News Tag: Pensions News
January 4, 2010
Fears over the future of final salary pension schemes has reared its ugly head again after a report from the Association of Consulting Actuaries (ACA) revealed that nine out of 10 such schemes are now closed to new members.
The ACA, which questioned over 300 companies, found that employers continue to shy away from these high cost schemes with 87% of workplace final ...
Report reveals more pension woes
by Kay Murchie
November 24, 2009
Young people are put off starting a pension because they associate the word with old age, research by AXA has discovered.
One in five 18-24 year olds said they haven't yet started a pension because they don't like the word.
The wider population also expressed a dislike to the word pension, with around a fifth associating it with the word 'grey', and ...
Do pensions need renaming to avert crisis?
by David Masters
October 7, 2009
Everyone in the pensions industry knows the retirement age must be increased to 75 if a pensions crisis is to be averted, an industry expert has claimed.
Robin Ellison, pensions consultant at international law firm Pinsent Masons, said the retirement age needs to go up to match an increase in life expectancy.
"When state pensions were first introduced into Britain 100 years ago, ...
Retirement age must increase to 75
by David Masters
September 9, 2009
The Nottingham has announced plans to provide pensions, investments, and insurance products in its 32 branches across the East Midlands.
Branch-based financial advisers will advise customers on the best products to meet their needs.
The building society said the new products are part of its plans to expand and evolve, and will help it to counter a "personal finance black hole" in the ...
The Nottingham launches financial planning arm
by David Masters
July 31, 2009
Nearly one in six workers has given up saving for a pension, new research has discovered.
A study by pension provider Prudential found 16% of the UK workforce have reduced contributions to their pension fund or stopped saving altogether, in the last five years.
In the same period, almost one in ten (9%) of those polled have opted out of a final salary pension ...
UK workforce neglects pensions saving
by David Masters
June 11, 2009
One in five of the world's workforce are dipping into savings to pay off debt, a new study has revealed.
Over 20% of workers have raided the piggybank in the last year to lighten their burden of debt, whilst 13% have stopped saving entirely.
In the UK, China, the US, and India, savings have been shown the door as consumers struggle to maintain ...
Piggybank raiders headed for pensions crisis
by David Masters
April 14, 2009
According to foreign currency firm, FC Exchange, pensioners living overseas face a pension shortfall due to volatile currency markets.
In the last two year alone, the British Pound has lost a quarter against the US Dollar and the Euro.
As a result, FC Exchange estimate that someone currently receiving an annual pension of £17,000 would only receive roughly €18,700 – a fall of ...
Retirees living overseas face pension shortfall
by Kay Murchie
March 27, 2009
Saga Personal Finance has announced plans to launch two new ISA products on 1 April, paying interest at up to 2.95% tax free/AER.
The One Year Fixed Rate Cash ISA pays annual interest at 2.95% tax free/AER, whilst the Saga One Year Fixed Rate Monthly Interest ISA pays interest at 2.91% tax free or 2.95% AER.
Minimum deposit for both accounts is £1, and ...
Saga launches two new ISAs
by David Masters
January 26, 2009
Almost three quarters (73%) of UK consumers believe the benefits of saving have fallen over the last year, according to new research by the Association of British Insurers (ABI).
Only 7% of those questioned felt the benefits of saving have increased, down from 15% when the survey was conducted three months earlier.
Rebecca Driver, the ABI’s director of research and chief economist, said: "The current ...
Brits disillusioned with saving
by David Masters
January 5, 2009
State pensions in the UK are half of what they need to be for a comfortable retirement, research by Friends Provident has discovered.
A poll conducted by the pensions provider found that on average Brits estimate needing £832 per month to live comfortably in retirement, £439 more than the standard state pension.
Seventy-five percent of respondents believed the basic state pension is ...
State pension should be doubled, finds research
by David Masters
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
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
