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 [...]
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 [...]
The national statistics institute INE today announced the unemployment rate in Spain is at the highest level since the second quarter of 1997. Spain, which has the highest unemployment rate in the EU, has been hit by a severe slump within its key construction industry, which has led to a significant amount of job losses. [...]
According to a survey conducted by charity, Age UK, two-thirds of people support Government plans to scrap the default retirement age (DRA). The survey, which questioned more than 1,000 people, found 70% wanted to continue working beyond retirement. Currently, an employer has the legal right to terminate the employment of a 65-year-old - something which [...]
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 [...]
The majority of Britain’s workforce will not be able to retire before 70, a pensions expert has predicted. Robin Ellison, partner at Pinsent Masons, said the government will be forced to increase the retirement age at a faster pace than most people expect due to a growing population of older people. “This is just the [...]
According to influential think tank, the National Institute of Economic and Social Research (NIESR), the UK’s out of control debt will result in tax hikes, cuts in spending and a rise in the retirement age. The NIESR believes that the build up of Government debt could reach 93% of GDP by 2015. UK debt is [...]
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 [...]
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 [...]
As a result of growing life expectancy, a pensions guru is predicting that millions of men and women will have to stay in employment until they are 70. Lord Turner, who 2 years ago said the retirement age would rise to 68 by 2046, believes the state pension age will have to increase further. On [...]
Government to crack down on hidden credit card charges
Tougher rules are to be brought in to protect consumers from hidden credit card charges and premium-rate phone calls to customer service departments. The Government has launched a consultation on how to implement the changes, which are required under a European Consumer Rights Directive and will apply to countries across the European Union. The new [...]
Which? report claims free banking is a myth
A new report by consumer group Which? highlights the high charges that can be applied to ‘free’ current accounts. While these accounts are free while in credit, charges can be applied if a customer goes overdrawn, especially if they do so without permission. Customers can also be charged for overseas transactions and for agreed overdrafts. [...]
Households more optimistic about their finances
Household finances are still deteriorating, but at a slower rate, according to the Markit household finance index. The index increased from 37.5 in July to 38.9 in August, with figures above 50 representing a positive change in household finances, and figures below 50 representing a negative change. The August figure represents the third consecutive monthly [...]
Think tank calls for council housing sell off
The Policy Exchange, a leading UK think tank, is calling for expensive social housing to be sold as it becomes vacant. This could raise £4.5 billion a year and the money could be used to create the largest social house building programme since the 1970s, the think tank suggests in a new report. Between 80,000 [...]
Barclays appoints new chairman
Barclays has announced the appointment of Sir David Walker as its new chairman. He will take over from Marcus Agius who resigned from the role after Barclays was fined £290 million by regulators in the UK and US for manipulating Libor, the interbank lending rate. The appointment of Sir David, a respected and experienced banker, [...]
Post Office stepping up mortgage offering
The Post Office is expanding its mortgage service with the introduction of mortgage specialists in its branches. Mortgages have been available from the Post Office since 2009, but applications have had to be made online or over the phone. It currently offers mortgage with deposits as low as 10 per cent and plans to enhance [...]
Help Loan closed after breaching money-laundering rules
Payday Loan company MCO Capital has been closed down by the Office of Fair Trading (OFT) and fined £544,000 after failing to check the identity of its borrowers. The firm, which traded as Help Loan, was targeted by criminals and cheated of more than £1.5m by the fraudsters due to its negligence. The criminals stole [...]
Health insurance becoming unaffordable warns Bupa
The rising cost of private healthcare is pushing health insurance in the UK up to unaffordable levels, according to international healthcare group Bupa. A lack of competition among private hospitals has led to the cost of treatment rising, and the insurer says that this could lead to health insurance becoming unaffordable. An increase in the [...]
Bank of England forecasts zero economic growth
The Bank of England does not expect the UK economy to grow at all this year according to its latest quarterly report. It had previously forecast growth of 2 per cent for 2012 but recent gloomy economic data has led to the growth forecast being revised downwards. The forecast for medium-term growth has also been [...]
Standard Chartered in money-laundering scandal
Standard Chartered has become the latest UK bank to be accused of illegal activity. It has been accused by the New York department of financial services of hiding $250 billion worth of illegal transactions with Iranian banks between 2001 and 2010. The US regulator claims that the bank, which has wholesale banking, corporate finance and [...]
About | Privacy | Disclaimer | Resources | XML Feeds | Press Releases | Directory | Contact us
