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News in Pensions
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Over 6m Brits have no pension plan in place
Many Brits are running the risk of receiving less than minimum wage upon their retirement, according to a new study.
Research by LV revealed that over six million Brits over the age of 50 have no sufficient pension plan in place and will have to rely on funds from the state to help them live out their retirement.
The government has been moving to get the country auto-enrolled on company pension schemes in time for the next general election, but research by the Office for National Statistics (ONS) revealed in February that only 48 per cent of workers were saving into company pension schemes.
As part of the government's annual state pension people are due to receive £9,672 a year which is up to 51 per cent lower than the pay packet for someone on minimum wage per annum.
Ray Chinn, LV head of pensions, said: "While working hard up to their retirement to bring home a decent wage, I'm sure many will be disappointed to retire with an income equivalent of less than the minimum wage." More »
By Tom Farley, Pensions - Thu 17 May 2012
Britain could face a second "granny tax"
The UK could be hit with a second "granny tax" as Labour claims that the government is planning to impose another on pensioners.
Opposition members believe that ministers are preparing a cut to saving credits which could potentially cost 105,000 pensioners £897 a year and Labour officials have pledged to force votes against the proposal.
The government is aiming to create a single tier, flat state pension which would be imposed across all professions in the UK, but Labour believes this will punish those that had saved money prior to entering retirement.
Liam Byrne, shadow work and pensions secretary, said: "Granny Tax Mark 2: a £900 cut for pensioners who did the right thing and saved some money for retirement. Pensioners will be disgusted at this secret attempt to pick their pockets to pay for tax-breaks for millionaires."
Company employees have recently voiced their displeasure at a wide-scale switch from final-salary pensions to defined benefit schemes, which they believe will see them lose out on earnings. More »
By Tom Farley, Pensions - Mon 16 Apr 2012
16% of Brits will retire without a pension
One in six Brits are relying on their state pension as they have no other scheme in place when they retire.
According to research by Prudential, many workers are struggling to afford putting more money into other pensions due to the increased cost of living and rising utility bills, and it has amounted to poorer retirees.
The company's Class of 2012 report found that women (20 per cent) are more likely to finish work this year without another pension compared to their male counterparts (eight per cent).
With the government set to introduce auto-enrolment in the coming months and many firms switching from final-salary pension to defined benefit many employees retiring this year are struggling to get the best deal.
Vince Smith-Hughes, retirement income expert at Prudential, said: "For far too many people, the State Pension has become the default income option in retirement. Even those who have some private provision depend so heavily on the State that it makes up a third of their retirement income." More »
By Tom Farley, Pensions - Thu 5 Apr 2012
Pension and retirement planning tops UK search for financial advice
Retirement and pension planning remains top of the agenda for Brits seeking independent financial advice in September. More »
By Tom Farley, Pensions - Thu 13 Oct 2011
Pension plans are an efficient way to save for retirement
A good pension plan is the most efficient way to save for retirement, it has been claimed. More »
By Tom Farley, Pensions - Mon 10 Oct 2011
Over 40% of Brits do not know how their pension is invested
Over two-fifths of Brits are not sure how their pension is invested, it has been claimed. More »
By Tom Farley, Pensions - Fri 7 Oct 2011
Around a third of Brits have put pension contributions on hold
More than a third of UK pension scheme members have put their contributions on hold, according to Prudential. More »
By Tom Farley, Pensions - Wed 28 Sep 2011
Planning for a pension is important as the cost of living increases
Brits over-55 planning to take out their pension may find it harder than they thought to enter retirement. More »
By Tom Farley, Pensions - Wed 21 Sep 2011
More than a third of working Brits have no pension plans
Over a third of British workers admit to not having a pension in place, according to research by Prudential. More »
By Tom Farley, Pensions - Wed 14 Sep 2011
Brits unaware about contributions being made to workplace pensions
Almost a third of Brits with a Defined Contribution (DC) pension scheme in the workplace do not know how much they are putting into it. More »
By Tom Farley, Pensions - Mon 12 Sep 2011
Brits avoid taking their pension and stay at work to remain active
Pension planning Brits choose to retire later out of a desire to remain active, according to Hargreaves Lansdown. More »
By Tom Farley, Pensions - Wed 31 Aug 2011
Over a third of Brits unsure about their retirement and pensions plans
More than a third of working adults in the UK do not know when they will retire and have no firm pension plans. More »
By Tom Farley, Pensions - Tue 30 Aug 2011
Over 13m Brits do not have a pension
Over 13 million UK adults do not have a pension, according to research by Baring Asset Management (Barings). More »
By Tom Farley, Pensions - Thu 11 Aug 2011
UK pension system is complicated and confusing, says Addidi
The UK's pension system has become extremely confusing and complicated over the years, according to Addidi. More »
By Tom Farley, Pensions - Mon 8 Aug 2011
UK pension system 'has been neglected in the past'
In the last few years, there has been a general culture of neglect towards pensions in the UK, according to Hargreaves Lansdown. More »
By Tom Farley, Pensions - Thu 4 Aug 2011
UK pension system needs simplifying, says Addidi
Pension systems need to be simplified for the next generation to understand them, according to wealth management service Addidi. More »
By Tom Farley, Pensions - Wed 3 Aug 2011
Older women struggling to find work, which will affect their pensions
Older women are struggling to find employment which can have a significant impact on their pensions, according to Savvywoman.co.uk. More »
By Tom Farley, Pensions - Fri 1 Jul 2011
Brits must start building up their pension pots
Brits have been told that it is imperative they start planning for their retirement and building up a pension pot. More »
By Tom Farley, Pensions - Mon 27 Jun 2011
Brits could be missing out on thousands of pounds in forgotten pensions
Brits could be losing out on thousands of pounds when it comes to their retirement by forgetting about old workplace pension schemes. More »
By Tom Farley, Pensions - Thu 23 Jun 2011
