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Can we kiss goodbye to final salary pension schemes in the private sector?
The news that the top companies in the UK have combined pension fund deficits in excess of £100 billion due to the fall in share prices, property values and income, we may be on the verge of kissing goodbye to final salary pension schemes. The situation has worsened significantly over the last 12 months and has also shown the fragility associated with pension fund investments in stock markets. Th...
Read MoreWhat is a SIPP?
Over the coming years you are likely to hear the term SIPP more and more as the UK government continues to encourage individuals to plan ahead with an array of pension related products. The term SIPP stands for Self Invested Personal Pension and is a tax efficient way of saving and investing money for your future pension. Recent changes to government regulations have increased the number of invest...
Read MoreHave you made plans for your pension?
With changes to the UK pension system inevitably the future the focus is now falling upon private pension schemes and employee pension schemes. However, when you consider that the vast majority of final salary pension schemes are either closed to new members or closing down, the situation for the future is fairly simple - arrange your own personal pension plan
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Should we scrap a formal retirement age?
If there is one area of the UK population which appears invisible for the vast majority of the time it is those in retirement and of pensionable age. Pensioner poverty is a term which is being used more and more over the last few years as the cost of living continues to increase for those in retirement while their incomes are very often slashed. So should we scrap the formal retirement age?
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CBI calls for public sector pension review
The cost of public sector pensions should be looked into by an independent commission, the Confederation of British Industry (CBI) said today.According to the business group, ways of alleviating the burden felt by taxpayers obliged to make up the schemes' liabilities should be looked into.These could include raising the retirement age for government workers, in line with the private sector.Figures...
Read MoreOnly 2.5% of retirees take up free pension advice
Just 2.5% of retirees have opted to take free financial guidance from Legal & General (L&G), leading to fears that most retirees will have no financial help when accessing their new pension freedoms. The guidance scheme was launched by L&G to help people understand the new pension regulations and how it would effect them. Through the Pensions Advisory Service they contacted 9,000 individuals com...
Read MoreConcerns grow about retirement savings
The Scottish Widows Pensions Report has revealed a disturbing trend which appears to have been exaggerated by the UK recession. The number of people in the UK saving for their retirement has fallen to its lowest level for four years and there is particular concern about ladies over the age of 50 who have been singled out as the most at risk area of society with regards to insufficient savings in t...
Read MoreWhat affect will the credit crunch have on pension funds?
There has been an awful lot of debate about pensions over the last couple of weeks as the stock markets around the world continue to struggle. Talk of bailouts for the banks is all well and good but what about those on the verge of retiring, where do they stand?
There have been some real tear jerk stories over the last few weeks with many people coming up to retirement and seeing t...
Royal Bank of Scotland announces changes to final salary pension scheme
The Royal Bank of Scotland has today announced significant changes to the company's final salary pension scheme which will see benefits reduced in the future. This comes at a time when the UK government appears to be placing more pressure upon UK banks to control their cost bases and give taxpayer's better value for money, where taxpayer's money has been used to acquire shares. New chief executive...
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