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Savings & Investment News

  • 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 »

  • 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 »

  • 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 »

  • 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 »

  • Savers unaware of reduced Lifetime Allowance impact

    Savers might not know what the impact of the reduction in the Lifetime Allowance to £1.25m will be on their retirement, MGM Advantage has warned. The firm highlighted the effect by the example of a 40 year old with no … Read more »

  • New retirees embark on spending splurge

    The newly retired are being surprised by the reality of life funded by a pension, according to retirement specialist LV=. Those leaving work and living on a pension often spend the first five years of retirement budgeting poorly and overspending … Read more »

  • Five advantages of trusts over wills

    The vast majority (89%) of British financial advisers have stated that trusts can offer advantages over a will, according to a new survey from Skandia International. Less than a quarter (22%) of UK advisers’ clients hold a trust, compared to … Read more »

  • UK employers unmotivated by adequate retirement income

    The main motivation for offering a defined contribution (DC) pension scheme is not to ensure employees have sufficient income in retirement but to keep the employer competitive, Towers Watson’s DC Pension Strategy survey has discovered. Only one in seven (15%) … Read more »

  • Over half worry about lack of retirement savings

    More than half of Britons (55%) fear they will not have enough money to provide a decent standard of living in retirement, figures released by Aviva have indicated. Perhaps unsurprisingly, given the above figure, almost as many (49%) believe they … Read more »

  • Hidden pension charges to be revealed

    Hidden fees and charges on pensions will be revealed by pension companies following amendments made to the Pensions Bill, according to consumer group Which?. Minister for Pensions Steve Webb announced that the Coalition Government will bring forward measures requiring that … Read more »

  • Standard Life warns of LTA deadline

    Up to 360,000 Britons will be affected by the reduction in the pension Lifetime Allowance (LTA), according to Standard Life. The firm, which has been working with businesses to help them cope with the reduction in LTA from £1.5m to … Read more »

  • How to address top annuity concerns

    In the light of significant debate around annuities, Partnership, the specialist insurer, has commissioned research asking the over 55s what their primary concerns are regarding annuities. Perhaps unsurprisingly, the leading concern (28%) was the best way to get the highest … Read more »

  • NAPF fears pensions capacity crunch

    Research from the National Association of Pensions Funds (NAPF) has found that four out of five (81%) of respondents, who include business and pension scheme members, believe the level of change expected in the course of the next 12 months … Read more »

  • Over 55s urged to spend more time planning retirement income

    New research commissioned by Legal & General and unbiased.co.uk has revealed that 12% of British retirees are spending less than an hour browsing and selecting their retirement income. This is in stark contrast with the length of time that people … Read more »

  • Britons procrastinate rather than plan retirement

    Britons spend more time planning a holiday, haircut or shopping trip than preparing for their retirement income, according to new research commissioned by Scottish Widows. Perhaps unsurprisingly, the research also revealed that the things people worry about most are the … Read more »

  • Annuity rates on the rise

    Average annuity rates increased by a record 13% in 2013, according to the latest MGM Advantage Annuity Index. However, the record rise should be considered in context, particularly the fact that in 2012 the average annuity rate declined by a … Read more »