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News Tag: state pension

November 5, 2012

Peer suggests OAPs should work for their pension

by Jan Harris
Peer suggests OAPs should work for their pension
Lord Bichard, who sits on the Committee on Public Service and Demographic Change, has caused controversy by suggesting that older people are a “burden on the state”. He suggested that pensioners should have to do community work in order to receive their full state pension. Speaking to the committee he said: "Are there ways in which we could use incentives to ...




August 24, 2012

Unions vote to accept public sector pension changes

by Jan Harris
Unions vote to accept public sector pension changes
Unions have agreed to proposed changes to the Local Government Pension Scheme (LGPS), ending a long-running dispute with the government over the reforms. Members of Unison and Unite, two of the UK’s largest unions, voted in support of the reforms, with 84 per cent of Unite members voting to accept the changes and 90 per cent of Unison members. ...




August 23, 2012

ABI calls for transparency over pension charges

by Jan Harris
ABI calls for transparency over pension charges
A ‘protocol’ should be given to members of company and private pension schemes, giving clear information on charges, the Association of British Insurers (ABI) says. The ABI’s call for pension charges to be made clearer comes prior to the introduction of automatic enrolment in autumn, when employers will be required to enrol workers in a company pension scheme unless they chose to ...




May 21, 2012

More people failing to save for retirement

by Jan Harris
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 Naismith, head of pensions market development at ...




May 9, 2012

Queen’s Speech outlines pension changes

by Jan Harris
Queen's Speech outlines pension changes
The Queen’s Speech has outlined plans to introduce a flat-rate state pension in England, Scotland and Wales and to automatically increase the pension age in line with longevity. A new flat-rate of £140 will replace the current full state pension, which stands at £107.45 a week, but can increase to £137.35 with pension credit. The flat rate is designed to eliminate the current ...




April 10, 2012

Government may tax state pension at source

by Jan Harris
Government may tax state pension at source
As part of its plans to simplify the tax system the Government may start taxing State Pensions before they are paid out. Pensioners whose taxable income, including their State Pension, exceeds their tax-free personal allowance, still have to pay income tax, although it is estimated that only 40 per cent of pensioners realise that their State Pension is taxable. Out of the ...




April 4, 2012

One in six retirees relying on state pension

by Jan Harris
One in six retirees relying on state pension
New research by Prudential shows that one in six people retiring this year will rely solely on their state pension because they have no workplace pension to supplement their income. The Prudential’s ‘Class of 2012’ survey into the retirement plans of nearly 10,000 people highlighted that women are more than twice as likely as men to have only their state ...




June 24, 2010

Government to announce state pension age increase

by Kay Mitchell
Government to announce state pension age increase
Work and pensions secretary, Iain Duncan Smith, is expected to announce today that the state pension age will rise to 66 for men - as early as 2016. Furthermore, the Government is to raise the option of extending it further, perhaps to 70 and beyond in the following decades. The former Labour Government's policy was to lift the pension age ...




June 1, 2010

UK workforce in for pensions shock

by David Masters
UK workforce in for pensions shock
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 start of a series of changes," Ellison said. ...




January 27, 2010

ONS reveals fall in pensioner poverty

by Kay Mitchell
ONS reveals fall in pensioner poverty
The Office for National Statistics (ONS) has today revealed that the number of pensioners living in poverty has shrank by almost a third to two million in 2007/08 from 2.9 million in 1998/99. Poverty is officially defined as living on 60% of the average income - once housing costs have been paid. The ONS also revealed that fewer over 60s are relying ...




December 9, 2009

Darling unveils plans to cut UK’s ballooning debt

by Kay Mitchell
”Darling
At today’s Pre-Budget Report, Chancellor of the Exchequer Alistair Darling unveiled measures to claw back money in order to pay off the UK’s spiralling debt. Mr Darling confirmed there would be a one-off 50% tax on bankers' bonuses paid above £25,000. The Chancellor said the banks, rather than the bankers, will pay the tax and the temporary measure will come into ...




October 13, 2009

State pension to rise by 34p per day from April 2010

by Kay Mitchell
State pension to rise by 34p per day from April 2010
The basic state pension is to increase from April 2010 by 2.5%, which equates to a rise of £2.40 per week, or 34p per day. For a single pensioner, the weekly pension will rise from £95.25 to £97.65, while a pensioner couple will see a rise to £156.16 from the current £152.30. State and public sector pensions ...




October 12, 2009

Only third of women receiving full state pension

by Kay Mitchell
Only third of women receiving full state pension
According to the Pensions Advisory Service, only a third of women currently receive the full state pension. Many women miss out on a full state pension if they stop working or opt to work part-time to bring up their children. As a result, they are missing out on National Insurance contributions due to leaving the workforce or working in ...




June 29, 2009

Failure of ‘bogged down’ pensions system

by David Masters
Failure of 'bogged down' pensions system
Pensioners are missing out on up to £5.4 billion per year in benefits they are entitled to, Age Concern said this week. The over-50s charity said thousands of pensioners are refusing to claim benefits because they are too proud to do so. Many pensioners would feel like they were taking handouts if they accepted benefits they hadn't earned, Age Concern said. Michelle Mitchell, Age ...




April 20, 2009

Pensioners’ income down 25% on year

by David Masters
Pensioners' income down 25% on year
Pensioners have seen their monthly income slashed by almost a quarter in the last year, research by SHIP has discovered. SHIP (Safe Home Income Plans) revealed that the 8 million British pensioners are suffering from the drop in income, caused by the collapse in the Bank of England's base rate. Income from savings has plummeted 90% compared to 12 months ago as the ...




January 5, 2009

State pension should be doubled, finds research

by David Masters
State pension should be doubled, finds research
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 respondents believed the basic state pension is ...




October 24, 2008

Male retirement age increases

by Kay Mitchell
”Male
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 for women who had worked past 50 was 61.9, up ...




July 31, 2008

Pensions expert predicts pension age to rise to 70

by Kay Mitchell
”Pensions
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 August 1, 1908, the ...