The government is to raise the Basic State Pension age by 1 year every 5 years, to reach 70 in 2035. Anyone aged 45 or younger will now be unable to take their Basic State Pension until they reach 70.
Posts Tagged ‘AIB Bank’
Age for Basic State Pension to rise 1 year every 5 years
Friday, June 25th, 2010June 2010 Budget – Damage Limitation for High Earners
Thursday, June 24th, 2010The expected cut in pensions tax relief for high earners in the June 2010 budget did not materialise – but the show’s not over yet. Maximum annual pensions contributions may be capped at around £45,000. Find out more by clicking headline above.
Pension planning more crucial due to new retirement age
Wednesday, June 23rd, 2010Continue to base your pension planning on retirement at 65, even if you are hoping to work into retirement, says Friends Provident. Health or other issues could well shatter your plans for a longer working life. Click headline to read more.
June 2010 Budget – Review of Public Sector Pensions
Tuesday, June 22nd, 2010In today’s June 2010 budget, Chancellor George Osborne has announced that ex-Labour cabinet minister John Hutton has agreed to head up the commission which will rein in the spiralling cost of public sector pensions. Click headline to read more.
Public sector pension income beyond reach of private sector
Tuesday, June 22nd, 2010Private sector employees would have to save 37% of their earnings, to achieve the same levels of pension income as a public sector employee in a final salary pension scheme, according to new data by PriceWaterhouseCoopers (PWC). However, only 6% of private companies are intending to keep their final salary schemes open, intending instead to replace them with [...]
Pension changes 'not understood' by most employers – could cost £1,000 per employee
Monday, June 21st, 2010Up to 69% of employers confess they still do not understand the requirements and cost implications of auto-enrolment of employees into a pension from 2012 – even though the admin alone could cost £1,000 per worker, per year.
One-third ignore pension plans, a quarter ‘don’t care’
Wednesday, June 16th, 2010A third of us with pension plans do not know how they are invested, a further quarter ‘don’t care’, and half of us would need a pension pot of more than £10,000, before seeking financial advice. Survey shows a shocking level of ‘pensions indifference’ in the UK. Click headline for more details!
Pension Savings – new ways proposed by Think Tank
Tuesday, June 15th, 2010
A leading government think tank is proposing pension savings that are not ‘locked away’, perhaps by combining pension savings and ISAs, which could then be left to your children free of tax. Click on headline to read more.
Cost of Government Pension Schemes to double in 5 years
Tuesday, June 15th, 2010Public sector government pensions will more than double in cost in the next 5 years, according to the Office for Budget Responsibility (OBR). Spending on public sector government pension schemes will increase from £4bn in 2010 to £9bn in 2015, the Office for Budget Responsibility (OBR) estimates. LibDem leader Nick Clegg has called some government pensions ‘unreformed [...]
Make Pension Planning priority, Parents tell Children
Friday, June 11th, 2010Parents are urging their children to focus on saving rather than property as the mainstay of their pension planning. Aviva has revealed that 76% of parents advise their children that to rely solely on property is ‘too risky’.
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