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 [...]
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 [...]
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 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 [...]
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 [...]
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 [...]
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% [...]
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 [...]
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 [...]
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 [...]
Working adults in the UK have ‘higher expectations’ of life than previous generations, causing a decline in saving for pensions. This is the view of Padraig Floyd, editor of Pensions Management magazine. According to Floyd, many consumers now take for granted having ‘a house, two holidays’ and being ‘able to go out for meals regularly’ [...]
Nearly a quarter of UK workers expect that their retirement will be delayed because of the credit crunch. A survey of over 2,000 working adults by insurance provider Life Trust found 12% are considering putting off retirement for five years, 8% expect a delay of two to four years, whilst 3% will be forced to [...]
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 [...]
A survey carried out by insurer Friends Provident has established that 75% of Britons believe the state pension is not enough to provide a comfortable retirement. The survey was conducted to mark the 100th anniversary of the state pension and questioned 3,056 people. However, while three quarters of respondents said it did not provide an [...]
Investment firm, Alliance Trust, has revealed that the property market downturn has shaken homeowners’ confidence in funding part of their retirement by cashing in on the family home. According to recent research by the company, only 33% of Britons list property investment among their top three methods of pension savings. The proportion compares with 43% [...]
The Office for National Statistics (ONS) has established that the average man is working for longer before retiring. Official figures show that in 1984, the average male retired aged 63.7 years. However this has increased from 64.6 years between April and June this year and is now up to 65. Meanwhile, the average retirement age [...]
Middle aged Britons who intended upping their retirement income by releasing equity from their homes will already be reworking their sums as a result of the property market downturn. However, according to research from Impartial.co.uk, the website that provides details of the UK’s independent mortgage advisers, one in three over 55s could be heading into [...]
Baring Asset Management is advising homeowners relying on property assets to fund their retirement to diversify. The slowdown in the UK housing market has highlighted the dangers of relying on a specific sector for pension income and research by the investment firm has shown that the number of people who are planning to use property [...]
Key Retirement Solutions is suggesting that around one-third of Britons who have entered or are nearing retirement still owe substantial sums on their mortgages. In a study of 4,507 equity release clients (aged 55 and over), one-third still had mortgage debt. Among the 60 to 69 year-olds, 35% were still repaying their home loans. Neither [...]
According to Fidelity’s third annual retirement index, British workers are set to retire on less than the minimum wage. A typical worker will see their earnings fall by over 50% on reaching retirement to just £215 per week – less than the income of someone who works 40 hours a week on the minimum wage [...]
M&S Money launches 3% cash ISA
M&S Money has launched an Advantage Cash ISA paying 3 per cent, and which allows transfers in from other ISAs. It can be opened with a minimum deposit of £100 lump sum followed by minimum monthly deposits of £25. The 3% rate is variable, but there is no short-term bonus so the return won’t plummet [...]
Google suspends UK Compare Mortgages site
Google has closed its UK mortgage comparison site which it launched in July last year, after it proved to be less popular than expected. Mortgage comparison sites are designed to allow visitors to compare mortgages quickly and easily without having to visit each lender’s individual site. Google was competing with several well-established comparison sites, including [...]
AA launches ‘black-box’ policy for young drivers
The AA is launching an innovative car insurance policy called Drivesafe which could help younger drivers save up to £850 a year. Younger drivers already pay substantially higher premiums than other motorists and these costs are increasing. A new study by Confused.com suggests insurance costs for younger driver have gone up by 5.7 per cent [...]
ATOL scheme updated to protect online bookers
ATOL, a financial protection scheme managed by the Civil Aviation Authority, is being extended to protect up to six million more holidays a year. The scheme ensures that holiday makers do not lose out financially if a travel company collapses, and that they are not stranded abroad. An increase in the number of holidays booked [...]
Home repossessions lowest for four years
The number of UK homes repossessed fell to 36,200 in 2011, significantly below the Council of Mortgage Lenders’ forecast of 40,000, and lower than 2010 when 37,100 homes were repossessed. With interest rates remaining low and lenders adopting a sympathetic attitude to customers in financial difficulty, repossessions fell to their lowest level since 2007. However, [...]
Monthly pay lasting just 17 days
Workers are running out of money just 17 days after receiving their monthly pay, according to new research by the Halifax bank. This means that the average UK worker spends half the month worrying about money. The study, based on the responses of more than 2,000 adults, found that 10 per cent of workers start [...]
Women disadvantaged by auto-enrolment changes
Government proposals to increase the auto-enrolment threshold to £10,000 could put 1.8 million women at risk of missing out on a pension, the TUC has warned. Under the auto-enrolment scheme, which will be phased in from October, private sector employers will automatically enrol workers between the age of 22 years and the state pension age, [...]
Emergency household repairs company Homeserve is taking longer than expected to get back on track after its operations were suspended last October. The company expected customer numbers to fall by 5% this year but it has increased this estimate to 8% and announced the loss of 200 jobs. It estimates that renewal revenue in 2013 [...]
Sale rumoured for Yorkshire and Clydesdale banks
There is growing speculation that National Australia Bank (NAB) may sell Yorkshire Bank and Clydesdale Bank after the Australian parent company announced a strategic review of the two banks’ operations. The Australian economy is performing well and NAB reported strong profits for the final quarter of 2011 but with the UK economy at a virtual [...]
More women experiencing debt difficulties
Women in Debt, which offers female-focused debt advice, has warned that the number of UK women facing serious debt has grown significantly over recent years. The organisation believes that more women will need advice on solving debt problems in the future because they are building up an unsustainable level of indebtedness. Women in Debt’s director, [...]
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