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Pensions
November 2019
Pensioner wealth
Pensions
November 2019
  Income gap between the wealthiest and poorest pensioners is growing The members of Britain’s baby boomer generation who are now entering retirement have been called ‘the richest generation in history’. But the income gap between the wealthiest and poorest pensioners is growing, with those in the top pension income band now having an average weekly income of almost £1,000. Read full article
Pensions
November 2019
Pension shortfall exposure
Pensions
November 2019
  Signs you are not financially ready to retire Those potentially most exposed to a pension shortfall are not people just entering the workforce, most of whom presume they will work until their 70s and will receive limited support from the state. Those most at risk of enduring a more frugal older age are those currently in their 40s and 50s who grew up assuming that the pensions system their parents enjoyed – generous income and retirement in their mid-60s – was the norm. Read full article
Pensions
October 2019
Unlocked pension savings
Pensions
October 2019
  Critical gap in consumer awareness Drawdown allows most pension holders to withdraw a tax-free lump sum and reinvest the remainder as an income. But hundreds of thousands of DIY drawdown investors are unaware they can scale back or stop their withdrawals, putting them in danger of draining their retirement savings too rapidly, according to new research[1]. Read full article
Pensions
October 2019
What you need to know
Pensions
October 2019
  Winners and losers under the new State Pension The figures for people qualifying for the full new State Pension following its introduction in April 2016 reveal almost two in five pensioners (365,290 people, or 38% of claimants) receive less than £150 a week, while a further 314,290 people (33% of claimants) receive more than £150 a week[1]. Read full article
Pensions
October 2019
Lost Pensions
Pensions
October 2019
  Make sure your pension savings don’t get left behind The employment landscape has evolved significantly over the last few decades, and changing jobs multiple times before retirement is now very much the norm. Even if you have not had that many jobs, you may still have a number of different pensions to keep track of. Read full article
Pensions
October 2019
Cashing out
Pensions
October 2019
  Pension changes brought a whole new range of options to consider Unadvised retirees who are now able to dip into their pension are having to return to work to cope with juggling their finances, according to a new report[1]. Pension freedoms have given individuals control over how to spend their retirement savings, but a number of unintended consequences have emerged. Since rules governing how pensions can be taken were dramatically relaxed in 2015, more than a million over-55s have gone on a freedom-fuelled spending spree. Read full article
Pensions
September 2019
Taxing times ahead
Pensions
September 2019
  Don’t be penalised by the tax system when you exercise your freedoms The ‘pension freedom’ reforms of 2015 were welcomed by consumers, as they vastly widened options available to most savers at retirement. Pension freedoms allow savers to have the flexibility on how and when to spend their money without being penalised by the tax system, but it is worrying that some individuals plan to withdraw more than the tax-free lump sum limit. Read full article
Pensions
September 2019
Show me the money
Pensions
September 2019
  Turning pensions into money you can use Today, you’ve got a number of options and permutations available when it comes to what to do with your pension in retirement. But lots of choice can also mean increased confusion. Read full article
Pensions
September 2019
Pension scammers: spot the warning signs
Pensions
September 2019
  Don’t lose your life savings or be persuaded to invest in high-risk schemes Don’t let scammers enjoy your hard-earned pension proceeds. Anyone can be the victim of a pension scam, no matter how savvy they think they are. It’s important that everyone can spot the warning signs. Read full article
Pensions
August 2019
Thousands of retirees in drawdown lack of planning
Pensions
August 2019
  Have you worked out how much you can afford to take from your pension pot? Thousands of retirees shifting their pensions into drawdown are not taking basic steps to work out how much they can afford to take from their pot, putting them at risk of draining their savings too soon, according to new research[1]. Read full article