This chart shows pension savers in their 50s should put £7,500 more into their pension each year – while those in their 20s should save £1,500 more September 22, 2016 The average Briton in their 50s should be saving almost £7,500 more each year if they want to have a comfortable retirement. That's according to a study by Aviva, which suggests not only that the gap between what people in the UK are saving and the income they're expecting to have during their retirement has increased [...]
It’s official: Saving for a house is more important than saving for a pension (to under-35s, anyway) September 21, 2016 Remember back in August, when Bank of England chief economist Andy Haldane was branded "irresponsible" after he suggested he'd rather invest in property than put money into a pension scheme? Well, it seems the nation's millennials agree with him, after a study found saving for a home is three times more important to them than putting [...]
The Lifetime Isa: New clarifications are good news for first-time buyers, but do nothing to solve its conflict with pensions September 21, 2016 The Treasury released final details last week on the Lifetime Isa (Lisa) which launches in spring 2017. Aimed at two very different types of savers – first-time buyers and retirees – the updates mostly concern the first group, and will do little to silence critics who say that the Lisa will lure away people who could [...]
Financial advice and the rise of gamification: Robo-advice may improve access but augmented reality could boost engagement September 21, 2016 The Pokemon Go craze may have subsided, but the mobile game has cemented augmented reality in the public’s consciousness. With the UK release of Oculus Rift yesterday, the more immersive virtual reality is also set to grip the nation. With these new states of reality engaging us, it begs the question: how long it will take [...]
Influential MP calls for pensions probe into sale of turkey business September 19, 2016 Frank Field, who chairs the influential Work and Pensions Select Committee, has called on the Pensions Regulator to probe the takeover of turkey producer Bernard Matthews by Ranjit Boparan. The Labour MP is concerned that the deal will see Bernard Matthews’ retirement scheme absorbed by industry-funded lifeboat, the Pension Protection Fund (PPF). Read more: Turkey [...]
Britons are scared to commit to investment strategies when planning for retirement September 12, 2016 Too much choice is seriously undermining the nation’s confidence when it comes to planning for retirement, according to a new study. Nearly half of people do not have courage in their own convictions to make a final decision on their pension, researchers found, while 43 per cent continue to have doubts after they have choose a strategy. The research [...]
Union uproar over ITV plans to close pension scheme September 7, 2016 Broadcaster ITV is under fire from unions over plans to close its pension scheme. The company has told staff it plans to shut its defined benefits pension scheme to future accruals. Under the change, those benefits built up within the current scheme would remain in place. However, future proceeds would be put into a new defined [...]
Scottish widows reveal Britain’s pension habits: saving nudges higher in second year of auto-enrolment September 7, 2016 The number of people relying on a defined benefit pension scheme has fallen to less than one in four according research released today. Scottish Widows said that just 24 per cent of people will rely on a final salary scheme as their main source of retirement income, down from 33 per cent last year. Meanwhile [...]
You’re on a runway to retirement: Here’s how to make sure you don’t run out of fuel September 6, 2016 Retirement may seem a long way off, but by the time you are 50 you could have only 180 monthly paydays left to make your financial preparations for your later years (and that’s assuming you continue working to 65 – your working life could end sooner than that). Think of yourself as being on a [...]
FTSE 350 pension deficits increase by £50bn during August September 5, 2016 Lower for longer interest rates led to pensions deficits ballooning to new highs at the end of August according to data released today. The aggregate pension deficits FTSE 350 companies now stand at £189bn, up from £139bn at the end of July. "The seemingly relentless march in pension scheme deficit increases continues," said Le Roy van Zyl of pension specialists Mercer [...]