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 [...]
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 [...]
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 [...]
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 [...]
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% [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
Phone fraudsters stealing bank card pins
Fraudsters using a phone scam to trick bank card holders into revealing their pin numbers stole £750,000 in the first four months of this year. This is the same amount stolen through this scam in the whole of last year. The fraudster telephones a bank customer, often someone elderly or vulnerable, telling them that their [...]
FSA rules out ban on interest-only mortgages
Speculation that the Financial Services Authority would ban interest-only mortgages as part of its Mortgage Market Review has proved to be unfounded. However, lenders will be required to monitor the performance of the investment product taken out by the customer to repay the mortgage at the end of its term. Investments are performing poorly because [...]
Bank of England may end free in-credit banking
A director of the Bank of England has warned that official intervention could be considered to end the ‘dangerous myth of free in-credit banking’. Andrew Bailey has already spoken out against free banking in relation to the mis-selling of financial products. In a speech made available to media, he reiterated his concern, saying that it [...]
Bank of England votes against more economic stimulus
The Bank of England voted against a further round of quantitative easing, at its latest Monetary Policy Committee (MPC) meeting. Just one member, David Miles, voted for further asset purchase to encourage growth in the UK economy, while the other eight members voted to keep the Bank’s quantitative easing programme steady at £325bn. The minutes [...]
Catalogue debt growing says helpline
Calls from people concerned about their debts with mail order catalogues accounted for more than 12 per cent of all calls received by National Debtline last year, compared with just 8 per cent in 2007. More people were concerned about catalogue debt than about payday loans, mortgage or rent, according to the Money Advice Trust [...]
Homeserve faces mis-selling investigation
HomeServe, which provides emergency insurance cover and domestic repairs to households in the UK, is to be investigated by the Financial Services Authority (FSA). Issues over the possible mis-selling of household emergency policies were uncovered last October during an internal review at the Walsall-based company. Homeserve’s call centre staff were found to be selling ‘Complete [...]
OFT warns Wonga over debt collection methods
Payday loan company Wonga used aggressive and misleading methods to collect debts from customers, the Office of Fair Trading (OFT) has found. Wonga sent letter and emails to certain customers suggesting they had committed fraud and threatening to report them to the police if they did not act in the way Wonga suggested. The company [...]
NS&I re-launches investment account
National Savings & Investments (NS&I) has re-launched its Investment Account at a higher interest rate than it previously offered. The account now offers 0.75 per cent before tax, compared with between 0.2 and 0.3 per cent previously, depending on the account balance. Deposits and withdrawals on the account can no longer be made at Post [...]
Rightmove reports property downsizing trend
Two in five property owners planning to sell in the next year are planning to ‘trade down’, compared with one in four who plan to ‘trade up’. A survey by property website Rightmove found that moving to a smaller home is the main reason for moving in nine out of the ten regions in the [...]
More people failing to save for retirement
The proportion of people with no pension savings has grown from 20 per cent to 22 per cent over the past year, according to Scottish Widows’ latest survey. The pension provider surveyed 5,200 adults in the UK, aged 30 or over, and earning at least £10,000 a year, for its annual review of pensions. Ian [...]
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