COVID-19 raises pension fraud threat level

Just as the coronavirus crisis has brought out the best in humanity, in the form of selfless healthcare workers and the nationwide support for them, it has also – sadly – dredged up some of the worst. There are some who see the crisis only as an ‘opportunity’ to con older people out of their … Continue reading “COVID-19 raises pension fraud threat level”

Women face ‘Gender Pension Gap’

The latest ‘Women and Retirement’ report1 reveals an increasing proportion of women are prepared for retirement. Unsurprisingly, it also shows that the historic gender pay gap translates into a gender pension savings gap. RECORD CONTRIBUTION LEVELS The number of women contributing to a pension has risen by 15% in the last 15 years, with the … Continue reading “Women face ‘Gender Pension Gap’”

Why it’s time to stand by your workplace pension

The coronavirus lockdown is forcing millions of us to reduce our spending and economise. But one thing you shouldn’t cut back on, if possible, is contributing to your workplace pension. When minimum workplace pension contributions were raised to 5 per cent (for employees) last year, some commentators raised concerns that this would hurt the take-home … Continue reading “Why it’s time to stand by your workplace pension”

Women have two-thirds less saved at retirement

With people living longer due to higher living standards and better healthcare, people’s pension savings are having to stretch further. This is an especially worrying thought for women, who have on average £106,000 less in their pension pots than men when they reach retirement. While women have around £51,000 saved to see them through retirement, … Continue reading “Women have two-thirds less saved at retirement”

Annuities: the trickiest pension decision of all?

As Prudential is fined £24m for its former practice of selling annuities to customers without encouraging them to shop around, there are signs that these retirement products are becoming better value – for those who choose wisely. The financial regulator has penalised Prudential for sales practices that occurred pre-2013, for not offering consumers the choice … Continue reading “Annuities: the trickiest pension decision of all?”

People are paying less into their pensions (but more have them)

The good news: pension scheme membership is growing. Not so good: the average level of saving is falling. New HMRC figures show that although the pension message is getting through, many remain unaware of how big a retirement fund they will need. The average person saving into a pension paid in around £200 less last … Continue reading “People are paying less into their pensions (but more have them)”

Retirement: 68% may be making the wrong choices by going it alone

Since the introduction of the pension reforms, retirees have much greater flexibility to spend and invest their pension pots as they wish. However, this means that people are faced with important decisions, both in the run-up to retirement and afterwards, that will affect their standard of living and financial outlook for years to come. A … Continue reading “Retirement: 68% may be making the wrong choices by going it alone”

Raise state pension age to 75, says think-tank

State pension ages are rising across the world, and the UK is no exception. By October 2020 Brits will have to wait until their 66th birthday to start drawing their state pension, and many born in the 60s and 70s will be 67 before they can draw theirs. The final scheduled increase is for 2028, … Continue reading “Raise state pension age to 75, says think-tank”

Shortage of suitable homes scuppers downsizing plans

Once their offspring have left home, parents can often find the family house is too big for their needs and expensive to maintain. That’s why, as retirement approaches, many people think about downsizing, and moving to a smaller, easier-to-manage home that’s cheaper to run. However, it seems that suitable properties might not be that easy … Continue reading “Shortage of suitable homes scuppers downsizing plans”

Drawdown pensioners unaware of risks, study suggests

A new study by Age UK reveals growing anxiety among pension providers that retirees do not fully understand the risks of drawdown products – which may lead to a future ‘scandal’. Pension freedom has yet to face its toughest test, and the consequences could hit retirees hard, warns a report from Age UK. Although the … Continue reading “Drawdown pensioners unaware of risks, study suggests”