Nearly 40% of people in the UK do not think that they will ever be able to retire, according to a study by Mintel.
The study reveals that there is (more…)
Savers need to plan for rising retirement age
The state retirement age has been gradually increasing, meaning that workers will soon have to work until they are approaching their 70s before they are able to retire and claim a state pension.
For some people, that may not be too much of a problem, but for those who have health issues, this may not be the case. Data indicates that (more…)
Higher rate taxpayers lose £360m of pension money
According to a recent study, up to 20% of people who are higher rate taxpayers are losing out on 20% of pension money each year, as they (more…)
TUC urges government to consider pension contribution increases
The Trades Union Congress (TUC), the largest union in England, has come together with a number of charities and pension professionals to call for an urgent decision on the increase of pension contributions for the (more…)
Generation X faces pension shortfall in retirement
According to a new report, UK workers aged between 35 and 54 years old are at risk of facing an income shortfall after they finish working.
The report, compiled by the Pensions and Lifetime Savings Association, states that people aged 55 and over may have a decent amount of income due in retirement, as they have benefited from final salary pension schemes and may have property wealth. Younger workers will have been auto-enrolled into a pension scheme quite early in their career, although they may still face a shortfall during retirement.
The ‘Retirement Income Adequacy: Generation by Generation’ has found that 53% of the UK workforce, or 13.6 million people, are at risk of not meeting the ‘target replacement rate’, which equates to 67% of earnings before retirement.
The study also revealed that around 6% of the workforce, or 1.6 million people, are at risk of not meeting the standards for minimum income, which is set each year by the Joseph Rowntree Foundation. The amount set for 2016 is £9,500.
The study suggests that workers aged between 35 and 54 years old should contribute more to their pensions, or consider working for longer. Another suggestion is to utilise property to generate a higher income during retirement.
The Pensions and Lifetime Savings Association is calling for the setting up of an Independent Pension Commission to tackle the problem. One suggestion by PLSA is to increase total pension contributions to 12%, from the government, employers and workers.
The report demonstrates just how important retirement planning is for all age groups, and suggests that Wirral employees would be wise to put serious thought into it.
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Government plans to ban pension cold calls
Scams and cold calls from fraudsters are facing a ban by the government, to help prevent UK residents losing money when they are faced with (more…)
Increased freedom could be costing UK pensioners money
An increasing number of Britons are at risk of losing money from their savings pot, as new research from insurer MetLife reveals that over 20% of people polled were not aware of the risks of cashing in (more…)
Triple lock on state pensions under threat
According to a group of MPs, the state pension triple lock, which was introduced in 2010, should be stopped.
The triple lock was (more…)
