- Friday, 08 November 2013
The DWP is consulting on introducing Flexible Defined Benefit schemes, where the pensions provided to workers are dependent on how well their company pension scheme is funded.
If the scheme doesn’t have enough money, the government is proposing to allow companies not to pay inflation increases to pensions, and to increase scheme pension age. This means just as workers are about to reach that pot of gold, they may see it disappear off into the distance.
- Thursday, 07 November 2013
Commenting on the consultation paper on defined ambition pensions published by the Department for Work and Pensions today (Thursday), TUC Head of Campaigns and Communications Nigel Stanley said:
“There is much to welcome in this consultation paper. Taking forward its positive proposals could well deliver better pensions for the millions saving for the first time through auto-enrolment. Steve Webb deserves praise for taking us all on the defined ambition journey.
- Monday, 04 November 2013
'The silver splitters’, ‘the grey divorce revolution’, ‘the silver divorce’ – just some of the terms coined to describe the growing number of people aged 60 and over who are getting divorced.
While the overall number of divorces in England and Wales has fallen since 1993, the number of over-60s splitting up has continued to rise according to the Office for National Statistics.
- Thursday, 03 October 2013
Squire Sanders’ Pensions team has today published a white paper which argues that pension plans could play a key part in meeting the costs of long-term care in retirement in the UK.
In Sickness and in Health: Reforming Pensions and Social Care addresses directly the funding challenges presented by an ageing population, with the number of people over 85 projected to double in the next 20 years and nearly treble in the next 30 years, half of whom can expect care costs of up to £20,000 – a situation exacerbated by a complex savings regime, the lack of pensions integration with other benefits, and widespread confusion about what the State can provide.
- Monday, 16 September 2013
New figures show the cost of inflation proofing your retirement income
A £100,000 conventional annuity generates 24% more income than the RPI linked option over the lifetime of the annuitant
Starting income from an investment-linked annuity which matches a conventional annuity and grows at 5% a year produces 15% more income over an average 22-year retirement
MGM Advantage, the retirement income specialist, has analysed various retirement income options to see which could potentially offer the best way to counter the effects of inflation eroding your retirement income.
One in twenty retired people deliberately underestimated health or lifestyle conditions when purchasing an annuity
- Wednesday, 11 September 2013
- Being candid can make a big difference to the monthly income from an annuity, for example a 10% increase for someone who is a smoker with high blood pressure
- Up to 70% of people could qualify for better annuity rates because of existing health or lifestyle conditions
- Wednesday, 04 September 2013
New research from Baring Asset Management ("Barings") reveals that British adults only expect to generate just over half (52%) of their retirement income from pension schemes, with the next biggest contribution coming from cash (12.78%). Just over 11% will be generated by people's investment in property.
- Monday, 02 September 2013
A woman in her late 40s from Corby can expect to receive £67,000 less state pension when she retires, compared to a women of the same age in East Dorset, due to a widening gap in life expectancies and a rising state pension, according to a new report published today (Friday) by the TUC.
The report looks at life expectancy projections by gender, occupation and geographical area, and their effect on the amount of state pension people are set to receive. The state pension age is due to rise to 66 between 2018 and 2020 and to 67 between 2026 and 2028.
- Friday, 12 July 2013
Comment from David Smith, Wealth Management Director at Bestinvest
According to OECD figures, the average post retirement life expectancy of a UK male has risen by more than 40% over the last half century, which is clearly good news. However, improved life expectancy is placing huge pressures on the State Pension system and for investors with private pensions, there is a real risk you will outlive your wealth.
- Almary Green calls on the government to stop moving the pension goal posts
- Government calls for evidence on pension scheme quality
- Adrian Smith urges pension investors to review their schemes or risk being hit by high charges
- Busted: the top three private pension myths
- Mark Carney’s arrival could herald misery for a million expat pensioners
- Divorce costs £2600 per year in expected retirement income
- Over one million British pensioners live abroad and claim UK state pension
- Retirement income shortfall sees pensioners losing £2400 a year
- New State Pension: know the facts