Pension News
‘Pensioners bonus’ fails to compensate for inflation hit
SHIP (Safe Home Income Plans) - the trade body that represents 90% of regulated UK equity release providers - reveals that the average single pensioner relying on state pension will have £205.17 eroded from their 2008/09 financial year's income, making the £60 bonus to be paid January announced in Labour's pre-budget report seem derisory.
£4 billion boost for pensioners
Pensioners are set for a £4 billion boost next year as the Government confirmed the biggest rise in the Basic State Pension since 2001 today, on top of £900m in Christmas Bonuses and a £575m increase in Winter Fuel Payments.
Skipton backs calls for tax-free savings for pensioners
Skipton Building Society has backed calls for interested paid on savings accounts to be paid tax-free for UK pensioners.
Barclays Financial Planning launches new flexible pensions
Barclays Financial Planning announces the launch of two new pensions products, designed to offer an alternative to stakeholder pensions.
ABI: FSA pension switching review
Maggie Craig, the ABI's Director of Life and Savings, said: "Our continuing work to simplify SIPP customer information, and further improve the customer experience through Treating Customers Fairly, has led to improvements across the pensions industry, and we are pleased the FSA has acknowledged this.
FSA takes action to address pension transfer advice failings
The Financial Services Authority (FSA) is taking action to improve the quality of advice given to customers to switch into a personal pension or self-invested personal pension (SIPP), following a review which found variable standards across a sample of 30 firms.
Over a third of Brits will have to work during retirement
Over a third of Brits are resigning themselves to the fact that they will have to work either full or part time during their retirement to fund and maintain the lifestyle they want, according to research from Lincoln Financial Group.
No alternative to personal accounts
Responding to Shadow Work and Pensions Secretary Chris Grayling's speech on the future of personal accounts, TUC General Secretary Brendan Barber said: 'Personal Accounts are an essential part of the new pensions settlement.
Over a million pensioners rely on property for retirement
Almost 1.7 million pensioners are relying on property to fund their old age, according to a report from price comparison and switching service uSwitch.com.
Pensions Act 2008 a landmark in pension reform
The Pensions Act 2008 introduces automatic enrolment into workplace pension schemes, alongside a new system for pension saving for low and moderate earners from 2012. The ABI has worked closely with the Government on the Bill, and strongly supports its principles.
Millions to get access to a workplace pension
Up to 9 million people, many of them on low and middle incomes, will get access to a workplace pension, or will be able to save more, as the Pension Act 2008 received Royal Assent yesterday.
Pensions not the answer to pensioners’ crisis
Pensions alone cannot solve a looming pensioners' crisis caused by the baby boomer effect which from 2010 is set to drive a huge growth in the UK population aged over 65.
Public sector pension costs treble in three years
The expenditure on public service pensions is due to more than treble in three years from £1.2bn in 2006-07 to £3.8bn in 2009-10, according to figures highlighted by the Liberal Democrats.
ACA slams freeze on the lifetime allowance
The Association of Consulting Actuaries (ACA) is very concerned at the Chancellor's announcement that from 2011 the Lifetime Allowance (LTA) will be frozen for five years.
State pension highlights importance of retirement planning
Chartered financial planner at Fairinvestment.co.uk, Sharon Bratley, comments on the pre-Budget announcements for pensioners: "The measures announced by the Chancellor are a step in the right direction for the UK's pensioners.