Don’t let the pandemic derail your retirement plans

The pandemic is having a far-reaching impact on all aspects of our lives, not least our finances. Although stock market volatility has posed challenges, you must not allow the outbreak to send your retirement plans off track. RESILIENCE SAVES THE DAY The need to develop a resilient retirement plan has been vividly highlighted in recent … Continue reading “Don’t let the pandemic derail your retirement plans”

Chancellor to call time on the state pension triple lock?

Chancellor Rishi Sunak may be ready to row back on the Tories’ manifesto pledge to keep the state pension triple lock, due to the coronavirus crisis. Not only has the crisis already cost the UK tens of billions of pounds, but the nature of the triple lock means that it could become even more expensive … Continue reading “Chancellor to call time on the state pension triple lock?”

Has lockdown lifted your savings?

Though many have suffered financially from the COVID-19 lockdown, some Brits are enjoying a mini-windfall due to lower spending. If your savings have received a boost, how can you make the most of it? They say it’s an ill wind that blows no-one any good. In the midst of so much bad news – both … Continue reading “Has lockdown lifted your savings?”

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”

Managing your money in Brexit Britain

Well, we’re out. Except, not quite. Though the UK’s official departure from the EU was marked at 11pm local time on 31 January, very little has in fact changed yet. Over the next 11 months the UK will continue to follow EU rules and regulations (though it will no longer have a say in them), … Continue reading “Managing your money in Brexit Britain”

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”

Live for the day (but plan for tomorrow)

A recent survey from the Pensions and Lifetime Savings Association (PLSA) has found that 77% of savers don’t know how much money they’ll need in retirement, demonstrating a need for clearer guidance to help savers to engage with their pensions1. HELP IS AT HAND Recently, the PLSA published its Retirement Living Standards, which outline three … Continue reading “Live for the day (but plan for tomorrow)”

UK steps closer to introducing CDC pension schemes

A new kind of pension could begin to improve retirement outcomes for UK workers, once the latest piece of pensions legislation is passed. Collective Defined Contribution (CDC) schemes would merge some elements of defined benefit schemes with the basic principle of defined contribution schemes, creating a ‘hybrid scheme’ that combines employer affordability with greater security … Continue reading “UK steps closer to introducing CDC pension schemes”

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?”