Ignoring the need to save for retirement or not accepting we are all living longer is not an option. It may work if you are an ostrich however burying your head in the sand is not a solution for building a decent pension. You might be forgiven for switching off at the mere mention of…
Author: Liz Gibling
The goalposts have been moved yet again
The biggest problem for pension savers is keeping up with the constant changes imposed by Government. The latest change affects savvy savers who decided to divert some of their National Insurance to their own pension pot in respect of the state second pension (S2P). As part of the proposed improvements to state pensions, contributions will…
Sex equality may not be all it is cracked up to be!
There are major changes afoot that will affect pensions for those coming up to retirement from the end of the year. The Gender Directive is set to land on 21st December 2012 and this will mean that annuities can no longer be offered on a single gender basis. Potentially men will suffer most as providers…
Ski instructors need to plan their pensions too
Once the Easter holidays are over this marks the end of the year’s ski season meaning ski and snowboard schools will begin to wind down. The British contingent of ski instructors and stagiaires, high altitude guides and off-piste experts will be planning to leave the slopes in readiness for the summer. Winter work means…
Budget gives a clear message to pension savers
No change to pensions tax relief or to the annual allowance is excellent news for those individuals squirreling away their earnings into pensions. This means you can make a contribution of up to 100% earnings, capped at ?50,000. Even non-earners can contribute up to ?3,600 gross into pension, and benefit from basic rate relief. The announced changes…
Small pots with nowhere to go?
Converting your hard earned pensions savings in to an annuity at retirement is anything but simple. Get it wrong and it could cost you thousands of pounds throughout your retirement, and so taking expert advice at the point of no return is a priority. Accessing advice where you only have a small pot is another matter. Some advisers are…
It’s official; not only has the UK an aging population but the fastest growing age group is for those aged 85 and over!
If you are looking for a reason to save for retirement the recent data produced by the Office of National Statistics (ONS) may provide you with all the incentive you need. The ONS document entitled ‘Population Aging in the United Kingdom’ reveals some startling statistics about the regions of the UK and comparisons with EU countries. The report states…
Employers can breathe a sigh of relief
Employers faced with the burden of implementing an auto-enrolment scheme for their employees will welcome the change in stance by the Department of Work and Pensions (DWP). This now means that employers will have more time to notify their employees about a waiting period and their right to opt in to the company scheme. …
Improving transfers and growing big fat pension pots
Transferring a company pension from an ex-employer to a new arrangement has never been the easiest of tasks. Normally the pension provider, on behalf of the company, issues a ‘leaver pack’ written in pensions technical ‘jargon’ that more often than not is filed away until retirement. It is no wonder workers have built up a string…
Once a Frozen Pension always a Frozen Pension
In the distant past, when a member left a final salary or career average scheme, the pension earned was frozen. This meant the pension was left to wither on the vine rather than enjoy the returns on the money invested. Anyone with an ounce of sense would expect the right to a stream of deferred pay to at…