnings-related “top-up” payments, plus additional means-tested benefits. Costs relating to the proposed reform were not divulged but it is intended to reduce inequalities between men and […]

October 25, 2010 More
Pension tax relief slashed as Government looks to save more money

Pension tax relief slashed as Government looks to save more money

It has been announced that the Government is to reduce the annual amount of pension tax-free income in order to save A?4 billion a year, to reduce the spiralling budget deficit. The tax-free amount is being slashed from A?255,000 a year to A?50,000 from April 2011. High earners will continue to be paid tax relief […]

October 14, 2010 More
Economic downturn hits pension savings

Economic downturn hits pension savings

A survey by Scottish Widows has found that the squeeze on household incomes, as a result of the economic downturn, has hit pension savings with nearly half of people in the UK saving less. According to the Edinburgh-based life and pensions provider, 41% of people saved less for their pensions – many of them blaming […]

June 30, 2010 More
Cars and jewellery more important than pension

Cars and jewellery more important than pension

Brits prefer driving a nice car to having a financially sound pensions plan, according to new research published this week. A study by Standard Life found 54% of consumers care strongly about their car. This is compared to just 46% who place high value on their pension pot. Women were found to care more about […]

June 22, 2010 More
Labour pledges to increase basic state pension

Labour pledges to increase basic state pension

As the Labour Governmenta��s general election campaign continues, its latest pledge is to increase the basic state pension in accordance with earnings from 2012 – provided the party is re-elected. The pensions-earnings link was scrapped by Margaret Thatcher thirty years ago and replaced with the retail price inflation index (RPI). However, with pensions being linked […]

April 13, 2010 More
FSA report raises concerns over pension switching advice

FSA report raises concerns over pension switching advice

The Financial Services Authority (FSA) has today found that poor advice is still being given to people switching pension funds. The findings come after a major review of the sector conducted by the FSA in 2008. The City Watchdog has raised concerns about the advice being given and, as a result, is to take enforcement […]

April 9, 2010 More
Reader’s Digest UK files for administration

Reader’s Digest UK files for administration

Women receive less pension due to career break

Women receive less pension due to career break

A report by Prudential has revealed that the average male pension is more than A?7,000 a year higher than the female pension. The survey found that a man who draws his pension in 2010 will receive an average retirement income of A?19,593, while a woman will receive A?12,169. However, the survey shows that the average […]

AA workers in strike ballot

AA workers in strike ballot

According to the BBC, workers at the AA may strike for the first time since the organisation was established over a century ago. The vehicle breakdown service, which advertises itself as the fourth emergency service, is in a dispute over pensions and thousands of employees are to be balloted. The GMB union said its members […]

New Government proposals to see flexible hours for over 65s

New Government proposals to see flexible hours for over 65s

Minister for Women and Equality, Harriet Harman, is calling for a major shake-up in the retirement law which will see workers no longer forced to retire at 65. Miss Harman believes a radical change in the law is needed in order to smash the notion that people are ‘past it’ once they hit 65. The […]

Stagecoach profits hit by higher fuel and pension costs

Stagecoach profits hit by higher fuel and pension costs

Stagecoach has today reported a fall in first-half profit as a result of higher fuel and pension costs. The bus and rail operator posted a pre-tax profit of A?75.5 million in the six months to the end of October – a fall of 28%. However, the profits exceeded market expectations and the group said it […]

Britons hold faith in house price rises to fund retirement

Britons hold faith in house price rises to fund retirement

Britons’ love affair with property has left more than one million over fifties looking sadly on their retirement prospects. According to a poll by insurer LV=, 12% of homeowners aged 50 and over are relying on capital growth from their homes to part-fund their non-working years. The boom years of the UK’s housing market actually […]