The Pension SuperFund (PSF) has announced the appointment of eight Non-Executive Directors (NED)/Board members, covering both the corporate and sponsor operational sides of the business. David Barral: ex CEO of Aviva UK Life and also former Chair of the retirement and savings committee at the ABI; Sheila Gunn: employment and pensions lawyer in practice for 23 years; currently a NED […]Read More
Up to 35 million savers now have access to the Pensions and Lifetime Savings Association (PLSA)’s Retirement Living Standards through their pension scheme’s communications. In total, 124 organisations are using the Standards, including over 100 pensions schemes and some of the largest and best-known industry brands. A further 25 schemes have signalled their intention to […]Read More
Time to simplify the system as pensioners reclaim £22 million in overpaid tax from HMRC. Latest HMRC statistics show that between 1st January 2022 and 31st March 2022, it paid out £22,317,529 to people who overpaid tax when they accessed their pensions flexibly. Due to the current system, anyone accessing a pension flexibly is taxed […]Read More
Latest figures from the ONS show that in 2020, there were 103,592 divorces granted in England and Wales, but with the new no fault divorce law that came into force on the 6th April, this figure is likely to increase in the coming years. Thinking about family finances may be the last thing couples want […]Read More
New analysis reveals 450,000 homeowners in England and Wales are at risk of becoming mortgage prisoners because their leases have run down to less than 75 years, the crucial threshold for mortgage finance, including lifetime mortgages. The data compiled by Lifetime Mortgage Gateway Logistics (LMGL) shows there are currently an estimated 400,000 leaseholders in England […]Read More
Pensioners and their loved ones are being urged to take-up Pension Credit, as a new government campaign is launched to help those of pension age with the cost of living. Starting this month, advertising for Pension Credit will feature in internet search results and on social media, before being expanded to national and regional newspapers. […]Read More
Latest research from abrdn reveals that two-thirds of those planning to retire this year will work part-time to keep up with the rising cost of living. The research, which surveyed 2,000 Brits showed that many would-be retirees are considering part-time work with two-thirds (66%) planning to remain in some form of employment in 2022 compared […]Read More
The state pension is expected to reach over £200 per week in 2024. Chancellor Rishi Sunak’s Spring Statement revealed that little help will be on offer for pensioners when the state pension rises by 3.1% in April 2022, which is less than half the current rate of inflation. Following this announcement, the Office for Budget […]Read More
The latest flexible payments from pensions data has been released Commentary for Personal and Stakeholder Pension Statistics: September 2021 – GOV.UK (www.gov.uk) Data shows that £8.3bn was flexibly withdrawn from pensions between April and December 2021 – a 19% increase on the same period in 2020, with 648,000 people accessing an average of £12,800 during this period. […]Read More
Pensioners must now spend more to cover basic living costs as funding a comfortable retirement has jumped by more than £2000 per year for couples. An industry report predicts that an extra £40,000 will be needed to fund a comfortable 20 year retirement. This year’s updated Retirement Living Standards (RLS) from the Pensions and Lifetime […]Read More
Following Prime Minister Boris Johnson’s unveiling of the 1.25% health and social care levy that will come in to force in the 2023-24 tax year, experts are now predicting that wealth taxes such as inheritance tax are also set to rise. Ed Smith, head of asset allocation research at Rathbones, commented in a recent interview […]Read More
Despite the often volatile nature of cryptocurrency, there is no denying that this form of digital currency has made huge strides over the past decade. Once considered a fad or even a scam, the global blockchain market is now expected to be worth over 57 million US dollars by 2025. In June, the Financial Conduct […]Read More
The overall value of UK housing stock has risen from £5.67trn to £6.42trn over the last year, with private property wealth reaching a new high of £4.87trn according to figures released by the Equity Release Council. While the level of mortgage debt has reached unprecedented levels, now above £1.5trn, fast rising property prices mean that […]Read More
Prime Minster Boris Johnson has today introduced a “health and social care levy” to ringfence taxpayer funding for the NHS and social care. Mr Johnson was anticipated to break the manifesto promise of no increases to income tax, VAT or National Insurance as he leads efforts to address the shortfall in funding for key services, […]Read More
Amongst the many ideas put forward to recover the costs of dealing with the impact of the COVID-19 crisis, an increase in National Insurance contributions seems the most likely and imminent according to a leaked report. Health Secretary Sajid Javid has called for a 2% increase to tackle the NHS backlog and fund social care. […]Read More
Consumer education, product innovation and property renovation must be among the priorities to support a more sustainable social care sector, experts have warned. The comments were made when a panel met to discuss the findings of an Equity Release Council, Pure Retirement and My Care Consultant report on housing wealth and the social care funding […]Read More
House prices have risen 8.9 percent in the last year, meaning that far more people are likely to be liable to pay inheritance tax in the future if they are left a property when someone dies, according to an article in This is Money. From April to May 2021, the article reports that inheritance receipts […]Read More
Action Fraud has revealed that £1.8m has been lost to pension fraud, and we’re not even half way through the year yet. Pre-pandemic it appeared that the number of pension scam reports were falling, with data from the organisation revealing that reports in pension scams fell from 1,788 in 2014 to 358 in 2020. However, […]Read More
We’re all eagerly awaiting the budget tomorrow, when Chancellor Rishi Sunak will outline how we plan to recover following the coronavirus pandemic. PIMFA, (The Personal Investment Management & Financial Advice Association) the trade association for wealth management, investment services and the investment and financial advice industry, is disappointed by reports that the Chancellor is considering […]Read More
A proactive move by the Government has ensured State Pension increases, despite current legislation. The Department of Work and Pensions (DWP) Secretary, Thérèse Coffey, has introduced a technical Bill in the House of Commons which gives the Government jurisdiction to increase it next year to avoid a State Pension freeze. The Bill was introduced to […]Read More
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