Pension freedoms

Will the new retirement rule of ‘no rules’ offer people a better financial future?

Following pension reforms, there are now more options for using your private pension pot. Since April 2015, some people over 55 have greater freedom in how they can access their pension pots – the money they’ve built up during their working life. Continue reading

Shopping around for a better deal

Consumers lost £130 million by sticking with the same pension provider in 2016

New research finds consumers could be missing out on thousands of pounds in retirement by not shopping around for their pension product. This means their pension pot may not stretch as far as they hope it will, yet a significant proportion of people expect their retirement income to cover much more than just the essentials. Continue reading

Long-forgotten plans

Managing your pension savings effectively and efficiently from a single pot

If you’ve worked for two or three different employers, it’s possible you could have a workplace pension from each of them. You might also have set up a personal pension, so they can add up quickly. Continue reading

State Pension age rise brought forward

Finding a balance between funding and being fair on future generations of taxpayers

Will you be one of the millions of workers that will have to work an extra year before retiring after the Government announced that it would be extending the retirement age to 68? New plans announced in July this year mean that the rise in the State Pension age to 68 will now happen in 2039, affecting people born between 6 April 1970 and 5 April 1978. Continue reading

Working 9 to 5

Almost three quarters of employees expect to work beyond the traditional retirement age

The proportion of UK employees who say they will work beyond the age of 65 is at an all-time high. The findings from Canada Life identified that almost three quarters (73%) of employees expect to work beyond the traditional retirement age, up from 67% in 2016 and 61% in 2015. Continue reading

Pensions revolution

Awareness and understanding amongst the public still remains low

6 April 2017 marked the anniversary of both the new State Pension and the new pension freedoms. These major overhauls have revolutionised the UK pensions landscape, but research from Aviva[1] suggests work to improve pension saving is far from done as awareness and understanding amongst the public still remains low. In particular, millions of young people under the age of 35 are still oblivious to the changes that will shape their retirement futures more than any other generation before them. Continue reading

Retirement choices

How much time do you spend planning for retirement?

The 2015 pension freedoms gave us greater flexibility over our retirement options, but the reforms have also made retirement choices much more complex. This means we need to start thinking about our retirement earlier. However, half (50%) of respondents aged 45–54 to a LV= consumer survey[1] didn’t think about retirement at all last year. Continue reading

Pension time bomb

Planning to prevent the financial equivalent of climate change

Millions of workers across the UK could be heading for a significant shortfall in the amount of pension they need for an adequate income. The World Economic Forum (WEF) has issued a warning that calls on the Government to impose faster pension-age rises as it earmarks the UK as one of several countries facing a ‘pension time bomb’, with the UK pension savings gap reaching £25 trillion by 2050 if action is not taken soon. Continue reading