Posted by siteadmin on Wednesday 14th of October 2020
There could be significant implications for UK pensioners who move overseas after Brexit.
Future retirees are facing uncertainty over the level of state pension they will receive if they move abroad and could miss out on around £140,000 of income once the Brexit transitional period ends, Aegon claims.
The pension company is warning that the outcome of Brexit negotiations could have a huge impact on the retirement prospects of UK citizens who plan to move to and retire in the European Union (EU) or Switzerland.
Currently, those who are alr...
Posted by siteadmin on Wednesday 16th of September 2020
Two women affected by their state pension age being increased from 60 to 66 have lost their appeal against a High Court ruling.
Campaigners claim women born in the 1950s have been treated unfairly by rapid changes to their pension age, due to reach 66 later this year. In recent days, senior judges unanimously dismissed the women's appeal.
They say introducing the same state pension age for men and women did not amount to unlawful discrimination.
Julie Delve, 62, and Karen Glynn, 63, backed by campaign group BackTo60, were challenging the ...
Posted by siteadmin on Monday 10th of August 2020
State Pension age is the age a person must reach in order to begin receiving the state pension. Most people are aware that the age is increasing at which you can claim your pension from the state.
For many years it stood at 60 for women and 65 for men.
The changes have been controversial, with a number of campaign groups such as Backto60 and Women Against State Pension Inequality (WASPI) having since been set up. These groups are focused particularly on the speed with which the female state retirement age has risen above age 60.
Posted by siteadmin on Monday 3rd of August 2020
So, you’ve decided that an annuity meets your needs for retirement as you want the security of a guaranteed income, but what’s the difference between one that stays level throughout the rest of your life and one that rises with inflation.
If you’re buying a basic lifetime annuity to provide you with a retirement income, one of the key choices you must make is whether to opt for one that provides a fixed retirement income or one that increases each year.
You’ll initially get more with a fixed retirement income than with an inc...
Posted by siteadmin on Wednesday 22nd of July 2020
Women’s lives have been devastated by the “catastrophic” rise in the state pension age the Court of Appeal has heard. Almost four million women were affected by increasing the state pension age from 60 to 66 for women born after March 1950.
BackTo60, a campaign group calling for full restitution for women affected by the changes, lost its landmark High Court battle after taking the government to court over the state pension age hike but appealed the ruling on Tuesday.
The women argue that increasing their pension age unlawfully discriminat...
Posted by siteadmin on Tuesday 14th of July 2020
Pensions tax relief and the state pension triple lock (where state pensions rise each year by the better of three measures) have been spared by the chancellor in his recent Summer economic statement.
In a spend-heavy economic statement, chancellor Rishi Sunak chose not to mention how the government would pay for its VAT and stamp duty cut, among other announcements, in a move which saw the triple lock and tax relief protected.
The triple lock
There was speculation that the chancellor would look to reform the pensions triple lock to remove...
Posted by siteadmin on Friday 10th of July 2020
The coronavirus pandemic could force many people to delay retirement as the knock-on financial crisis damages pension savings. Recent research found half of all workers say the financial hit from the virus means their pension pots may no longer deliver the income they need for a decent retirement. They report a 'significant fall' in the value of their savings following the Covid-19 outbreak.
The UK economy shrank by 25% from February to April and the coronavirus lockdown affected almost every sector. The furlough scheme to protect jobs cove...
Posted by siteadmin on Tuesday 30th of June 2020
Financial matters can be very confusing for many people, but engaging with a Financial Adviser can also be a daunting prospect. So, what is the best way to get that financial advice?
Step 1: Do you need a financial adviser?
Think carefully about what type of help you need, can afford and would value. Not everybody needs full-blown professional financial advice — it might be that you need only general guidance on a specific issue. Free sources of help include the Money Advice Service, Citizens Advice Bureau and, for the over-50s, the gover...
Posted by siteadmin on Friday 26th of June 2020
It is generally accepted that most people would be unwise to leave a defined benefit (DB) or final salary pension scheme that provides a guaranteed pension. However, there is evidence of an increased number of people wanting to do so as a result of the effects of the Coronavirus pandemic.
In certain circumstances, the loss of a DB scheme’s guaranteed benefits may be justified: if you have an impaired life expectancy, for example, or are sufficiently wealthy that you are in a position to use the transferred cash for purposes other than cover...
Posted by siteadmin on Wednesday 17th of June 2020
The FCA have recently issued a document to help consumers think through whether a transfer of a Final Salary pension may be suited to their needs. Whilst the starting premise for financial advisers is that a transfer will not be suitable for most people, it will be the most suitable option for some. We would strongly recommend that anybody considering a transfer should read this factsheet in order to clarify their thoughts:-
If you wish to discuss this document in further d...