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Pension News

Rise of the pensioner millionaires

More than one million pensioner households in the UK now have total wealth of more than £1m according to analysis by Prudential of the latest ONS data for 2010-2012.

Many misjudge how much money they need for retirement

A study of the over 40s found that two thirds already have some idea of how they would like to spend their retirement years and an income of around £15,000 a year is needed to sustain their planned lifestyle. For a couple, this means nearer £30,000 a year is needed for the ideal retirement.

Why annuities may still have a part to play in your retirement income

Despite this year’s Budget announcing future greater access for pension funds and more freedom for people to make decisions about their retirement income, the death of annuities may have been over-exaggerated.

The rise of the Bank of Gran and Grandad

Forget the bank of mum and dad – today’s young people are now receiving help from the bank of gran and granddad, with millions of grandparents offering financial support to their grandchildren.

Poverty in retirement top concern for Brits

Almost two thirds (63 per cent) of Brits are worried about having a lack of money in retirement, new research from AXA Wealth has found.

Cost of hobbies to soar above inflation over next decades

Research commissioned by pensions and retirement provider Friends Life conducted by independent analysts at Consumer Intelligence has calculated the cost of hobbies for tomorrow’s retirees when they are likely to near retirement in 2042.

Beware of Budget tax trap on pension withdrawals

The Budget announced unprecedented flexibility and choice in how people can use their pension savings in the future. From April 2015, people over 55 can choose to withdraw their pension savings as they wish, although this will be subject to their marginal rate of income tax in that year.

Over 55s likely to shun guidance on retirement options and go it alone

Retirees may not take up the offer of guidance announced in the Budget, according to MGM Advantage, as research reveals that the over 55s do not value expert advice and believe they can manage their financial affairs by themselves.

Tax takes a 30 per cent bite out of pensioner income

The average retired household pays out 30 per cent of its annual income in a combination of direct and indirect taxes, according to new analysis of Government data by Prudential.

Mind the retirement gap of £100,000 (or £200,000)

MGM Advantage, the retirement income specialist, has calculated the current retirement funding gap.

Security trumps income - but at what cost?

With the proposed changes to pension rules announced in the budget, Partnership undertook research to understand what people might do if their received their entire pension pot as cash when they retired.

Number of Brits living alone has doubled in 40 years

More Brits are living alone for longer with little or no financial back up plan should things go wrong, according to research from protection specialist LV=.

Pensions boost for thousands in job sectors where saving is scarce

Thousands of people in jobs where it is not traditional to save in a pension are building up retirement savings for the first time.

Women’s expected retirement incomes are £6,700 a year lower than men’s

The retirement income gender gap is £6,700 a year, according to new research from Prudential. Women’s expected annual retirement incomes are 35 per cent lower than men’s, at £12,200 compared with £18,900.

One in seven will retire with no pension

One in seven (14 per cent) of those planning to retire this year has made no personal pension provision and will be either totally or heavily dependent on the State Pension, according to research by Prudential.