Old and young both missing out on advice opportunities

More than half of Brits over 65 are yet to take advice on their finances, despite evidence that advice doubles financial confidence. At the same time, younger generations are failing to exploit advice opportunities. The UK’s baby boomers have largely missed out on the benefits of financial advice, and younger generations are at risk of … Continue reading “Old and young both missing out on advice opportunities”

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)”

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”

Lifetime ISA investors losing out to high fees

People using the Lifetime ISA to save for a first home, or to boost their retirement income, may be sacrificing thousands of pounds to avoidable management fees. But lower cost alternatives are available. The Lifetime ISA (LISA) has been a godsend for first-time buyers, offering the fastest way to save a deposit for a first … Continue reading “Lifetime ISA investors losing out to high fees”

Over £19 billion ‘lost’ in forgotten UK pensions

Failure to keep tabs on old workplace pensions has led to billions of pounds worth of savings being misplaced or forgotten about, according to The Association of British Insurers (ABI). The ABI estimates put the figure at around £19.4 billion, comprising 1.6 million pots with an average size of £13,000. Pension pots can be ‘lost’ … Continue reading “Over £19 billion ‘lost’ in forgotten UK pensions”

It’s getting harder to predict your state pension – and here’s why

Changes to state pension age and pension credit, alongside reports of forecasting errors, are creating uncertainty around this most important benefit. State pension reforms risk leaving an increasing number of people unsure what their retirement income may be. Ongoing rises in the state pension age have coincided with a change to related benefits such as … Continue reading “It’s getting harder to predict your state pension – and here’s why”

Is it time to give your pension a spring clean?

The start of the new tax year can serve as a useful prompt to refresh your finances and take a look at your pension. Are your plans on track for your retirement? Here are a few steps you can take. PLAN AHEAD FOR A BRIGHT FUTURE One of the most important things you can do … Continue reading “Is it time to give your pension a spring clean?”

Hurrah! Pension Tax Relief unchanged

Although there had been much speculation, the Chancellor stopped short of major pension changes in his 2018 Budget speech, leaving pension tax relief unchanged. Other than the raising of the Lifetime Allowance in line with the Consumer Prices Index to £1,055,000 for the 2019-20 tax year, the rules surrounding pensions will stay the same. AN … Continue reading “Hurrah! Pension Tax Relief unchanged”

Will your pension be affected by a no-deal Brexit?

What will happen to pensions when we leave the EU? With the possibility of a no-deal Brexit, there is even more uncertainty over retirement funds. We look at how your pension could be affected – whether you have dreams of retiring abroad or staying in post-Brexit Britain. As we near 29 March 2019 – the Brexit … Continue reading “Will your pension be affected by a no-deal Brexit?”