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 ‘Government Pension’
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.
First swell of baby boomers drains basic state pension
Wednesday, September 22nd, 2010
The basic state pension system has already begun to creak and strain as the first of the 1940s ‘baby boomers’ comes to retirement. Next year, 650,000 people will turn 65 in the UK, with a further 800,000 in 2012, says the Department of Work and Pensions.
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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 [...]
Buy back Time to top up Basic State Pension
Tuesday, June 8th, 2010
Did you know that, with Class 3 contributions, you can buy back and ‘fill in’ missing years of National Insurance contributions, thus increasing the amount of your Basic State Pension when you retire? Just click on the headline, to read more.
Government pension review will add 2.5% to basic state pension
Friday, May 28th, 2010The government pension review confirmed this week will add at least 2.5% to the basic state pension from 2012. This will bring the basic state pension to over £100 per week for a single and £160 for a couple.
State pensions age could be 70, when pensions timebomb blows
Wednesday, May 26th, 2010
State pensions, soon to be re-linked to inflation, are likely to be more generous than before. There will be more pensioners drawing state pensions, but less workers funding each pension. It’s not rocket science. Something’s gotta give. Where will you be, when the pensions timebomb blows?
Company pensions for all in NEST pensions review
Monday, April 26th, 2010
Every UK company will soon be required to offer pensions to all employees, following the launch of the National Employment Savings Trust (NEST). However, employers who act now can still exempt themselves from NEST by setting up their own scheme.
Basic State Pension no longer meets needs
Wednesday, March 3rd, 2010Are you one of the 27% of people soon to retire, who will rely on the basic state pension as their main means of support? If so, then you could be receiving basic state pension benefits that currently stand at less than £5,000 a year.
Most UK companies need pension advice
Wednesday, February 24th, 2010
Over 90% of UK companies plan to seek pension advice as the NEST government pension scheme is rolled out. By setting up a NEST-exempt company pension scheme, employers can tighten control of their pension contributions, benefits and costs.
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