Tag: pension

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 Britain’s largest civil service union, as well as three teaching unions, are protesting against changes to their pensions. The industrial action will result in Britain’s worst strike for decades and will [...]

June 30, 2011 | 0 Comments 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 | 0 Comments 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 month’s Budget, it was announced that the new pensions system should make pension planning easier to understand – 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 | 0 Comments More
Flat-rate state pension confirmed in Budget

Flat-rate state pension confirmed in Budget

In today’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 – stripping out the current complex means-tested payments system and will move towards a [...]

March 23, 2011 | 0 Comments More
Government plans to simplify pension system

Government plans to simplify pension system

Business Secretary Vince Cable has today unveiled a proposed reform of Britain’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 | 0 Comments 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 £4 billion a year, to reduce the spiralling budget deficit. The tax-free amount is being slashed from £255,000 a year to £50,000 from April 2011. High earners will continue to be paid tax relief [...]

October 14, 2010 | 0 Comments 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 | 0 Comments 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 | 0 Comments More
Labour pledges to increase basic state pension

Labour pledges to increase basic state pension

As the Labour Government’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 | 0 Comments 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 | 0 Comments More
Reader’s Digest UK files for administration

Reader’s Digest UK files for administration

February 17, 2010 | 0 Comments More
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 £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 £19,593, while a woman will receive £12,169. However, the survey shows that the average [...]

February 16, 2010 | 0 Comments More
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 [...]

February 3, 2010 | 0 Comments More
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 [...]

January 11, 2010 | 0 Comments More
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 £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 [...]

December 9, 2009 | 0 Comments More
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 [...]

December 2, 2009 | 0 Comments More
BA and Iberia reach preliminary merger deal

BA and Iberia reach preliminary merger deal

It has been confirmed that British Airways (BA) and Spanish airline Iberia have reached a preliminary merger agreement. Merger talks took place between both companies yesterday and the deal is understood to give Iberia 45% and BA 55% of a newly merged company. The combined firm would create Europe’s third largest airline and have 419 [...]

November 13, 2009 | 0 Comments More
Those working past retirement age set to double

Those working past retirement age set to double

Research from Prudential has found that the number of people working past the state retirement age is expected to double over the next decade. A study by Prudential of UK businesses established that almost 25% of companies expect staff to continue working beyond the retirement age over the next 10 years. The proportion of the [...]

November 11, 2009 | 0 Comments More
Conservatives plan rapid rise in retirement age

Conservatives plan rapid rise in retirement age

If the Conservatives win the next election, they will raise the state pension age for men from 65 to 66 from 2016. Furthermore, the Conservatives have not ruled out an increase in the pension age for women towards 66. Under Conservative policy, the state retirement age for both men and women is set to be [...]

October 6, 2009 | 0 Comments More
Save nothing and retire at 86

Save nothing and retire at 86

British workers who fail to save for their retirement could end up working until they reach 86 if they want to be paid a decent pension. Research by Standard Life found the real retirement age of people not currently saving for retirement could be between 74 and 86 if they want to retire on two-thirds [...]

September 8, 2009 | 0 Comments More