New research from Retirement Advantage shows that despite the new pension freedoms introduced in April, over a quarter of people aged over 50 don’t know how much money they have saved in order to fund their retirements.
A single Lifetime ISA for everyone should be created with all tax reliefs on pension contributions being scrapped, a leading figure at the Centre for Policy Studies (CPS) has proposed, according to an article published by the CPS. Research Fellow Michael Johnson said the opportunity has come for a radical overhaul of savings after the Chancellor launched a consultation into the future of the pensions tax regime in July.
The Financial Conduct Authority (FCA) is investigating thousands of annuities sold on a non-advised basis since 2008 to see if they were unsuitable for savers.
The regulator will carry out a "forensic" analysis of a large sample of sales from all of Britain's major insurers, with a primary focus on whether those customers entitled to 'enhanced' annuities were recommended them.
The typical working over-45 year old faces a £8,955 annual retirement income gap based on their current savings and investments – meaning they will rely heavily on a state pension that will still leave them short, the latest Aviva Real Retirement Report shows.
More than one in five (21%) of pensioners have gone back to work since they reached the State Pension age, or are planning to do so in the future, according to new research from Prudential. The rise of the retired jobseeker, along with the growing trend for a period of pre-tirement as previously identified by Prudential, shows how the modern retirement reality continues to shift further from the traditional norm of giving up work for good on a set date.
Retiring abroad is a common desire for many in the UK. For those that move to the sunny Mediterranean countries of the EC their UK state pension is preserved and increased each year. If you move to the United States, it is preserved and again increases each year in line with state pensions paid in the UK. This is not the case for every destination however, and the International Consortium of British Pensioners (ICBP) has said the UK is the only country in the Organisation for Economic Development and Co-operation (OECD) that does not ‘up-rate’ their state pension for all pensioners regardless of where they live.