Tag: retirement

Workers to be automatically enrolled into pension scheme

Workers to be automatically enrolled into pension scheme

In a bid to encourage people to save for their retirement, the Government has announced that all UK businesses should offer a company pension scheme or enrol members of staff into the new National Employment Savings Trust (NEST). Employees will be enrolled automatically in the scheme unless they opt out, contributing 4% of their salary. [...]

October 27, 2010 | 0 Comments More
ONS report reveals pensioners are better off

ONS report reveals pensioners are better off

A report published by the Office for National Statistics (ONS) has revealed pensioners are not as poor as they were once believed to be. According to the report, pensions who opt to work in their retirement years are wealthier compared with the rest of the population. The study established that working in retirement provides a [...]

September 29, 2010 | 1 Comment More
Aviva welcomes plans to scrap compulsory retirement

Aviva welcomes plans to scrap compulsory retirement

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 [...]

August 3, 2010 | 0 Comments More
Downsizing for retirement a questionable plan

Downsizing for retirement a questionable plan

The assumption that downsizing from the family home as old age approaches can help fund a comfortable retirement has been challenged by Standard Life. The insurer has recently conducted an “extensive analysis” of the UK property market to calculate how much retirement income downsizing can generate, and is warning those whose retirement dreams are dependent [...]

April 8, 2010 | 0 Comments More
Aviva highlights “pre-inheritance” trend

Aviva highlights “pre-inheritance” trend

The traditional practice of leaving an inheritance is being replaced with a “pre-inheritance”. Nearly half (46%) of British adults have received a pre-inheritance, money given to them out of the estate of a benefactor who has yet to die. However, the new trend could already be on the wane, with just 17% of over-55s saying [...]

April 6, 2010 | 0 Comments More
Self-employed fail to save for retirement

Self-employed fail to save for retirement

Self-employed people are failing to put enough money aside for their retirement, Standard Life claimed this week. The pensions provider said half of self-employed people aged 35-44 have saved less than £3,500 towards retirement. This is compared to an average of £73,000 in pensions savings for employed people of that age. “The recession has created [...]

March 23, 2010 | 0 Comments More
Brits want to be mortgage-free by age 50

Brits want to be mortgage-free by age 50

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 [...]

February 18, 2010 | 0 Comments More
New pension scheme set to be called NEST

New pension scheme set to be called NEST

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 [...]

January 8, 2010 | 0 Comments More
Britons hold faith in house price rises to fund retirement

Britons hold faith in house price rises to fund retirement

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 [...]

December 2, 2009 | 0 Comments More
Recession dents UK pension funds

Recession dents UK pension funds

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 [...]

November 25, 2009 | 0 Comments More
Retirement age must increase to 75

Retirement age must increase to 75

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 [...]

October 7, 2009 | 0 Comments More
High Court rules workers can be forced to retire at 65

High Court rules workers can be forced to retire at 65

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 [...]

September 25, 2009 | 1 Comment More
Save nothing and retire at 86

Save nothing and retire at 86

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 [...]

September 8, 2009 | 0 Comments More
Aim to retire debt-free, MAT advises

Aim to retire debt-free, MAT advises

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 [...]

September 2, 2009 | 1 Comment More
More than a third forced to delay retirement

More than a third forced to delay retirement

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 [...]

August 26, 2009 | 0 Comments More
MPs call for financial advice to end pensioner poverty

MPs call for financial advice to end pensioner poverty

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 [...]

August 3, 2009 | 0 Comments More
Retirement dreams crushed by recession

Retirement dreams crushed by recession

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 [...]

July 16, 2009 | 0 Comments More
Pensioners re-enter workforce to pay their way

Pensioners re-enter workforce to pay their way

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 [...]

June 26, 2009 | 0 Comments More
Comfortable retirement means working until age of 77

Comfortable retirement means working until age of 77

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 [...]

June 21, 2009 | 0 Comments More
‘Worrying gap’ in financial advice for over-50s

‘Worrying gap’ in financial advice for over-50s

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 [...]

June 12, 2009 | 0 Comments More