Possible further increase in pension age

According to recent reports there could be a possible further increase in the state pension retirement age in the UK, which means that people would have to wait even longer before being able to retire and get a state pension. Read more

Tags: Department for Work and Pensions, retirement age, current climate, uk pensions, pensions, pension age, finance

Property classed as pension for millions

According to the results of recent research there are millions of homeowners in Britain who are relying on their properties to provide them with income with which to retire. Read more

Tags: personal finance, Business and Economy, pensions, expert, sufficient funds, property prices

Survey shows many not putting money into pension

A recent study has shown that a worrying number of people in the UK are failing to put any money into a pension for their futures, thus running the risk of being left with inadequate funds to retiring comfortably in the future. Read more

Tags: Employment compensation, reason, savings, pensions, money

Consumers withdrawing billions due to poor returns on savings

A recently released report has claimed that consumers in the UK have been withdrawing billions of pounds worth of savings over the first couple of months of this year, and this is because of the paltry rates of interest now being paid on many instant access and notice accounts following the dramatic cut in interest rates over the past six months. It has been revealed that in many cases savers are receiving barely above zero in terms of interest on these accounts. Read more

Tags: building society, angry consumers, notice, england, pensions, January

How does your future retirement look?

Most of us look forward to a comfortable retirement when we eventually reach out golden years, and we all want to be able to spend time travelling and seeing the world, spend quality time with loved ones, and do the things that you simply cannot do when you have work related commitments. However, many of us tend not to bother thinking about how we will fund our retirement when we are in our twenties and thirties – after all, retirement seems such a long way off at that stage. But the years soon catch up with you, and many people may find that they are suddenly thundering towards retirement age with no real plan in place to fund a comfortable retirement. Read more

Tags: retirement, help, long way, ability, savings, older people

Growth in the use of equity release in the UK is “only a matter of time”

Increasing numbers of consumers are expected to use equity release over the next few years, one financial expert has claimed.

According to the Safe Home Income Plans (SHIP), the increased use of equity release is only a matter of time, given the extent to which consumers have preferred property over pensions as a method of saving for retirement over many years.

The SHIP added that the quality and standards of equity release schemes have improved over a similar time scale has meant more savers are comfortable using the schemes.

Andrea Rozario, director general of SHIP, said that declining levels of private pension provision and smaller state pension benefits will drive more people in this country to explore alternative ways to top up their income in later life.

She added: “Some will work longer, but a very large number are already planning to use the value in their property.”

Last week, a report from the Council of Mortgage Lenders called for the government to do more to encourage the take up of equity release schemes after it noted the relatively slow use of them compared with the Australian and US markets.

Tags: United States, time scale, Australia, pensions, income, home, SHIP, law

Taxation benefits for married couples

Married couples receive financial benefits when both partners have savings in place, claim financial experts.

MDM Associates has said there are possible higher tax allowances on pensions and potential inheritance tax advantages from joint savings.

Lisanne Mealing, director for MDM Associates, said: “With investing in pensions, you’re losing out on some pretty good tax allowances if you only fund on one [partner's] side and not the other.”

She added that in terms of income payments, “it’s easier to have the income split in retirement; because, again, you’re going to pay less tax… You’re taking full advantage”.

Ms Mealing also said that women’s income is usually spent on household items, incidentals and holidays whereas the husband’s earnings will be used for financial planning.

However, a recent report from the Fawcett Society warned that women are likely to struggle financially for a longer period following a divorce than a man, as women are less likely to have savings in place.

Tags: financial planning, good tax allowances, director, inheritance tax advantages, retirement, pensions

Are you looking for a suitable pension?

Over recent years having a decent pension plan in place has become increasingly important for the younger generation of today. Read more

Tags: work, fsa, pensions, stakeholder, retirement, save