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Pensions News

Listing 490 articles over 49 pages

Brits €worst In World At Saving For Retirement’

Figures from a study administered by HSBC have revealed that British workers are the worst in the world at preparing for retirement through a pension scheme. While the average retirement period in the UK is expected to last for nineteen years, figures show that the average pension in the UK will last for just seven years.

EU Gender Directive Hits Pension Annuities

On the 21st December an EU ruling was passed meaning that there would be equality across the board when dealing with gender and pricing for insurance products. The implications of this were that many women have lost out, or will lose out, when it comes to renewing insurance products. Insurers are no longer allowed to charge men and women different rates for their products, and this has had an effect on pension annuities too, according to Moneyfacts

1 In 4 Between 65 And 74 Still Work

A quarter of pensioners between the ages of 65 and 74 in the UK are continuing to take a wage, despite passing the retirement age. Research from Aviva has highlighted the fact that the workforce continues to age, and that 23pc of people in this age group were still wage earners in December 2012, compared to 18pc recorded three years ago

Pensions Suffer Again, As Annuities Continue To Fall

Pension annuity rates, the amount you are paid as a regular income once you retire, have fallen again, in the biggest drop since 2002. This is according to a report by Moneyfacts, who have revealed that so far this year the average income generated by an annuity for a 65 year old male has fallen by 8.6pc.

Worry Over Gender Gap In Pension Savings

An investigation from Scottish Widows has revealed that on average women pay around £800 per year less than men into their pension pot. This has caused concern over their financial security after they retire. While 12 months ago the gap stood at £700, a new study has revealed that it is now closer to £800.

Tax Relief € 216,000 Missing Out

It has been revealed that individuals paying higher rates of tax are failing to pay into pension schemes, and are subsequently missing out on free money in the form of tax relief. According to a survey from Prudential, the total amount per year that higher rate tax payers are missing out on is around £438m, as a quarter are failing to take advantage by using a pension scheme.

Forces To Work Longer For Smaller Pension

The armed forces will have to work for an extra two years and will then receive a smaller pension after leaving their post, the MoD has announced. This comes after a new retirement scheme was unveiled, where Defence Secretary, Phillip Hammond admitted: “While change is never easy, we have to ensure that Service pensions are affordable, sustainable and fair”.

The Value Of Financial Advice For Pension Funds

According to a report published by the Value of Advice Campaign, consumers who seek independent financial advice could provide themselves with a retirement income boost of more than £2,780 per year. This compares to a monthly increase of around £232 for the average consumer.

Doctors Threaten Further Action Over Pension Reforms

The dispute between the Government and doctors in the UK seems to have escalated, with doctors calling for further industrial action to be taken over pension reforms. The implications of this could mean another day of skeleton service, similar to that practiced on Christmas Day, whereby there are only enough doctors on standby for emergencies. The possibility of this looked more likely after the British Medical Association (BMA) conference in Bournemouth, where the majority voted for the motion of more industrial action.

Lack Of Confidence In Pensions

A survey has revealed that people are seeing a lack of savings for their retirement due to a lack in confidence in pension investments. 71% of those asked identified that they were scared about making the wrong decision, compared with 47% who put it down to a lack of knowledge and understanding of how to go about saving with a pension.

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