Tag: Pensions News

Government saving A?1bn by cutting pensions tax relief

Government saving A?1bn by cutting pensions tax relief

The Chancellor announced a cut in the tax relief it allows on people’s contributions to company or private pension schemes, in his Autumn Statement today. George Osborne said that the lifetime allowance, which is the maximum amount which can be saved in a pension fund and be eligible for tax relief, will be reduced from […]

December 5, 2012 More
Over 50s too optimistic over pensions

Over 50s too optimistic over pensions

A quarter of people aged between 50 and 64 years will need to save an extra A?60,000 before they reach retirement age in order to receive the pension they expect. A new report from the National Association of Pension Funds (NAPF) suggests that people are over-optimistic about their retirement income and many are “sleepwalking into […]

November 30, 2012 More
Scottish Widows highlights growing gender gap in pensions

Scottish Widows highlights growing gender gap in pensions

Women are saving A?766 a year less than men for their retirement according to life, pensions and investment firm Scottish Widows. A new report by the firm suggests that the gender gap in pension savings has increased by 10 per cent in the last 12 months and is now at a record high level. Women […]

October 22, 2012 More
Auto-enrolment too expensive for micro-firms

Auto-enrolment too expensive for micro-firms

The Association of Consulting Actuaries (ACA) has called for the government to re-consider auto enrolment for the smallest firms, who might struggle with the costs of administering the scheme. From 1 October the largest companies have been required to automatically enrol workers in a pension scheme unless they chose to opt out. The scheme will […]

October 19, 2012 More
Auto-enrolment could lead to pensions mis-selling

Auto-enrolment could lead to pensions mis-selling

The Pensions Institute has warned that the governmenta��s recently launched auto-enrolment programme could lead to workers being enrolled into poor-value pension schemes. This month employers started to automatically enrol workers aged between 22 years and state pension age into a workplace pension, as long as they earn A?8,105 or more. The scheme has started with […]

October 11, 2012 More
Annuity rates plummet due to money-printing

Annuity rates plummet due to money-printing

Annuity rates have fallen by 7 per cent in just three months according to MGM Advantage, the retirement income specialist. This means that a 65 year old man with pension savings of A?50,000 would receive a retirement income of A?2,579 a year from the annuity they purchased with their pension pot, compared with A?2,778 in […]

Business owners unable to save for pensions

Business owners unable to save for pensions

Nearly half of business owners have no private pension savings, according to research by the Prudential. The insurer found that 46 per cent of one-person businesses have no private pension, representing 1.3 million people. Fifty-four per cent of this group said they were unable to afford to set money aside for a private pension, 18 […]

October 3, 2012 More
Nick Clegg announces pension-backed mortgage proposals

Nick Clegg announces pension-backed mortgage proposals

Deputy Prime Minister Nick Clegg has revealed plans for parents and grandparents to use their pension pot to help younger members of the family onto the housing ladder. The Liberal Democrats are suggesting that future lump sum pension payouts could be used to guarantee a mortgage. This would help younger people who are currently unable […]

September 24, 2012 More
EU gender rules bring mixed blessings for women

EU gender rules bring mixed blessings for women

New EU rules, due to take effect on 21 December, are expected to lead to a substantial increase in the cost of car insurance for female drivers, but could benefit female pensioners. In 2011, the European Court of Justice in Luxembourg ruled that setting insurance premiums or pensions based on gender was discriminatory and breached […]

September 20, 2012 More
Workers still unaware of pension auto-enrolment

Workers still unaware of pension auto-enrolment

From next month, employers with 120,000 or more workers will have to automatically enrol workers into a workplace pension scheme, but more than half of workers are unaware that this will happen. According to Scottish Widowsa�� Workplace Pensions Report, 52 per cent of workers remain unaware of the scheme, which will eventually be rolled out […]

September 10, 2012 More
ABI calls for transparency over pension charges

ABI calls for transparency over pension charges

A a�?protocola�� should be given to members of company and private pension schemes, giving clear information on charges, the Association of British Insurers (ABI) says. The ABIa��s call for pension charges to be made clearer comes prior to the introduction of automatic enrolment in autumn, when employers will be required to enrol workers in a […]

August 23, 2012 More
Government to get tough on pension charges

Government to get tough on pension charges

Writing in The Telegraph today pensions minister Steve Webb warned that he would not hesitate to take action on pension charges. Mr Webb reminded the pension industry that the government has the power to cap pension charges and would use this power if it felt consumers needed protection. He is writing ahead of the introduction […]

July 23, 2012 More
Pot-follows-worker plan raises pension concerns

Pot-follows-worker plan raises pension concerns

As part of its preparations for the introduction of auto-enrolment in October, the government has outlined plans for pension pots to follow workers when they move jobs. Auto-enrolment will require employers to enrol their workers into a qualifying workplace pension scheme and this is expected to lead to an increase in the number of pension […]

July 18, 2012 More
ABI says Laboura��s pension warning is misleading

ABI says Laboura��s pension warning is misleading

A new report by the Labour Party on pensions has been criticised by the Association of British Insurers (ABI) as badly timed and misleading. The report, by shadow work and pensions secretary Liam Byrne, supports earlier comments by Ed Miliband that pension fees and charges could erode half of a retireea��s pension fund. The Labour […]

July 16, 2012 More
Fund managersa�� charges eroding some pensions

Fund managersa�� charges eroding some pensions

The charges levied by some fund managers could be eroding defined contribution pension schemes by up to 17 per cent, according to a report by the National Audit Office (NAO). The watchdog is calling for fund managers to be more accountable for how they manage the schemes, following a study into the regulation of defined […]

July 11, 2012 More
Bank expands quantitative easing to A?375 billion

Bank expands quantitative easing to A?375 billion

The Bank of England (BoE) is injecting another A?50 billion into the economy, increasing its quantitative easing programme to A?375 billion in total. The BoE decided to increase the bond buying programme due to slowing growth in export markets and the ongoing recession. The Bank has also decided that interest rate will remain at the […]

July 5, 2012 More
Number of pensioners in the workplace doubles

Number of pensioners in the workplace doubles

The number of people continuing to work after reaching retirement age has increased by 85 percent, from 753,000 in 1993 to 1.4 million in 2011, according to the Office for National Statistics (ONS). The ONS said this was due to a number of factors, including improved health and wellbeing for older people, with many of […]

June 13, 2012 More
Retirement income lowest for five years

Retirement income lowest for five years

The gap between the value of pensions received by men and women has narrowed, according to a survey by the Prudential. While this looks like good news on the surface, women are only catching up with men because the average male annual pension has fallen in value, rather than because womena��s retirement income has increased. […]

June 8, 2012 More
Over-50s face 11-year retirement delay

Over-50s face 11-year retirement delay

People over the age of 50 will need to work for a further 11 years after they reach state pension age according to a new report. The Pensions Policy Institute claims that those who are unable to carry on working will struggle to maintain their standard of living. The report suggests that a single person […]

April 25, 2012 More
Firms mislead consumers with pension projections

Firms mislead consumers with pension projections

The Financial Services Authority (FSA) is calling for pension and insurance providers to reduce the estimates of returns used when marketing their products. The regulator warns that firms are using over-generous forecasts which could be misleading for consumers. It wants them to reduce the estimates of returns on investment products by at least 0.5 percent, […]

April 12, 2012 More