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 [...]
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 [...]
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 [...]
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 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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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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