Latest pension news from our award-winning blog

How Does the Spring Budget 2024 Affect Pensions

With an election on the horizon and an objective to stimulate the economy without spending too much money, eyes were on Jeremy Hunt, the Chancellor of the Exchequer and the Spring Budget 2024 announcement. How does the Spring Budget 2024 affect pensions?

Read more...

What is the triple lock on UK State Pensions?

The triple lock was introduced in 2010 and dictates by how much the state pension increases each year.

It confirms that the UK state pension will increase by the highest of one of 3 measures.

Read more...

What about tapered and money purchase annual allowances?

The money purchase annual allowance (MPAA) and tapered annual allowance are significant complicating factors that can restrict people’s pension contributions to as low as £4,000 per year. Again, the government’s decision to increase these to £10,000 from 6 April 2023 will be welcomed.

Read more...

What’s happening to the pension annual allowance?

The annual allowance will increase from £40,000 to £60,000 from 6 April 2023.

This is the maximum amount someone can contribute to a pension each year while still receiving tax relief. This allowance has also suffered lots of tinkering over the years.

Read more...

How Does the Spring Budget 2024 Affect Pensions

With an election on the horizon and an objective to stimulate the economy without spending too much money, eyes were on Jeremy Hunt, the Chancellor of the Exchequer and the Spring Budget 2024 announcement. How does the Spring Budget 2024 affect pensions?

Read more...

What is the triple lock on UK State Pensions?

The triple lock was introduced in 2010 and dictates by how much the state pension increases each year.

It confirms that the UK state pension will increase by the highest of one of 3 measures.

Read more...

What about tapered and money purchase annual allowances?

The money purchase annual allowance (MPAA) and tapered annual allowance are significant complicating factors that can restrict people’s pension contributions to as low as £4,000 per year. Again, the government’s decision to increase these to £10,000 from 6 April 2023 will be welcomed.

Read more...

What’s happening to the pension annual allowance?

The annual allowance will increase from £40,000 to £60,000 from 6 April 2023.

This is the maximum amount someone can contribute to a pension each year while still receiving tax relief. This allowance has also suffered lots of tinkering over the years.

Read more...

Massive pension changes in the recent Spring Budget.

Massive pension changes in the recent Spring Budget.

Read more...

If I Get Made Redundant Is My Company Pension Safe?

Both Toys R Us and Maplin are the latest in a long line of high profile UK stores to go into administration. Their collapse will see 5700 redundancies between them, and many of the employees no doubt wondering what will happen to their pensions. If I get made redundant, is my company pension safe?
What will happen with your pension will depend on what kind of pension you have.

Read more...

Can You Afford Not To Increase Your Auto Enrolment Contributions?

Auto Enrolment minimum contribution payments increased substantially from 1% to 3% last month. And there are further increases set for next April 2019, where contributions will rocket to 5%. But what does that mean to the average worker?

 

Read more...

Pension IT Failure Leads to Billions in Arrears

Government Pension IT failure leads to billions in arrears over decades. The Department of Work and Pensions computer errors have led to millions of pensioners being paid the wrong amount. The problem affects around 134,000 people who first claimed state Read more…

Facts About UK Pensions That You Might Not Know

This week, we thought we would put together some facts about pensions that you might not know. From what day of the week you can expect to get your State Pension to how much the government pay for pensions.

Read more...

The Pension Triple Lock

The Pension Triple Lock.There’s been much talk about the Pension Triple Lock of late, but what is it and how might it affect us in the future? Triple Lock was put in place by the government in 2010. It was Read more…

Glossary of Common Pension Terms

We’ve put together a Pension Glossary to help you find your way through the often confusing terms associated with pensions.

Read more...

How has the 2022 Mini Budget Affected Pensions?

Much has changed in recent months. The UK economy is still feeling the repercussions of Brexit and the pandemic and now faces economic pressures from the war in Ukraine. We have a new King on the throne, and Liz Truss Read more…

Can the government afford to fund state pensions?

One in seven pensioners in the UK relies solely on their state pension to pay living costs with each retiree collecting up to £160 per week. But can the government afford to fund state pensions? According to the European Union, Read more…

Ways to Invest Responsibly

Here are 8 ways to invest responsibly with your Pension Plan. Many people are becoming more aware of the impact their investments have on society and the environment. A recent study found that nearly 40 per cent of respondents are Read more…

Top Tips on How To Save For A Happy and Wealthy Retirement

We all want to know that our pension is taken care of and that we can look forward to a happy, healthy and wealthy retirement. But with the best will in the world, many of us bury our heads in Read more…

Women Struggle to Save for Retirement

There has always been a bit of disparity between genders when it comes to savings and pensions. On average reports show that men are more concerned with planning for the future than women and have more savings.

On the upside, according to a report from Scottish Widow, more women than ever are committed to a retirement plan, with over 50% being adequately covered.

But with women living longer than men and the state pension age being increased, are we doing enough?

Kate Smith, head of pensions at Aegon, said: “It can’t go unnoticed that women have made some encouraging steps forward in saving for retirement. However, the difference between men’s and women’s pension savings is stark and there are a number of reasons behind the widening pension savings gender gap.”

Read more...

Should You Consider Taking A Pension Holiday?

We are still in the throes of a pandemic; fuel prices have rocketed due to the invasion of Ukraine, and the cost of living is at an all-time high. We are all tightening our belts, unsure of where the UK Read more…

Common Pension Mistakes

Making the right decisions about your retirement can be a minefield. But what are the top five most common pension mistakes? Not Saving Early enough It’s not surprising that, for most people in the UK, saving for retirement is the Read more…

Over 200,000 People will receive State Pension Refund From DWP

Over 200,000 People will receive State Pension Refund From DWP. Around 200,000 people over the age of 67 could be due to a substantial windfall through a pension refund. An administrative oversight where those affected were underpaid their full state Read more…

What is Triple Lock and How Does It Affect You?

There’s been much talk about the Pension Triple Lock of late, but what is it and how might it affect us in the future? Triple Lock was put in place by the government in 2010. It was an initiative aimed Read more…

There is a Call to Make it Easier for People to Use Their Personal Pension Fund for a House Deposit

There is a call to make it easier for people to use their personal pension fund for a house deposit. With more and more young people finding it difficult to get onto the housing ladder.

Read more...

Building A Pension When Self- Employed

Saving for retirement is essential for everyone, whether employed by a company or self–employed. However, in practice, saving towards that pension pot can often get put on the back burner, especially if you receive irregular payments and don’t have the Read more…

Should working pensioners pay National Insurance?

Should working pensioners pay National Insurance? A think tank group has called for the government to start collecting National Insurance contributions from working pensioners.

Read more...

Frequently Asked Questions About Workplace Pensions

Staying informed and understanding your options is half the battle when planning for your retirement. We’ve compiled a list of our eight most frequently asked questions about workplace pensions. 1. Can I have more than one workplace pension? There is Read more…

Will the Government Honour their Triple Lock Promise?

Discussions are heating up about whether the Government will honour their Triple Lock promise and raise the state pension according to inflation levels. If national earning increases are taken at face value, it could mean that the State Pensions is Read more…

How To Avoid Pension Scams

How to avoid pension scams. According to the Pensions Regulator, over £30,857,329 pension savings were lost to fraud since 2017. It has become even more prevalent, as the pandemic has seen many people struggling financially, leaving them vulnerable to pension Read more…

18-year-olds to receive Pension Auto Enrolment Benefits

18-year-olds to receive Pension Auto Enrolment Benefits. A new government initiative is set to lower the age for Pension Automatic enrolment, to include those over the age of 18, by the year 2020. By law, UK employers are currently required Read more…

Free Pension Consultation

It’s very easy to put off planning for your retirement.  It’s not something that people to think about, often until it’s too late!  It never seems to be the right time to sort out pension arrangements, but in reality the Read more…

How To Avoid Overpaying Tax on Your Lump Sum Withdrawals

If you choose to take advantage of the Pension Freedoms act and take a lump sum from your pension pot, you could end up paying too much in tax.

Since the introduction of the Pension Freedoms Act, savers are now able to access their pension pot at the age of 55 and take up to a quarter of it tax-free. Any withdrawals on the remaining 75 percent are taxable at the individual’s current income tax rate. However, the Inland Revenue is having a few teething problems when it comes to The Pension Freedoms. As a result, many savers withdrawing a lump sum from their pension pot for the first time, are being charged emergency tax rates instead of their current tax rate.

Read more...

Why Start Paying into a pension When I Am Young?

  Why start paying into a pension when I am young? Paying into a pension when young is the last thing you would think of when starting a new career. Particularly when there are other things to pay for, a Read more…

Life Expectancy Age Gap in Rich and Poor Gets Wider

Life Expectancy Age Gap in Rich and Poor Gets Wider. There have been calls to rethink the age raise in the state pension act, following the latest reports from The Office of National Statistics concerning life expectancy. The report suggests Read more…

A Brief History of Pensions

Pensions have been around for hundreds of years. In 1670 The Royal Navy introduced a pension scheme for officers. However, it’s during the last 100 years that we’ve seen the biggest changes in the UK. Here’s a brief history of Read more…

What is Open Banking and How Could it Benefit the Pension Industry?

The banking sector is under pressure to open up its data to allow consumers greater control over their finances. Open banking allows banks to share data with approved third parties so that customers can see all their financial information in Read more…

Is it Better to Invest in Pensions or Property?

Investing in property and a decent-sized pension pot are both great investments for long-term growth. Choosing the right way to invest your money now can make all the difference to your retirement years. But which is best: property or pensions? Read more…

5 Reasons to Review Your Private Pension

Unless you are approaching retirement, ignoring your pension is easy. You pay into it every month, it looks after itself, and you are too busy to think about reviewing something you are unlikely to benefit from in the near future. Read more…

A transgendered woman finally gets her UK State pension

A transgendered woman finally gets her UK State pension. After several years of fighting, The European Court of Justice has ruled that a transgendered woman can receive her UK state pension without a gender recognition certificate.

The lady, who preferred to stay anonymous and who is referred to as MB, applied for her state pension at the age of 60. She was told that she would have to wait until she was 65 – the retirement age for men. The reason for their refusal was because she didn’t have a gender recognition certificate.

Read more...

Top Five Ways to Grow Your Pension

Your pension is the key to delivering the retirement that you want. Whilst paying into a pension scheme is a big part of it, achieving maximum growth from your investment plays a significant role in delivering the best returns. Here Read more…

How Do You Avoid Being a Victim of Pension Fraud?

How do you avoid being a victim of pension fraud?

In recent years, Pension fraud has become prevalent in the UK, with an average of £91,000 in life savings stolen from unsuspecting victims. An estimated £4 Billion a year is lost in UK Pension funds.

Read more...

Millions May Lose Promised Company Pension

Millions May Lose Promised Company Pension. PLSA report says millions may lose promised company pension. According to the latest report from the Pensions and Lifetime Savings Association (PLSA), 3 million people in the UK could be at risk of receiving Read more…

How Should you Manage Your Pension in a Cost of Living Crisis?

How should you manage your pension in a cost of living crisis? The UK cost of living has reached an all-time high, with many people struggling to make ends meet. Many factors, including worldwide supply chains, recovery from the covid Read more…

Planning Your Future – Know Your State Pension

Planning for the future doesn’t just involve knowing your private and work pensions and their value. The state pension makes up two-fifths of most household incomes, so it’s well worth getting some idea as to what you might expect from it before you get there.

Read more...

How Will Going Bankrupt Affect My Pension?

How will going bankrupt affect my pension? Over 100,000 people in the UK go bankrupt each year. Whether or not your pension will be affected depends on a number of factors. Thanks to the introduction of the Welfare, Reform and Read more…

Keeping Triple Lock in 2022 could cost £4 billion

The government has vowed to keep Triple Lock in place, following concerns that senior figures were calling for a temporary suspension of the system to aid the struggling economy. A spokesman for Boris Johnson stated that “We have made a Read more…

State Pensions – The Basics

State Pensions – The Basics. To qualify for a State Pension, you must have contributed via National Insurance Contributions for 30 years during your working life or received National Insurance credits. How much you receive is determined by your National Read more…

Auto Enrolment Contributions are set to increase next month.

Auto Enrolment Contributions are set to increase next month. Millions of employees who pay into a workplace pension scheme can expect to receive a smaller pay packet.

Read more...

Preparations You Can Do When Approaching Retirement

Many people blindly pay into a pension fund their whole lives without giving it a second thought. So you would be forgiven for thinking that your pension will take care of itself. However, if you are approaching the end of Read more…

WASPI Take Positive Step Towards Compensation

WASPI Take Positive Step Towards Compensation. Women Against State Pension Inequality (WASPI) campaign is celebrating this week as the government ombudsman ruled in their favour. In 2010 the government raised the pensionable age for women from 60 to 65. They Read more…

What are Investments and how do they Affect Your Pension?

When you contribute towards your pension pot, those payments are added to a fund, which is invested in the stock market or government and company bonds. How these investments perform will determine whether your pension savings make a profit or Read more…

How to Keep Saving Towards Your Pension

How to Keep Saving Towards Your Pension. Making sure you have enough money for retirement is a concern for many people – but it doesn’t have to be! Unfortunately, the UK pension system can sometimes seem out of the reach Read more…

How will pensions be affected by new Prime Minister?

How will pensions be affected by new Prime Minister Liz Truss? Liz Truss has won the Torie leadership contest to take her place at the helm as Prime Minister. It has come at a time when inflation rates are at Read more…

Government to Review Mineworkers Pension Scheme

Government to Review Mineworkers Pension Scheme. The Coalfield Communities Campaign has called for a review of the Mineworkers Pension Scheme. Claiming that the terms of the agreement heavily benefited the government, leading to excessive profits from the Mineworkers Pension Fund. Read more…

How Will Brexit Affect UK Pensioners Claiming State Pension Abroad?

How Will Brexit Affect UK Pensioners Claiming State Pension Abroad? Of the 1.24 million British citizens living abroad, approximately 247,000 of them are UK pensioners living in EU countries. British citizens who meet the UK State Pension criteria are entitled to receive their State Pension regardless of where they live in the world.

Read more...

Campaigners from ‘Backto60’ Lose High Court Battle

Campaigners from the ‘Backto60’ lose their High Court Battle.  They have called for a judicial review into the government handling of the rise in pension age for women. They claimed that women born in the 1950s were “grotesquely disadvantaged” as a result of Pension reforms.

Read more...

Calls to Delay Age Increases for State Pension

Calls to delay age increases for State Pension. A new report from pensions consultant LCP has urged the government to delay the rise in the State Pension age. Their findings suggest that people aren’t living as long as previously expected Read more…

Do I have to take my State Pension at retirement age?

Do I have to take my State Pension at retirement age? Senior Independent Adviser at Fix My Pension, Andrew Collyer Worsell, recently had a client that deferred his state pension. The client already had savings to fund his retirement so Read more…

How will the Pandemic Affect My Workplace Pension?

How will the coronavirus pandemic affect my workplace pension? In recent months we’ve seen how the coronavirus has had catastrophic effects on the global financial markets.

But as the virus continues on and with restrictions still in place, how will your workplace pension be affected?

Read more...

Employers investing in plumber pension scheme face huge debts

Employers investing in plumber pension scheme face huge debts.

Hundreds of Employers who invested money into a workplace pension scheme for their employees face hefty bills because of a deficit in the pension fund.

Read more...

Treasury will raise the Pensions Lifetime Allowance (LTA)

There’s good news on the horizon for people with larger pension pots. Despite predictions from pension experts, a recent announcement has confirmed that the Treasury will raise the Pensions Lifetime Allowance (LTA) from April 2018, in line with inflation. The Read more…

Hope for People Starting Pension Plans Late in Life

A recent report has highlighted that many middle aged people are regretful about starting pension plans late in life or worse still, having no retirement plans at all. It’s a fact of life, savings and future planning go out of Read more…

What Will Happen To My Arcadia Pension?

What Will Happen To My Arcadia Pension? The Arcadia Group has become the latest casualty of the demise of the British High Street. The group, owned by Sir Philip Green, encompasses a range of leading brands including Burton, Dorothy Perkins, Read more…

There will be a State Pension Increase for 2021

There will be a State Pension Increase for 2021. Those receiving a State Pension will see a welcome boost this month by way of a pension increase. The 2.5 per cent uplift will see those receiving the full New State Read more…

How Does Inflation Affect My Pension?

The CPI (Consumer Price Index) predicts a sharp rise in UK interest rates, so we can undoubtedly expect to tighten our belts as the cost of living increases. Some of the obvious implications like the cost of food and utility Read more…

Top Seven Most Common Pension Myths

What are the top seven most common pension myths? The internet has made it especially easy to find a wealth of hints and tips concerning pensions. Some of it is good, but much of it is misleading and confusing. Having Read more…

British Steel Pension Scheme

We have been approached by a number of people asking for advice on how best to proceed with their British Steel Pension Scheme. What are your options if you are one of the 130,000 members of the British Steel Pension Read more…

Tougher Penalties for Bosses that Mismanage Pension Schemes

There is a call for tougher penalties for bosses that mismanage pension schemes. Work and Pensions Secretary, Amber Rudd wants a new offence of “willfully or recklessly mismanaging funds to be made into a criminal offence.

Read more...

Future for Debenhams Workplace Pensions

What is the future for Debenhams Workplace Pensions? According to a spokesperson from Debenhams, Employees from the collapsed High Street department store chain can be reassured that their Pension scheme will operate as normal.

Read more...

Teresa May has vowed to stop Private Pension Abuse

Following the recent collapse of construction firm Carillion, Teresa May has vowed to stop Private Pension Abuse. The reaction from the Prime Minister comes after news that Carillion, could leave a £580 million deficit in its pension scheme. 28,000 members Read more…

Lehman Brothers Pension Scheme

We have been approached by a number of deferred members of the above scheme asking for advice on how best to proceed with their Lehman brothers Pension Scheme. The scheme is now fully funded and they will be purchasing deferred Read more…