Savers positive about pension reforms but concerned about scams The new pensions freedom rules giving far greater flexibility over what you can do with your pension pot came into force on 6 April 2015. In a survey by the National Association of Pension Funds (NAPF) of 850 people aged 55-70 with private pensions, 47% who… Continue reading With great freedom comes great responsibility
Category: Retirement
Unlocking the New pension landscape
Are you ready for the responsibilities of being in complete control over all of your money? On 6 April this year, ‘pensions freedom day’, the pension landscape changed forever. From this date for the first time ever, individuals were given complete control over all the money in their ‘defined contribution’ retirement savings plans, whether large… Continue reading Unlocking the New pension landscape
Blurred vision of the future
Three quarters of UK adults struggle to picturethemselves in retirement UK adults have an average eight-year blind spot when it comes to financial planning – and can only see themselves in the future as far ahead as 2023, new research from long-term savings and investment specialist Standard Life reveals. The failure to be able to… Continue reading Blurred vision of the future
How long will your pension income last?
Why people are applying a rule of thumb when it comes to their retirement According to new research conducted by YouGov and Old Mutual Wealth, nearly half (48%) of those approaching retirement (aged 55-64) do not know how long their pension income will last. With pension providers reporting demand for flexible withdrawals, there is a… Continue reading How long will your pension income last?
Are you considering working after retirement?
Two thirds of over-50s plan to lengthen their working lives Nearly two thirds of over-50s workers would consider retraining so they could work longer in retirement, according to new research from MetLife. Its study found 63% of over-50s are looking at potentially lengthening their working lives, with 50% considering learning new skills to continue in… Continue reading Are you considering working after retirement?
Shopping around could mean you receive a higher income
Spotlight firmly on people rolling over into the holding provider’s own annuity The Financial Conduct Authority’s (FCA) thematic review into annuity purchases has shone the spotlight firmly on people rolling over into the holding provider’s own annuity. Not benefiting from higher rates The FCA evidence shows annuities have provided good value when people have used… Continue reading Shopping around could mean you receive a higher income
Pension wise
Discussing life expectancy as part of your retirement planning is key P ension Wise, the government’s guidance guarantee service, must discuss life expectancy as part of people’s retirement planning, according to a recent Aviva report. More accurate picture of life expectancy The special report on key retirement themes suggests that using nationally agreed longevity figures… Continue reading Pension wise
Accessing pension benefits
Greater choice and flexibility about how retirees use a pension pot to fund retirement income T he 2014 Budget announced major changes to the way that members of a defined contribution pension scheme could access their pension savings. In March 2014, the Chancellor George Osborne announced changes to the pension world which would revolutionise the… Continue reading Accessing pension benefits
Trivial commutation
Taking all of a pension pot as a lump sum When someone reaches retirement, they can take up to 25% of their pension as a tax-free lump sum (called the ’pension commencement lump sum’). The remaining 75% has usually been used to purchase an annuity, a financial product that provides them with a guaranteed income for life,… Continue reading Trivial commutation
Pensions freedom
10 things about the wide-ranging changes you should know The pension system is completely being overhauled to enable individuals to take their defined contribution pension how they like in order to create greater choice and flexibility. These changes were announced in Budget 2014. From 6 April 2015, no matter how much an individual decides to take… Continue reading Pensions freedom
