The purchase of pension annuities is no longer compulsory, leaving retirees free to retain ownership of their own pension savings. However, this may be a mixed blessing: tax may rise on pension savings left to the next generation – from the current 35% to 55%.
Posts Tagged ‘Final Salary Pension Schemes’
Pension annuities review is a mixed blessing for pension savers
Tuesday, January 4th, 2011Public sector pension schemes may demand more from workers
Monday, October 11th, 2010
The public sector should pay more contributions to pension schemes, work longer, and get less back, according to new recommendations to government.
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 [...]
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 [...]
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