Who will look after you when you get older?
The subject of pensions and savings is something which has been in the headlines for some time now and subjects which many people are becoming increasing concerned about. The ever-raising cost of living in the UK is far and away outpacing investment returns and interest on savings thereby pushing more and more people towards financial uncertainty in their later years.
Even though the UK state pension will now effectively be linked to the increase in wages across the country, in real terms it is still a very small amount of money to get by on. The ever-growing tax burden in the UK over the last decade is now starting to hit home and more and more people are becoming increasingly concerned about their retirement years. While the UK government bent over told backwards to help financially troubled banks it would appear that savers, those who are of little burden to the UK benefits system, have been cut adrift.
Even though the UK government has instigated a full review of the UK pension sector there is still a lot of work to done to give people the confidence that they will be able to afford a reasonable standard of living in their later years.
Share this..
Related stories
Barclays bank staff on the verge of striking
After the recent announcement that Barclays bank is to close down the company's final salary pension scheme to new entrants and transfer those existing members to a hybrid cash pension scheme, an informal poll by the Unite union has indicated 92% support potential strike action. While to some extent Barclays bank was forced into the proposed change to the pension scheme, with a £2.2 billion defic...
Read MoreSainsbury In Talks To Sell Final Salary Pension Scheme
In line with many other companies with final salary schemes it has been reported that Sainsbury has requested a number of quotes from pension fund specialists looking to acquire the company’s final salary scheme. While no figures have been mentioned the fund itself is fairly large at £2 billion, but proving to be something of a drag on Sainsbury finances.
The ongoing confusi...
Is Gordon Brown planning another pension stealth tax?
Experts in the pension field have today highlighted a passing comment by Gordon Brown in yesterday's party leaders debate. He spoke about restructuring pension tax relief for those earning in excess of £100,000 a year in the UK when the tax reliefs in question are currently available to those earning up to £130,000 a year. As a consequence, it is believed that an additional 300,000 people in the...
Read MoreWho will protect older workers in the UK?
As the recession continues to hit many areas of the UK business arena there are concerns that many older workers in the workforce could encounter a recession double whammy. Amid concerns that many older workers could be jettisoned as costs are cut and unemployment rises, there are fears they will be forced to take their pensions even though many pension funds have been decimated over the last 18 m...
Read More25pc misplace pension ‘job-hopping’
One in four people say that they have lost touch with or misplaced a pension pot after changing their job. A change in job culture means that more and more people are changing jobs more regularly, and this causes confusion over pension schemes, especially when they are not transferred to the new company they work for. Half of all missing pensions are forgotten about, while missing paperwor...
Read More