
Many thousands of pensioners are losing out on vital pension income by failing to take up their entitlement to pension credits. This could be costing them £34 per week. Read More

Many thousands of pensioners are losing out on vital pension income by failing to take up their entitlement to pension credits. This could be costing them £34 per week. Read More

New proposals for a general pension income of £140 per week for all pensioners will still leave a third of UK pensioners below the poverty line as defined by the EU. Planning a personal pension to ensure adequate pension income in retirement has never been more essential. Read More

Equity release can boost pension income for cash-poor, asset-rich retirees, by giving them early access to the value of their home. However, it is a strategy best undertaken only with good financial advice, says Age UK
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Social research charity the Joseph Rowntree Foundation has published minimum income figures needed for an acceptable standard of living in the UK. The figures in relation to pensions income indicate that state pensions are inadequate for a decent living standard.
Over 30% of UK pensioners rely solely on the state for their pension income, even though state pension income in the UK is the lowest in Europe, compared to average wage.
Government is looking again at plans for company pensions in the NEST scheme. Pensions minister Steve Webb has said he will review the ‘scope’ of the scheme, which currently aims to offer company pensions universally, to all employees.
The pensions landscape is braced for further changes, as a new Government is expected to continue reshaping pensions provision in the UK. The only certainty is that pension planning by the individual has never been more critical, in an age when other stakeholders seek only to reduce their commitment to pensions provision.

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.

Using the facility of ‘substitution’ a divorced homemaker, who has never worked, can obtain a state pension, by claiming on her former partner’s National Insurance contributions.

The £600m loan to set up the NEST government pension scheme is to be repaid by a 2% levy on members’ pension savings. Members may also lose state pension credits, because of their NEST savings, experts warn.
















