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Pensions News

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Pension Charges Cap Could Hand Savers £1bn Boost

A cap on pension charges could hand savers a £1bn boost, according to one of the UK’s largest pension providers. In the recent pension reforms, the government announced that management charges on workplace pension schemes would be capped at 0.75% a year.

Pensioners To Take Advantage Of Flexible Pensions

Over a third of pensioners will take cash out of their pension fund when new rules come into effect in April 2015, according to H M Revenue and Customs. That will mean an estimated 130,000 people will take advantage of the changes to the pension system, which were announced by chancellor George Osborne in his 2014 Budget speech.

Pension Reforms Encouraging Saving

Pension reforms introduced by George Osborne in the 2014 Budget speech have already started to have a positive effect, according to a report by pension expert LCP.

Pension €�predators’ Websites Suspended

Regulators have suspended the websites of 18 â??predatorsâ?? who run schemes aimed at getting people to try and gain early access to their pension. A person can only access their pension without having to pay heavy tax fees once they turn 55 years old, with the exception that a person is in serious ill-health.

Pension Benefits To Be Cut

The government has proposed plans to reduce the benefit a person receives for delaying their state pension payments. Under current rules, people nearing the state pension age are encouraged to keep on working and delay taking their state pension. As a reward for deferring pension payments, a person can receive an extra 10.4% state pension for each year that payments are deferred.

New Study Reveals €�comfort” Pension Threshold

An industry report has revealed that those planning their finances for retirement should be aiming to receive an income of at least £15,000 a year. The figures show that 43% of retirees who earn between £15,000 and £20,000 felt financially secure.

UK And Scottish Governments Clash On Pensions Analysis

The UK government has claimed that for an independent Scottish government to meet the cost of pensions, they would have to fund an extra £450 per working age adult every year. The analysis by the Department of Work and Pensions suggested that these increased costs could arise as soon as the early 2030s.

Pensioners Could Be Given €�death Estimate’

In a bid to get pensioners to stretch their savings out long enough to live the rest of their lives, retirees could be given ‘guidance’ on how long they have left to live. The idea is that people will be given a ‘broad-brush’ estimate as to how long they might live, ultimately allowing people to plan their finances more effectively.

One In Seven To Retire Without A Pension

One in seven people in the UK who are planning to retire this year do not have any kind of personal pension, meaning they will be heavily dependant on the State Pension. The figures were uncovered by the Prudential in their annual Class of study, which examines the future plans of people who are planning to retire this year.

First Stage Of Pension Overhaul Begins

The first stage of the pension overhaul which was announced by Chancellor George Osborne in his Budget 2014 speech has begun. Pensioners will now have greater access to their pension pots, as they will be able to take up to a maximum of �£30,000 from their pension as a lump sum, up from �£18,000.

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