Many people are overestimating their financial ability but are not saving enough for retirement
Dec01

Many people are overestimating their financial ability but are not saving enough for retirement

Six out of ten people (63%) think their financial knowledge is either excellent or above average, according to a new survey of working adults. Yet more than two out of five (41%) know they are not saving enough for a comfortable retirement. The research also found that16% don’t know if they are allowed to pay more into their workplace pension and 14% are unsure of how much their employer contributes. Jonathan Watts-Lay, Director,...

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No plan for the future?
Nov03

No plan for the future?

Most Brits have no clue about pension payments and two in five can’t even find their savings The working population of Britain is woefully underprepared for retirement, with the majority unaware of what payments they’re entitled to or how to access their funds, according to new research.  The money.co.uk study investigated Brits’ understanding of pensions, finding that four in five don’t know what weekly payments they’ll...

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Retirement confusion could result in dire consequences for many
Sep16

Retirement confusion could result in dire consequences for many

More than a quarter (27%) of people approaching retirement admit that they need help understanding what their income options are – according to a new survey of workers age 50+ by WEALTH at work. Worryingly, nearly a quarter (23%) have no idea of how much tax they will need to pay on their pension, 15% have no idea how much they can take from their retirement savings without them running out, and nearly a fifth (17%) don’t know...

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UK State Pension Calculations Will Change for Some in 2022
May19

UK State Pension Calculations Will Change for Some in 2022

Following the UK’s exit from the EU, the government will be changing the rules with regard to the way your UK state pension is calculated. It will affect you if you relocate to the EU, EEA or Switzerland or if, in the past, you have resided in Australia prior to March 1 2001, or Canada or New Zealand. The changes, if approved by Parliament, will take effect from January 1, 2022. From then onwards, you will not be able to take...

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Most employers still don’t fully understand Pension Lifetime Allowance issues
May19

Most employers still don’t fully understand Pension Lifetime Allowance issues

It has always been the case that Group Life Assurance payments (on death) from a Registered Arrangement count towards an individual saver’s Pension Lifetime Allowance entitlement.  Yet a recent survey by consultancy Howden Employee Benefits & Wellbeing (Howden) has found that almost 3 in 4 employers (73%) remain unaware of this potentially important issue. The survey, which took place in March this year, followed the...

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Forgotten freedoms: A quarter of 55-64-year olds are still not aware of pension freedoms
May14

Forgotten freedoms: A quarter of 55-64-year olds are still not aware of pension freedoms

Research from Fidelity International1 has found that despite pension freedoms being introduced more than six years ago, a quarter (25%) of people aged 55-64 are still not aware of the reforms. This is even more concerning when considered alongside the fact that the Office for National Statistics (ONS) has reported over a quarter of furloughed workers are aged 50 years and over (1.3 million)2, and that three in ten older workers...

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Gen Z savers are the most clued up about their pensions
Apr26

Gen Z savers are the most clued up about their pensions

New research from leading online pension provider, PensionBee, has revealed the varying retirement plans for each generation and how the coronavirus pandemic has affected them.  Surveying 2,000 UK citizens, across three generations: Gen Z (18 – 23 years old), Millennials (24 – 40 years old) and Gen X (41 – 54 years old), PensionBee found almost half of respondents felt the pandemic would affect their retirement. On...

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How employees can boost their pension pot by 25% by saving just 1% more
Apr14

How employees can boost their pension pot by 25% by saving just 1% more

Many employees are already paying 5% of their salary into their workplace pension through auto-enrolment, with an additional 3% employer contribution. However we know that many employers match additional contributions (up to certain limits), yet their employees may not realise this or understand the benefits of it – so they don’t take advantage of it.  WEALTH at work has created some examples to highlight this to employees. They...

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Strong reasons why you should be planning your retirement, now!
Nov03

Strong reasons why you should be planning your retirement, now!

Retirement isn’t really something anyone below the age of 40 gives much thought to. It seems like such a long way off, talking about pensions and retirement plans can almost seem premature. Not only that, but it’s easy to put off and quickly forget about, even if you do feel a pang of worry in the middle of the night, it’s usually gone by morning. The problem with putting off your retirement planning is that you...

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News – One in six pension schemes report long-term covenant damage
Oct20

News – One in six pension schemes report long-term covenant damage

News – One in six pension schemes report long-term covenant damage Only one in six pension schemes (16%) surveyed* by Willis Towers Watson said the coronavirus pandemic had weakened their sponsoring employer’s ability to stand behind the scheme in the long term. One in three (35%) reported a negative short-term impact on the employer covenant.   Graham McLean, head of funding at Willis Towers Watson, said: “These numbers are...

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No ‘dash for pension cash’ during lockdown
Aug03

No ‘dash for pension cash’ during lockdown

Laura Stewart-Smith, Workplace Savings Manager at Aviva comments: “Contrary to the fears of some, this data shows there has been no “dash for cash” from pensions during lockdown. “The average taxable withdrawal per individual fell to an all-time low of £6,705 in Q2 2020. This is the first time the average withdrawal has fallen below £7,000. “There is also evidence that savers are holding back from accessing their pensions despite high...

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Pension pots are on the rise, but the gender savings gap widens
Jul02

Pension pots are on the rise, but the gender savings gap widens

The average pension pot of UK employees in large firms is now £120k, a 35% increase on three years ago, according to the new ‘Changing Trends of Financial Wellbeing’ report from Close Brothers. However, outside of pensions, average savings and investments have fallen 3%, and delving into the detail reveals a widening gender savings gap. The overall average pension savings pot, including all workplace pension schemes (active and...

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Help employees avoid losing their pension to scams and fraudsters
Jun18

Help employees avoid losing their pension to scams and fraudsters

Wealth at work has shared its top tips on how pension scheme members can avoid losing their pension to scams and fraudsters. Scams don’t look like scams – Scams look and sound legitimate by having professional looking websites and literature which is why it is easy to be deceived. Whichever option employees take for their pension income, they must check that the company is registered with the Financial Conduct Authority (FCA) before...

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94% of employers face pensions challenges
Apr15

94% of employers face pensions challenges

Recent figures from the Office of National Statistics show that since auto-enrolment came into play in October 2012, the proportion of employees in the UK with a workplace pension has increased from 47% to 77%. While this is a huge step in the right direction, the pensions industry still has a long way to go and now faces fresh challenges. Recent pensions research from Smarterly shows that 94% of employers face challenges when...

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Pensions and furloughing
Apr09

Pensions and furloughing

By Penny Cogher and Larisa Gordan from Irwin Mitchell Since the Government published details about its Coronavirus Job Retention Scheme, there have been many questions asked about what it means for pensions. While we don’t yet have the complete picture  about furloughing and its impact on pension contributions,  we are expecting guidance on it from the Government, HMRC and the Pensions Regulator. In the meantime this is what...

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