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Banking News

  • Consumers approve of pension reforms

    More than three out of five Britons (62%) have welcomed the Budget pension reforms to give people greater flexibility and choice in how they take retirement income, according to new research from Aviva. The insurer’s research found a high level … Read more »

  • DC schemes need new post-Budget strategies

    Mercer has opined that trust-based and contract defined contribution (DC) pension schemes should reconsider their investment options and default investment funds used, in the light of the announcements made in the Budget about pensions. Mercer explained that many DC members … Read more »

  • Annuities market could decline by 75%

    The UK annuities market could see a decline as large as 75% after changes announced in the Budget regarding annuity purchases come into effect, PwC has warned. The firm, whose view is based on its own analysis coupled with a … Read more »

  • Automatic enrolment more successful than expected

    Approximately nine million people will save for the first time, or save an increasing amount, following workplace pension reforms (automatic enrolment). The predicted number of new savers and those likely to save more, made by the Department for Work and … Read more »

  • A quarter feel uncomfortable managing retirement income

    Retirement income specialist MGM Advantage has released new research revealing that over a quarter (28%) of the over 55s do not feel comfortable taking the risk of managing their own pensions in order to provide retirement income. A similar proportion … Read more »

  • Cost to boost state pension revealed

    Consumer group Which? has reported how much it will cost for current pensioners to increase their weekly state pension, after the idea was first revealed in the 2013 Autumn Statement. Those presently receiving the state pension will be able to … Read more »

  • Over a third of retirees pay off family debts

    Over a third of those aged 65 or more have paid off debts exceeding £2,000 for their children or grandchildren, according to research from Metlife. The nationwide research revealed that 35% of those aged 65 or older have financially assisted … Read more »

  • Pensioners can be trusted with greater freedom

    Pension drawdown provider Skandia has stated that less than 10% of its current flexible drawdown customers have either taken or are about to take the entire value of their pension savings. Skandia cited the figure as evidence that fears, following … Read more »

  • NAPF gives EU Pensions Directive a mixed response

    The National Association of Pension Funds (NAPF) has commented on the new EU Pensions Directive (Directive on Institutions for Occupational Retirement Provision), which was recently published by the EU Commission. NAPF stated that the Directive introduced a range of new … Read more »

  • Scottish Widows highlights savings gender bias

    Scottish Widows, the UK’s leading pension provider, has argued that addressing systemic gender bias in the long term savings market should be a pillar of reform. The firm reports that women continue to save less than men, and describes the … Read more »

  • Income falls by two-thirds in retirement

    Retirement specialist LV= has warned that, whilst the recent Budget offers those approaching retirement greater flexibility, a two-thirds reduction in income is to be expected when leaving work and entering retirement. LV=’s annual ‘State of Retirement’ report reveals that the … Read more »

  • Government to introduce 0.75% charge cap

    Pensions Minister Steve Webb has announced that, with effect from April 2015, a pensions charge cap of 0.75% will be introduced for the default funds of all qualifying schemes. Over the course of the next decade the Government has forecast … Read more »

  • Cashing in pensions could lead to tax mistakes

    Over 55s financial specialist Key Retirement Solutions has asserted that pension savers need to lock in gains delivered by the reforms announced in the Budget, but that advice is essential to avoid mistakes being made. The changes announced by Chancellor … Read more »

  • ABI calls for pension reform clarity

    The Association of British Insurers (ABI) has called for clarity from the Government regarding the changes to pensions announced in the Budget last week. Huw Evans, ABI Director of Policy, stated that pension and annuity providers were given no advance … Read more »

  • AXA welcomes Budget’s direction of travel

    Andy Zanelli, head of retirement planning, AXA Wealth, has welcomed the direction of travel revealed in the Budget last week, in which Chancellor George Osborne announced significant reforms for ISAs and pensions. Zanelli added that the Budget represents a clear … Read more »

  • Partnership responds to pension reforms

    Annuity specialist Partnership has said that, in light of the pension reforms announced in the Budget, annuities remain an important part of retirement planning. The firm asserted that a key objective of planning for retirement is turning pension savings into … Read more »

  • New rules could create pensions Berlin Wall

    The drastic changes to the pensions system announced by Chancellor George Osborne in his Budget do not alter people’s retirement needs, but do offer greater choice, according to John Ball, UK head of pensions at Towers Watson. Ball predicted that … Read more »

  • Skandia: Chancellor puts trust in savers

    Skandia has responded to the Budget by suggesting it presents two major long-term boosts for savers. The firm welcomed the increase in the ISA allowances, and the end of the difference between cash and equity ISAs. Skandia also praised the … Read more »

  • Budget pension measures get mixed response

    The Budget presented by Chancellor George Osborne this week received a mixed reception from the charity Age UK. Charity Director Caroline Abrahams stated that the rigid pensions system had become increasingly out of step with the modern world. She added … Read more »

  • Budget is a pensions game-changer

    KPMG has described the Budget as a ‘game-changer’ for the insurance industry. In the Budget the Chancellor significantly increased the flexibility for customers regarding how they access their pension savings upon retirement. KPMG said that the changes announced presented an … Read more »