News Tag: retirement
February 18, 2010
Paying off the mortgage in full before they reach age 50 is the goal of nearly two thirds of Brits.
Research by the Co-operative Bank found 62% of UK consumers aim to be mortgage free by their 50th birthday.
Once their mortgage is paid off, the main goal of those surveyed was to take more holidays, with 52% saying they are ...
Brits want to be mortgage-free by age 50
by David Masters
January 8, 2010
The Personal Accounts pension scheme, which is aimed at encouraging low to middle income workers to save for their retirement, is to be re-branded as the National Employment Savings Trust (NEST).
NEST will be one option open to employers who will have to enrol workers into a workplace scheme.
Employees will be enrolled automatically in the scheme unless they opt out, ...
New pension scheme set to be called NEST
by Kay Murchie
December 2, 2009
Britons' love affair with property has left more than one million over fifties looking sadly on their retirement prospects.
According to a poll by insurer LV=, 12% of homeowners aged 50 and over are relying on capital growth from their homes to part-fund their non-working years.
The boom years of the UK's housing market actually encouraged lower contributions to ...
Britons hold faith in house price rises to fund retirement
by Gill Montia
November 25, 2009
More than a third of UK consumers believe their pension savings have been depleted by the recession, new research by Aviva has discovered.
Thirty five per cent of the 1,200 people polled - all of whom are nearing retirement - said their retirement funds have fallen in value because of the credit crunch.
Over one in ten (12%) said so much has been lost ...
Recession dents UK pension funds
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 25, 2009
A High Court judge has today ruled that employers are still able to dismiss workers when they reach the age of 65.
Currently, the law means that a British worker can have their employment terminated at the age of 65 without redundancy payments - even if they do not want to retire.
Furthermore, an employer can ...
High Court rules workers can be forced to retire at 65
by Kay Murchie
September 8, 2009
British workers who fail to save for their retirement could end up working until they reach 86 if they want to be paid a decent pension.
Research by Standard Life found the real retirement age of people not currently saving for retirement could be between 74 and 86 if they want to retire on two-thirds of their final salary.
People who retire on ...
Save nothing and retire at 86
by David Masters
September 2, 2009
Brits approaching retirement should do their utmost to pay off debts before they leave employment, a consumer advice charity warned this week.
Anyone aged over-50 should strive to pay off debts as soon as possible to ensure they have a comfortable retirement, the Money Advice Trust (MAT) said.
The MAT made the remarks following reports from Scottish Widows showing a rising debt burden ...
Aim to retire debt-free, MAT advises
by David Masters
August 26, 2009
A survey by pension advisers MGM Advantage has revealed that around 35% of people over 55 who are still working said they would put off plans to retire.
Meanwhile, a further 23% of people in this age group are expecting to work past the state pension age of 65, while a third (32%) confessed to not being prepared for retirement.
However, ...
More than a third forced to delay retirement
by Kay Murchie
August 3, 2009
Better financial advice could help keep more people out of poverty during retirement, the Government's Pensions Commission claimed this week.
The Work and Pensions Committee said it is "unacceptable" that two million pensioners still live in poverty, and called on the government to commit to ending pensioner poverty.
Giving pensioners access to better financial advice "could have a considerable impact ...
MPs call for financial advice to end pensioner poverty
by David Masters
July 16, 2009
Two million Brits have had their dream of retirement crushed by the recession, according to research by LV=.
One in five (22%) of over 50s have had to delay their retirement date, LV= found, whilst a quarter (25%) have no clear idea of when they'll be able to give up work.
Even where the recession has not entirely destroyed retirement plans, it has left ...
Retirement dreams crushed by recession
by David Masters
June 26, 2009
Nearly one and a half million pensioners are continuing to work to fund their retirement, according to new research from Key Retirement Solutions (KRS).
In the past decade, the proportion of pensions receiving income from earnings has increased from 12% to 17%, with 1.4 million pensioners now continuing to work during retirement.
Pensioner couples are also more likely to rely on earned ...
Pensioners re-enter workforce to pay their way
by David Masters
June 21, 2009
New research has unveiled that in order to live a comfortable retirement, Britons may find themselves working until they are 77 years of age.
According to fund management group, Fidelity International, those depending on company pensions, linked to stock market growth, will need to top up their pension considerably if they wish to retire at the traditional age of 65.
The ...
Comfortable retirement means working until age of 77
by Kay Murchie
June 12, 2009
The Citizens Advice Bureau (CAB) has warned of a “worrying gap” in the availability of affordable financial advice for people approaching retirement.
People over 50 are often asset rich, but cash poor, and cannot afford to pay for the financial advice they need, the CAB said.
Many people in this age group have complex questions about mortgages, pensions, and equity release, but ...
‘Worrying gap’ in financial advice for over-50s
by David Masters
March 31, 2009
Brits without a pension are being advised to set one up now rather than wait until the recession has passed.
Pensions specialist Fidelity International warned that people who wait until 2012 to start their pension could be throwing away as much as £175,000.
Julian Webb, pensions expert at Fidelity International, said: "At the moment people are focusing on reducing debts, which is ...
Start saving for retirement now, consumers told
by David Masters
March 20, 2009
Independent financial advisors (IFAs) should make pension reviews a priority and, if possible, conduct them ahead of schedule, Zurich said this week.
Good pension planning is vital following the economic crisis, Zurich said, and advisers should encourage their clients to undertake pension reviews now in light of the credit crunch.
Many people saving for retirement will need to reassess their investments and ...
Make pension reviews a priority, IFAs told
by David Masters
March 18, 2009
The majority of baby boomers could face a bleak retirement if they fail to adapt to the credit crunch, according to new research by the Hartford.
Two-thirds (65%) of baby boomers, those aged over 45, have not reviewed their pension plan since the credit crunch began, the pensions provider said.
The Hartford found that 42% of over-45s are in 'credit-crunch denial', either refusing to ...
Baby boomers ignore crunch implications
by David Masters
March 10, 2009
Prudential has launched a new annuity that aims to provide for customers with smaller pension pots whilst giving flexibility in retirement.
The Income Choice Annuity (ICA) gives customers the freedom to choose their annual income, and change this every two years if they want to.
It also provides a guaranteed minimum income for the lifetime of the annuity.
The ICA can be purchased from as ...
Prudential launches £10,000 flexible annuity
by David Masters
March 4, 2009
Insurance and pensions group LV= has launched a new pensions plan that can be tailored by customers to meet their individual needs.
The Flexible Transitions Account (FTA) has a variety of investment options to suit the needs of different customers.
Customers can combine and switch investment options throughout the life of the pension according to their retirement needs and aspirations.
The account has a clear ...
LV= launches flexible pension plan
by David Masters
February 17, 2009
UK adults are increasingly feeling the need to offer their parents financial support, but are struggling to find the cash to do this.
Research by Norwich Union found that two thirds (68%) of adults would like to help fund their parents' retirement, but are unable to do so because of their own financial situation.
Nearly three quarters (72%) of those surveyed ...
‘Sandwich generation’ caught between supporting parents and children
by David Masters
