The Future Foundation think tank suggests that everyday technology such as a TV remote control or an ATM could be used by savers to top up their pension pots. In its ‘Pensions – The Solutions’ report, produced for insurance provider Friends Life, the Future Foundation says that technology could make it much easier for people [...]
The government has announced changes to its pensions offer for NHS staff, which it claims are an improvement designed to protect low-paid employees, but which unions claim is a tax on middle-earners. Last week up to two million public sector workers went on strike over the government’s plan to increase the amount they will have [...]
In its latest Real Retirement Report, insurance company Aviva suggests that people over the age of 55 are ‘significantly poorer’ now than they were a year ago. The average income of people over 55 has fallen 4 per cent over the last year, and high-levels of inflation mean that in real terms their income has [...]
In My Prime, a consultancy specialising in older workers, today warned that many self-employed people in the UK are failing to put enough money aside for their retirement. Small business owners could once rely on using the asset value of their business to fund their retirement, but in the current economic climate this may be [...]
Many people approaching retirement age don’t realise they could receive higher pension income if they have ongoing health issues, or if their lifestyle could potentially reduce life expectancy. The risk that over-55s could be missing out on retirement funds was highlighted in a study by MGM Advantage. Seventy-two percent of this age group could be [...]
New figures from financial research company Defaqto reveal that UK savers are pessimistic about their pensions and many are failing to make adequate provision for their retirement. Dafaqto reports that the proportion of savers who fear that their needs won’t be adequately met when they retire has grown 6 per cent to 44 per cent. [...]
Work and Pensions Secretary, Iain Duncan Smith, will unveil plans to simplify the pensions system so that it “pays to save” for retirement. According to Mr Duncan Smith, it 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 [...]
An independent commission led by Lord Hutton (the former Labour Work and Pensions Secretary) has called for a change to final salary pensions for the public sector. The 174-page report comes after Chancellor George Osborne asked Lord Hutton to carry out an investigation into where savings can be achieved. Mr Osborne has previously said the [...]
Government plans to scrap the default retirement age are “great news” for those approaching retirement, according to pensions provider Aviva. Research by Aviva found nearly seven in ten (68%) of over-55s would like to continue working when they reach 65. Last week the coalition government said from October 2011 employers will no longer be allowed [...]
Britain’s over-50s have reduced their retirement savings by nearly £18 billion over the last year, according to new research by LV=. The pensions, investments and insurance group found 21% of those approaching retirement have reduced their retirement savings by an average of more than £300 per month in the past 12 months. In the same [...]
A report published by the independent Public Sector Pensions Commission is suggesting the Government needs to urgently review Britain’s public sector pension system. According to the report, a radical reform is needed as public sector pensions cost double the amount previously thought. The report said State pensions are “unreasonably forced on to future taxpayers” with [...]
The French Government has announced the country’s retirement age will be lifted from 60 to 62 by 2018, as part of a sweeping overhaul to its pension system. The new measures are to be implemented to cut France’s pension costs and reduce public borrowing. However, the shake-up has met with public anger after tens of [...]
A report by the Centre for Policy Studies think-tank has said the UK’s savings system needs to be reformed in order to encourage people to bank their money. According to the think tank, schemes need to be simplified if people are going to save as the current system is too complex with multiple tax regimes. [...]
Tony Hobman has been appointed by the Financial Services Authority (FSA) to run the newly created Consumer Financial Education Body (CFEB). The CFEB is aimed at enhancing consumers’ financial education and their ability to manage their finances. The newly-established CFEB comes at a time when the Government is concerned that a lack of financial knowledge [...]
Workers at motoring group AA have voted in favour of going on strike in a row over pensions. The AA’s management wants to put a cap on annual rises in pensionable salaries, to raise employee contributions and also to cut the maximum annual increase in pensions paid. The final-salary scheme is already closed to new [...]
Business group, the Confederation of British Industry (CBI), is calling for an overhaul of public sector pensions as concerns over the affordability of pensions for workers in the state sector, including nurses, teachers and the police, is growing. The CBI is urging the next Government to establish an independent commission within weeks of being elected [...]
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 [...]
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 [...]
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 [...]
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 [...]
£182bn of tax-free savings unused
More than three quarters of savers are unaware that everyone aged 16 and over is allowed to put £5,340 into cash ISA this year, according to research from uSwitch. Only half of savers are planning to put any money at all into a cash ISA, and just a quarter are using their total allowance, the [...]
Seven in ten UK adults are in debt but many are choosing to ignore the problem instead of seeking help before it gets out of hand. Research by The Co-operative Bank found that 29 per cent of people refuse to confront their debt problems. Many do not admit that they are in debt until borrowing [...]
New mortgage approvals reach two year high
Mortgage approvals have reached their highest level since December 2009 according to Bank of England figures. 58,728 home loans were approved in January 2012, a 30 per cent increase from January 2011, following increased activity among first-time buyers. A two-year stamp duty exemption on properties between the value of £125,000 and £250,000 will end in [...]
Regulator receives most complaints about Barclays
The Financial Ombudsman Service (FOS) received more complaints about Barclays than any other single UK bank in the second half of 2011, but Lloyds topped the list of most complained about banking groups. The FOS received a total of 11,524 complaints about Barclays between 1 July and 31 December - 6,975 were about the mis-selling [...]
Taxpayers to make £11bn profit from Northern Rock
The government’s purchase of Northern Rock in February 2008 and its recent sale of the bank to Virgin Money, is expected to result in a net profit of up to £11bn for UK taxpayers. According to UK Financial Investments Ltd (UKFI) which manages the Government’s stakes in banks bailed out by the state during the [...]
House prices soar near Olympics venue
The average value of houses in the 13 postal districts closest to Olympic park in Stratford, east London, has increased by more than £62,739 to £268,884 since July 2005, when the capital was awarded the right to host the 2012 Olympics. A study by Lloyds TSB shows that house prices have risen by 30%, which [...]
House prices stable amid strong buyer interest
House prices remained steady in January and February according to property analysis firm Hometrack, but there was a surge for interest from potential buyers. The firm’s Monthly National Housing Survey found that property values fell across six regions, remained the same in three, and grew by just 0.1 per cent in London, in the first [...]
UK households falling deeper into debt
UK households will find it increasingly difficult to service their debts in the coming years, according to a report by debt charity, Consumer Credit Counselling Service (CCCS). According to the charity’s research, an average of more than 23 per cent of households’ disposable income went towards interest payments on loans at the end of 2011. [...]
Regulator issues pension liberation scheme warning
The Pensions Regulator is highlighting the risks associated with so-called ‘pension liberation’ schemes, which often leave investors substantially out of pocket. Pension holders should resist the temptation to release money from their pension fund before the age of 55 the regulator warns, as Pension Liberation schemes are often scams offered by unauthorised firms. These firms [...]
Online advertising boosts Rightmove
UK property website Rightmove saw traffic to its property portal soar by 22 per cent to 9.3 billion pages in 2011. The site accounted for 84 per cent of the pages viewed on the top four property websites. Over two-thirds of Rightmove’s advertisers took advantage of additional advertising products available to promote their properties, with [...]
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