Pension News
Radical action to help UK pension schemes
Findings from the National Association of Pensions Funds' (NAPF) latest survey Pension Provision and The Economic Crisis show that 52% of defined benefit (salary-related) pension schemes currently open to new members could close as a result of the current economic crisis.
Norwich Union defers settlements on Property Fund
Norwich Union today advises that it has temporarily deferred settlements on its unit-linked Property Fund.
Two fifths of the UK will run out of money by age 85
Two fifths (41%) of the UK's population will run out of retirement income by the time they reach the age of 85 and, with two thirds (65 %) expecting to live to age 85, this is a major cause for concern for retirees, according to research from Lincoln Financial Group.
Norwich Union endowment, pension and savings bonus cuts
Last week Norwich Union announced it is slashing its with-profits bonuses by as much as 15 per cent on some investments. The news followed an announcement from Friends Provident that its final bonuses would also be cut by 12.5 per cent.
It doesn't pay to wait, warns Friends Provident
Friends Provident is urging people to check their National Insurance (NI) contribution record is up to date before 6 April 2009.
More misery for Norwich Union’s with-profits customers
As Norwich Union slashes final bonus rates on its with-profits funds by up to 15 per cent, Which? personal finance campaigner, Dominic Lindley, says: "This is yet more bad news for Norwich Union's long-suffering with-profits policy holders, who will be disappointed by the cuts in final bonuses.
A quarter of Brits forced to delay retirement
In the current economic situation, according to new research from Life Trust, people are watching the value of their pensions shrink and other investments fall, making the prospect of retirement daunting and also dashing dreams they may have had for early retirement.
Pensioners risk losing ‘thousands of pounds’
Pensioners are in grave danger of missing out on the best annuity rates because of endless delays in transferring their funds, warns Steve Hunt, managing director of Rockingham Retirement, the UK’s largest wholly independent retirement income broker.
Lincoln sees increase in demand for flexible retirement products
Lincoln Financial Group has revealed a recent uplift in enquiries for its flexible retirement product Lincoln i2Live. Recent market turbulence has had a severe affect on UK pension pots and the increase in enquiries of Lincoln i2Live show that people are now seeing the value of retirement products that can offer a level of security through an income guarantee option.
State pension needs to double, say hard-up Brits
100 years after the first state pension was claimed, many of today's pensioners and people saving for retirement think the basic state pension would have to double in order to provide a comfortable retirement according to new research, from Friends Provident.
Revisit your retirement plans now
David Kuo, Head of Personal Finance at money website Fool.co.uk, comments on 100 years of the State Pension: "The State Pension, despite its many faults, continues to provide a useful safety net for many people in retirement.
100 years after first state pension and 2.5m still live in poverty
Britain's biggest pensioner organisation – the National Pensioners Convention (NPC) – is using the anniversary of introduction of the first ever state pension to call on the government to eradicate today’s growing pensioner poverty.
DC pension schemes need more investment flexibility
UK defined contribution (DC) pension schemes should consider a more flexible approach to investment in 2009, particularly if they are employing unsuitable and underperforming legacy funds, says Fidelity International.
Norwich Union returns £10m of unclaimed cash to customers
Norwich Union, part of Aviva, has returned £10m of unclaimed cash to its customers. This follows the announcement last year of Norwich Union's intention to return £40m of unclaimed assets to 40,000 customers.
Sippable hotel rooms offer high income for pension investors
IFAs seeking to enhance the portfolios of their income-poor pension investors, should consider budget hotel rooms as one component capable of boosting retirement savings within a tax efficient SIPP, reports Assetz.