Over half of over-50s believe they may never afford to stop working, now that the retirement age is to go in October 2011. Fifty-nine per cent of workers fear they did not save enough into their pensions, and may now outlive their pension savings.
Posts Tagged ‘Pensions’
Retirement cancelled due to lack of interest, as over-50s revise pension planning
Friday, July 30th, 2010Pension saving curbs confirmed by Treasury
Wednesday, July 28th, 2010
The Treasury has this week published proposals to cut the annual maximum for pension saving contributions. The current annual allowance of £255,000 will be cut to between £30,000 and £45,000, but with the proviso that the new, lower limit will have full tax relief. Read More
First UK corporate ISA as savings alternative to company pension scheme
Monday, July 26th, 2010
Barratt Homes has launched the UK’s first corporate ISA, which offers a stocks and shares investment with tax-advantaged growth in savings, but where the cash can be accessed at any time. As such, it may appeal to younger workers as a medium-term savings option with easy access to your cash.
Pensioners lose out by not seeking unbiased financial advice on pensions annuities
Monday, July 26th, 2010Pensions savers may be losing out on 20-30% of potential pension income, by buying their pensions annuity without taking unbiased financial advice. Many pensions companies fail to clearly explain to savers their right to shop around – the so-called ‘open market option’.
Pension income from private pensions drops £3,000 in 2 years
Friday, July 23rd, 2010
The pension income of a 60-year old retiring today will be £3,000 less than it was 2 years ago, says pensions specialist Aon Corporation. Good pension planning and timing are central to maximising pension income in retirement. Read More
Basic State Pension age now to be 68
Tuesday, July 20th, 2010
The Government’s latest proposal is to set 68 as the age for taking the basic state pension. Each year deferred would add 1% to GDP, says Iain Duncan Smith Read More
More flexible pension planning and less tax on wealth transfers
Monday, July 19th, 2010The Government is cutting tax on wealth transfers to heirs from 82% to 55% from April 2011. The move offers greater freedom for pension planning, particularly to those with larger pension pots Read More
Purchasing an annuity now safer, as legal obligation fades
Friday, July 16th, 2010
The Government has published its proposals to scrap requirements on purchasing an annuity by age 75. This will give pensions savers more flexibility to time purchasing an annuity, to increase pension income and get a better annuities deal Read More
Company pensions changes will cut pension income
Friday, July 9th, 2010
The Government is to alter the inflation index used to calculate payments from many company pension schemes. The measure, which could affect up to half of UK company pensions, will mean less pension income for members
Equity release boosts pension income – but take advice, says Age UK
Wednesday, July 7th, 2010
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
Read More
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