Tens of thousands of Britons with cash in one of the country’s biggest employee pension funds have been warned they face being £34,000 worse-off after the Chancellor’s planned changes to inflation measures. The boss of the BT Pension Scheme, Morten Nilsson, has slammed the rule changes as a ‘massive transfer of wealth’ from pension savers with … Read more
Kay Ingram: When you find a new job ask about the pension scheme and join as soon as possible Kay Ingram is director of public policy at national financial planning group LEBC. With unemployment rising, many individuals face an uncertain future. While you look for new opportunities it is important to consider longer-term income needs and … Read more
Businesses could have to redo their sums for savers who transferred out of their pension schemes as well as those who stayed, following the latest ruling in a complex legal saga. A landmark court ruling which two years ago ordered Lloyds Banking Group to make sure everyone’s retirement benefits are ‘equalised’ has already had far-reaching … Read more
Pandemic presents: Grandparents plan to splash out £104 on each grandchild this Christmas, up nearly a third on last year Grandparents have four grandchildren on average, so that could be £416 in total Half of parents think grandparents spend about the right amount But many believe they splash out too much on grandchildren By Tanya … Read more
Online pension provider PensionBee launching fossil fuel-free pension, which it claims is first mainstream product of its type By Rachel Rickard Straus, Financial Mail On Sunday Published: 21:50 GMT, 14 November 2020 | Updated: 21:50 GMT, 14 November 2020 Online pension provider PensionBee is launching a fossil fuel-free pension, which it claims is the first … Read more
Hearing aid claims skyrocket as more are being damaged when people take off their face masks By Amelia Murray For The Daily Mail Published: 22:00 GMT, 3 November 2020 | Updated: 09:37 GMT, 4 November 2020 Insurers have reported a sharp rise in claims for hearing aids damaged as a result of wearing a face … Read more
Mind the pensions gender gap: Women working part-time face retiring with £70,000 less in their retirement pot than men A woman working part-time could retire with just £89,449, a man £161,999 A woman working full-time could retire with £137,863; for men £178,871 The gender pay gap ranges from £41,000 to £72,000, Nest said By Camilla … Read more
Warning the older generation is facing a bleaker, poorer retirement as Covid-19 has ‘sabotaged’ their pension plans A fifth of people approaching retirement are putting it off, finds survey Many fear investment losses in pandemic mean they can never retire Number who believe lifestyle will improve in retirement has halved in past year By Tanya … Read more
Men and younger workers are more likely to shun pension saving during the jobs upheaval triggered by the Covid-19 pandemic Some 14% of people have cut their contributions, and 11% stopped them A further 8 per cent may take one of these actions in future Men and younger workers are at more risk of damaging … Read more
State pension set to rise 2.5% next April: ‘Triple lock’ will determine annual increase as inflation rate is forecast at just 0.4% Consumer price inflation expected to have risen to 0.4% in September It means triple lock guaranteeing a 2.5% rise in state pension will kick in Retirees to get an extra £4.40 a week … Read more
Low earners denied free pension cash given to better paid colleagues should be compensated with a bonus into their pots from the taxman, say experts. Critics have long demanded action over a tax flaw which means an estimated 1.5million poorly paid staff lose Government payments into their pensions, depending on the type of scheme operated … Read more
The rise in state pension age to 66 today has reignited calls for people to be given the option of drawing it earlier, but on a reduced income. Increased unemployment and caring responsibilities among older people during the Covid-19 pandemic mean the idea should be looked at again, say some pension experts. Older people who want … Read more
One in three older people leave retirement planning until two years before stopping work or don’t prepare at all, though experts believe you should start getting your finances in order in your 50s. More than half of people who have recently retired would also warn the next generation to do more planning, to save harder … Read more