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...

Read More
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...

Read More
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...

Read More
The UK’s total missing pension pots are valued at 37 billion – some could be yours
Feb06

The UK’s total missing pension pots are valued at 37 billion – some could be yours

A consumer survey revealed 24% of all UK adults under 55 said they may have lost track of one of their pensions. Those aged between 25-34 are most likely to have lost track of a pension, with 29% believing they’ve lost track of a pension and a further 10% saying they weren’t sure if they had or not. * Profile Pensions has conducted a new study revealing the total number of lost pensions across the UK. They’ve also provided details of...

Read More
Brits call for Pensions Dashboard as two-thirds say it would be useful to see all pensions in one place
Oct21

Brits call for Pensions Dashboard as two-thirds say it would be useful to see all pensions in one place

Since the launch of auto-enrolment, it’s estimated that 9.5 million people are now enrolled in a workplace pension1.And with job hopping Brits seeking new employment more than eleven times in their life2, how easy is it to keep track of old pensions? Despite Queen Elizabeth’s announcement that “…measures will be brought forward to provide simpler oversight of pension savings”, no further clarity has been provided as to when Brits can...

Read More
UK workers call on employers to be more open and honest about pension savings
Sep09

UK workers call on employers to be more open and honest about pension savings

UK employers should be more open and honest about the challenges staff are facing when it comes to building up adequate pensions savings. 96% of workers believe that employers should be more transparent with employees about pension shortfalls and the realities of retirement today, and 68% feel that their employer could do more to encourage them to maximise their pension contributions. New research from the Atlas Master Trust...

Read More
Top 5 considerations for employees and members before accessing their pension
Aug16

Top 5 considerations for employees and members before accessing their pension

Figures published by HM Revenue and Customs (HMRC) have revealed that a record 336,000 individuals have taken £2.75bn out of their pensions in the second quarter of 2019. This represents a 21% increase from £2.27bn in Q2 2018. In total, more than £28bn has been withdrawn since the pension freedoms were introduced in 2015. Whilst freedom and choice in pensions is popular with individuals, the downside is it can be easy for employees...

Read More
Retirement fund is top saving priority for Brits
Aug14

Retirement fund is top saving priority for Brits

Over half (58%) of Brits wish they had invested in their future and retirement at an earlier age, according to new research by savings and mortgage provider Nottingham Building Society, known as The Nottingham. The survey of 2,000 UK adults looked at the biggest saving priorities for the nation, and what age we wish we had started investing in different aspects of our lives, from health and careers to money management. A retirement...

Read More
Majority of businesses yet to adjust pensions strategies in response to challenge of ageing workforce
Jul31

Majority of businesses yet to adjust pensions strategies in response to challenge of ageing workforce

Only a third of UK businesses have reviewed their pensions strategy in response to the challenge of the ageing workforce. This is despite the fact that more than half (60%) of workers in the UK admit to not having any kind of retirement goal in terms of either savings targets or age of retirement, and only 15% of UK workers are confident that they will have enough money saved in order to retire. Most employees are split between...

Read More
Could You Cut Your Expenses in Half? Millennials Spend £1000 More Than the Full Monthly State Pension Each Month
Jul25

Could You Cut Your Expenses in Half? Millennials Spend £1000 More Than the Full Monthly State Pension Each Month

Millennials spend a total of £1,770 a month, of which the State Pension covers less than half – only 41% of current monthly spend. A breakdown of average expenses reveals the generation pay more for rent alone (£773), than the entire monthly State Pension of £731. Pensions Advisor, Profile Pensions, claims a comfortable retirement requires access to £2371 per month, offering tips to Millennials on how to build towards this now....

Read More
Over a quarter of Brits aren’t aware of their workplace pension scheme
May29

Over a quarter of Brits aren’t aware of their workplace pension scheme

The introduction of auto-enrolment pensions should mean that we’re now paying more attention to our pension than ever, but in fact, research by pensions advice specialist, Portafina, revealed that 28% of workers are not fully aware of their employer’s pension scheme. Those in trade (40%), sales (38%) and the creative industries (35%) are the least aware of their current employer’s pension plan/scheme. When it comes to age, the...

Read More
Don’t Opt-Out: From 06 April, £27 a Week will Bring £125,000 in Retirement
Apr05

Don’t Opt-Out: From 06 April, £27 a Week will Bring £125,000 in Retirement

Financial advisers and pension specialists, Profile Pensions, identify growing concerns in the upcoming workplace pension scheme rise, advocating for easy-to-understand explanations, well-informed decisions and useful pension advice for all. From 6 April 2019, the workplace pension scheme is set to rise again to a total of 8%. Although minimum employer contributions are increasing from 2% to 3%, the employee contribution potentially...

Read More
3 Things You Need to Know About Pensions
Feb25

3 Things You Need to Know About Pensions

Pensions are important — they could hugely affect your future. Essentially, a pension is a fund that you, your employer — and at times, the government — contribute to. By entering a scheme, you may ensure that there’s enough to live off once you’ve retired. But there’s much more to it than that. This guide explains all you need to know on the subject. What Types of Pension Are There? Put simply, there are two main types of pension:...

Read More
Employers urged to talk to staff about retirement plans as changes to state pension begin to take effect
Jan04

Employers urged to talk to staff about retirement plans as changes to state pension begin to take effect

As planned State Pension Age changes come into effect today, the Centre for Ageing Better is calling on employers not to shy away from talking to their staff about retirement, including when and how they want to retire, and to ensure they are providing support to help staff plan for the transition. The Centre for Ageing Better’s report on retirement, published today, says that a significant number of people worry about retiring. Data...

Read More
Top 10 tips for employees to cut costs and boost savings
Aug21

Top 10 tips for employees to cut costs and boost savings

According to research by WEALTH at work, 80% of employers believe their employees are not saving enough for retirement. This is usually due to affordability or lack of understanding but what many employees don’t realise is the huge difference small changes to their spending habits could make to their savings levels overall.     To help with this, WEALTH at work has shared its top 10 tips for employees wanting to cut their...

Read More