Topic filter : Final Salary Scheme

Most trending topics in Business & Finance ( last 24 hours ):
Luxury Student Stock Market Election Euro Facebook Referendum Housing Market Asking Price Manufacturing Manufacturer Retailer For Sale Energy Bill Conservative Climate Change Pepsi Fraud Apple Uber Inflation Economy Airline Travel London Property FTSE 100 Extortion Share Price Mortgage Stake Living Cost Gold Inequality Merger Investigation Exchange Rate Savings Pound Holiday Nuclear Refund

Latest Finance News related to Final Salary Scheme

Final salary pension warning: Savers risk ruining retirement with transfers image
Source : Daily Express [Read Article] Wednesday 12th of April 2017 03:24:00 PM
.... Selectapension data also shows adviser transfer analysis activity is around 50 per cent to 100 per cent higher than a year ago. Final salary pension members should take four important steps before transferring out of a final salary scheme, according to Tom McPhail, head of policy at Hargreaves Lansdown. ...
Pension changes could cost 11m Britons thousands of pounds image
Source : Guardian [Read Article] Monday 20th of February 2017 01:42:09 PM
.... CPI has been lower than RPI in 22 years out of the last 27 (and nine years out of the past 10) up to 2015, and so [it] would in all likelihood represent a reduction in members’ benefits,” the paper acknowledges. The change would affect 11 million people in defined benefit schemes, also known as final salary schemes, where the level of pension in retirement is a proportion of the person’s salary. ...
The baby boomers have enjoyed the good times – now a tax hike is due | Phillip Inman image
.... Official figures show that the government’s triple lock on the state pension, which guarantees a minimum 2. 5% rise each year, and the monster payouts from guaranteed final salary schemes have propelled tens of thousands of pensioners up the income scale while the finances of working households languish below pre-crash levels. ...
Final salary pension deficit of biggest listed firms in UK 'hits £137bn' image
Source : Guardian [Read Article] Wednesday 4th of January 2017 05:32:53 PM
....Mercer’s data relates to about 50% of all UK pension scheme liabilities and analyses pension deficits calculated using the approach companies have to adopt for their corporate accounts. Shortly before Christmas, another pensions consultancy, Hymans Robertson, warned that 2017 would be a challenging year for the UK’s final salary schemes. ...
Final salary pension schemes pivot to overseas stock markets image
Source : Guardian [Read Article] Thursday 8th of December 2016 07:46:12 PM
....The move away from owning UK stocks emphasises how dependent Britain’s estimated 13. 5 million past and present final salary scheme members have become on returns from shares in US, continental and emerging market companies to generate a retirement income. ...
'Tough' year for final salary pensions image
Source : BBC [Read Article] Thursday 8th of December 2016 12:33:03 PM
....". The PPF said that the collective deficit of the UK's 5,794 final salary schemes was £222bn at the end of March, little changed from a year earlier. ...
Autumn Statement 2016: Saving changes new BLOW to pension freedoms image
Source : Daily Express [Read Article] Wednesday 23rd of November 2016 04:15:00 PM
.... Head of retirement policy at Hargreaves Lansdown Tom McPhail said: "Whilst state spending on pensions needs to be sustainable, it is also important that pensions are looked after. "We are about to pass the zenith of final salary scheme payouts and pension incomes are at risk of falling back in the years to come, until the defined contributions system eventually takes up the slack. ...
PENSION WARNING: Savers giving up final salary benefits risk ending up with less  image
Source : Daily Express [Read Article] Tuesday 1st of November 2016 04:22:00 PM
.... It comes as transfer values from the scheme rise to record highs after bond yields fell to record lows after the EU referendum. Older savers are less likely to cash in the schemes, with a quarter of over 55s interested in moving out of final salary scheme. ...
Born in early 80s? Then you're half as wealthy as 1970s' children, says IFS image
Source : Guardian [Read Article] Friday 30th of September 2016 05:42:57 AM
.... With ultra-low interest rates reducing the cost of servicing a mortgage, a homeowner in their late 20s spends around 15% of their household income on housing costs, while those renting spend 30%. Changes in pensions have also hurt those born since the 1970s, with a marked decline in defined benefit final salary schemes for those not working in the public sector. ...
Five-minute guide to… Using your new £500 allowance image
Source : Daily Express [Read Article] Sunday 4th of September 2016 12:01:00 AM
....Any money you withdraw from your pension today can only be used for advice on that particular pot. The tax-free sum will only be available on defined contribution pension schemes, rather than final salary schemes. ...
Defined benefit pension fund deficit grows by £100bn in a month image
Source : Guardian [Read Article] Wednesday 31st of August 2016 11:01:11 PM
.... Tom McPhail, the head of retirement policy at the financial advisers Hargreaves Lansdown, said: “We’re likely to see more of this kind of announcement in coming months, unless there is sharp pick up in bond yields. “Current monetary policy may have kept the economy going but it is killing pension schemes, with disastrous consequences both for any employers sponsoring a final salary scheme and for any individuals looking to buy an annuity. ...
The scandalous changes to company pension schemes image
Source : Guardian [Read Article] Saturday 13th of August 2016 05:57:18 AM
.... The snarky retort is that they’ll always find the money to pay silly sums into their chief executive’s pension, but not for the workers. The more serious retort is why do employers think the only alternative to “gold-plated” final salary schemes is the lousy world of stock market-based schemes, where the company pays in a pittance and workers have no guarantees about their retirement income?. ...

More than 90,000 Royal Mail told their final-salary pension is 'unaffordable' and may close
 image
.... . Measures announced by the Bank of England last week to cut interest rates and roll out another round of quantitative easing will cripple already struggling pension schemes further, experts said, with more warnings about the closure of final salary schemes expected in the coming months. ...

Pension freedoms under threat for millions of final salary savers
 image
Source : Telegraph [Read Article] Sunday 31st of July 2016 09:00:00 PM
.... . Suspending savers' ability to transfer funds may prove a "necessary" step, despite "directly contradicting" the Government's pension freedoms, said Graham Vidler, head of policy at the Pension and Lifetime Savings Association, a trade body which represents final salary schemes in the UK. ...
BREXIT BOOST: Pensioners' joy as retirement pots jump in value since EU Referendum image
. Defined Benefit (DB) - or final salary scheme - transfer values have now surged to the highest level this year, according to pension specialists Xafinity. ...
Why are UK pensions so complicated? image
Source : Guardian [Read Article] Thursday 19th of May 2016 11:04:26 AM
.... Workplace pensions are offered by employers, but can be run as either “defined benefit” or “defined contribution” schemes. Defined benefit schemes are usually final salary schemes, and how much you will be paid will depend on your earnings when you retire. ...
Is YOUR pension one of the millions in AT RISK master trusts? image
Source : Daily Express [Read Article] Monday 16th of May 2016 01:23:00 PM
....Tom McPhail, head of retirement policy at Hargreaves Lansdown, said:"The process of setting up and running some types of pension scheme, such as Master Trusts is very light, with relatively little scrutiny of the individuals involved or the financial resources standing behind them.  "Recent high profile final salary scheme problems illustrate that the governance of workplace pensions generally is in need of review. ...
Sir Philip Green must sort out the BHS pension mess image
Source : Guardian [Read Article] Monday 25th of April 2016 01:16:46 PM
....For all those reasons, the Pensions Regulator should put the maximum squeeze on Green, if necessary. The Pension Protection Fund is paid for by a levy on other final salary schemes, so any shortfall would rebound elsewhere. ...
Share Hunter: Legal & General eyeing long-term strategy image
Source : Daily Express [Read Article] Sunday 20th of March 2016 07:02:00 PM
....It has been in a sweet spot due to three trends in pensions and investment markets. In the pensions arena, firms have sought to reduce balance sheet risk by investing in strategies which match their final salary scheme liabilities – either through bulk annuities or through liability-driven investment. ...
A bleak future for younger pension savers image
Source : Telegraph [Read Article] Monday 22nd of February 2016 08:00:18 AM
.... Private pensions have diminished . A major factor in older generations’ generous pension provision was final salary schemes, which provided them with guaranteed benefits. ...
What will happen to pensions in 2016? image
Source : Telegraph [Read Article] Monday 28th of December 2015 07:17:39 AM
.... • The biggest factor in your retirement wealth? Luck . At the moment, final salary scheme members and their employers pay a lower rate of National Insurance because they are "contracted out" of the second state pension. ...
The public sector workers on track for a 55pc pay rise when they retire  image
Source : Telegraph [Read Article] Sunday 13th of December 2015 08:46:33 AM
.... . “We are also determined to deliver a fair deal for taxpayers, which is why we’ve reformed public sector pensions and ended the unfair final salary schemes which disproportionately benefit high earners. ...
I am being forced to pay twice for the same pension pot advice image
Source : Guardian [Read Article] Wednesday 18th of November 2015 07:00:00 AM
....You are discovering that financial advisers and pension companies are running scared of the new rules designed to free up people’s access to their pensions. Legislation requires pension providers to check that anyone wanting to convert a final salary scheme of more than £30,000 to a defined contribution pension, or who has a pension with certain other safeguarded benefits, has taken independent financial advice. ...
Advice could cost you 25pc of your income. This is the solution image
Source : Telegraph [Read Article] Tuesday 27th of October 2015 05:00:42 PM
.... It is fashionable to blame Gordon Brown, but that’s unfair. The change from final salary schemes to individual pension pots (driven by the Social Security Act 1986), much increased life expectancy and low inflation and growth are the main drivers. ...
Government planning  £7bn assault on 'gold plated' final salary pension schemes image
.... . Experts predict the changes to final salary schemes alone would save the Treasury around £7 billion a year. ...
Redcar steelworks accountants investigate missing pension payments image
Source : Guardian [Read Article] Friday 9th of October 2015 06:30:17 PM
....Related: Redcar staff sent letters with advice on claiming redundancy pay. Many of the workers will have retirement funds from their time as British Steel and Tata Steel workers, when they paid into a final salary scheme. ...
George Osborne must make sure that pensions are worth saving for image
Source : Telegraph [Read Article] Wednesday 30th of September 2015 05:30:02 AM
. Britain’s private pensions sector was the envy of the world until the late 1990s when Gordon Brown’s decision to abolish dividend tax relief effectively killed off final salary schemes. ...
What retirement is really like for pensioners in 2015 image
Source : Guardian [Read Article] Tuesday 22nd of September 2015 06:00:12 AM
....”. As well as his private pensions, Evans receives the state pension and more than £2,000 a year from an old employer: “That’s more than I used to receive in salary when I worked for them, thanks to a final salary scheme. ...
No pay rise? Blame the baby boomers' gilded pension pots image
Source : Guardian [Read Article] Sunday 13th of September 2015 11:01:16 PM
.... As much as one percentage point could continue to be knocked off annual pay rises because firms need to plug holes in the pension pots of retired staff, according to a report. The blame lies with the retired baby boomer and their employers who failed to ensure enough funds went into their final salary schemes during their working lives. ...
Longer life expectancy could prove expensive image
Source : Daily Express [Read Article] Sunday 6th of September 2015 04:05:00 PM
.... The key is to avoid spending it too quickly and running out of funds in your final years. Lowe says: “This was relatively simple when most people either belonged to final salary schemes or used their pension to buy an annuity, because the retirement income lasted as long as they lived. ...
Longer life expectancy could prove expensive image
Source : Daily Express [Read Article] Sunday 6th of September 2015 12:15:00 AM
....The key is to avoid spending it too quickly and running out of funds in your final years. Lowe says: “This was relatively simple when most people either belonged to final salary schemes or used their pension to buy an annuity, because the retirement income lasted as long as they lived. ...
I'm from Cheshire but want to live in China – will £86,000 salary fund a family gap year? image
.... Mr Hamlett’s police pension is quite complicated. The change in police pensions has been quite unpopular with those in the force, as the benefits tend to be lower than under a final salary scheme, where promotions in the latter few years of a career can have a monumental impact on the amount the pension will pay. ...
'Will my £60,000 redundancy payout last until I retire?' image
Source : Telegraph [Read Article] Wednesday 19th of August 2015 10:09:45 AM
.... . I would suggest that once Ms Livesey reaches 55 a review is done to establish what level of income she is likely to receive from her final salary scheme and whether she still requires additional income. ...
Pensions advice: all the options and what you should expect to pay image
Source : Telegraph [Read Article] Sunday 19th of July 2015 07:23:24 AM
.... . Some have no choice in the matter: if you want to move money out of pensions that offer valuable guarantees, such as final salary schemes, you have to get advice first. ...
A tax change so stealthy that Gordon Brown would be proud of it image
Source : Telegraph [Read Article] Sunday 19th of July 2015 06:49:39 AM
.... . Well-funded, generous final salary schemes were the norm across huge swathes of the economy in both the public and private sectors. ...
Axa completes £2.8bn deal to protect pensions from risk of longer lives image
.... . The agreement covers around half the liabilities of Axa final salary scheme, which closed to new members two years ago. ...
'We earn £47,000. Can we get into buy-to-let and retire at 50?' image
Source : Telegraph [Read Article] Sunday 12th of July 2015 08:04:52 AM
.... For now, Stuart and Louise’s pension contributions are fine. Stuart is aware that he has left it late to start saving, but 8pc of salary is decent and Louise is likely to be a member of her employer’s final salary scheme which will represent good value. ...
Scrap generous tax breaks for final salary pensions image
Source : Telegraph [Read Article] Monday 6th of July 2015 08:16:04 AM
.... It wouldn’t take someone in the Treasury long to devise a better way of valuing final salary-type pensions for the purpose of this cap, taking into account comparable annuity rates and other factors. And yes, if applied today it would mean those savers with final salary schemes would pay more tax – or get smaller benefits before tax was due. ...
Moving abroad? You may have to pay 55pc tax on your pension image
Source : Telegraph [Read Article] Thursday 2nd of July 2015 01:40:59 PM
.... . Most pensions can be transferred to a QROPS as long as an annuity has not been purchased or, if it’s a final salary scheme, the pension has not commenced. ...
Savers cashing in their final-salary pensions see payouts fall image
Source : Telegraph [Read Article] Wednesday 24th of June 2015 10:50:38 AM
.... . The index tracks the transfer value that would be provided by an illustrative final salary scheme to a 64-year-old who is currently entitled to a pension of £10,000 each year starting at age 65, and which increases each year in line with inflation. ...
Pension freedom flaw: 750,000 savers lose 9pc in four months image
Source : Telegraph [Read Article] Saturday 20th of June 2015 06:32:49 AM
.... You then need to work out how much risk you can afford and want to take. If you’ve got other savings – such as Isas or a final salary scheme for example – the way these are invested will play a part in determining how you invest your pension cash. ...
Tata steelworkers prepare to strike as gloom descends on Port Talbot again image
....7bn in a debt-fuelled deal. It now wants to end the final salary scheme for existing members and scrap provisions that allow members to retire early at 60, which the steelmaker says is a huge financial burden. ...
Make pension freedoms work: our five demands image
Source : Telegraph [Read Article] Saturday 6th of June 2015 06:03:04 AM
.... . To give people with final salary schemes a fair chance of accessing the new freedoms, the process of moving money from a final salary pension scheme to a pension bank account must also be made safer and simpler, within this wider provision. ...
Savers trying to bend pension rules image
Source : BBC [Read Article] Friday 5th of June 2015 09:06:54 PM
....The new Pension Freedom changes, which were introduced two months ago, were designed to allow people much greater flexibility. But they came with some safeguards, particularly for people in final salary schemes who are guaranteed a certain income on retirement, regardless of how their pension fund investments have fared. ...
Deflation is here, so could my index-linked pension fall? image
Source : Telegraph [Read Article] Friday 5th of June 2015 05:50:54 AM
.... . If you are not among the fortunate members of final salary schemes, your pension will be a “defined contribution” arrangement and will probably be paid via an annuity. ...
How can we be forced to take financial advice we don't need? image
Source : Guardian [Read Article] Wednesday 3rd of June 2015 06:00:02 AM
....Under new rules, anyone over the age of 55 with a defined contribution (DC) pension can access all, or some, of the money from their retirement pot. Only those who want to convert their final salary scheme of more than £30,000 to a DC pension in order to access their money, or who has a pension with certain other “safeguarded benefits” (such as a guaranteed annuity rate) will have to prove they have taken independent financial advice first. ...
Tata Steel workers to strike over pension closure row image
Source : Telegraph [Read Article] Friday 29th of May 2015 02:13:08 PM
.... . The Indian group, which took over the business in 2007 and is now in talks to sell off parts of it, is planning to shut the final salary scheme to new accruals and alter entitlements for existing members. ...
British expats face shock 55pc tax charge on pension transfers image
Source : Telegraph [Read Article] Monday 11th of May 2015 07:24:56 AM
.... . Most pensions can be transferred to a QROPS as long as an annuity has not been purchased or, if it’s a final salary scheme, the pension has not commenced. ...
Tories' £1m IHT plan: the worst flagship tax policy ever image
Source : Telegraph [Read Article] Tuesday 5th of May 2015 04:09:35 PM
.... . Try telling that to those people who are still in final salary schemes and will find themselves paying tax at a punitive rate to keep accruing benefits and try telling that to the people who manage pensions who have to communicate and administer this nonsense. ...
Mark Dampier: 'We're on our own in retirement. They've pulled pensions to pieces' image
....In those days final salary pension schemes, which provide a retirement benefit based on your earnings and length of membership in the scheme, tended to be the norm. Over time, however, the liabilities in final salary schemes have mounted up. ...
Can I afford a £25,000-a-year pension and still leave my son an inheritance? image
.... Chris Edwards, 67, is retiring next month after spending almost half a century of his life working. The computer architect from Bristol has "just missed out" on the final salary schemes that were offered to his peers, as they have gradually been closed and replaced by less generous defined contribution pensions. ...
Lifetime allowance: How to avoid 55pc tax bills on your pension image
Source : Telegraph [Read Article] Monday 13th of April 2015 04:52:08 PM
.... To determine the total value of a scheme that you have not yet accessed, you simply multiply the annual pension by 20, then add any additional tax-free cash. For example a final salary scheme that will pay £40,000 a year is worth £800,000 in relation to the limit. ...
'Will my £920,000 military pension take me over the lifetime allowance?' image
Source : Telegraph [Read Article] Wednesday 8th of April 2015 08:00:02 AM
.... Mr Cameron said: "How pensions are valued at crystallisation is interesting. If the scheme is a defined benefit-type scheme (which is often known as a final salary scheme), the lifetime allowance value is usually calculated by multiplying the annual pension by 20 and adding on any lump sum taken. ...
Why pension freedoms day will make such a difference image
Source : Telegraph [Read Article] Tuesday 7th of April 2015 10:51:55 AM
.... . Unless you could prove you had at least £20,000 in other, guaranteed income (from, say, the state pension and a final salary scheme), the rules restricted your annual withdrawals to roughly the amount that an annuity would pay (the details were sometimes changed, so for a period people were allowed to make somewhat larger withdrawals). ...
£350bn pension money unlocked: How to access your cash according to scheme image
.... But not all this money will be immediately accessible. In fact, the amount of money that could be withdrawn under the new freedoms is about £200bn in final salary schemes, according to estimates by JLT Employee Benefits, a consultancy, and £140bn in other schemes, according to Treasury estimates. ...
Pensions minister warns against savings-pot spending sprees image
Source : Guardian [Read Article] Sunday 5th of April 2015 11:01:07 PM
....■ The changes apply to those in defined contribution (DC) pension schemes – sometimes known as money purchase schemes. Those in defined benefit, or final salary schemes, can only take advantage of the freedoms if they transfer to a DC scheme. ...
What pension freedom means for you image
Source : Daily Express [Read Article] Sunday 5th of April 2015 10:10:00 AM
....The new rules apply to both personal pensions and the most common type of company pension scheme, known as money-purchase or defined contribution schemes. But they don’t apply to the 12 million workers in public sector pensions or the shrinking number of private sector workers who are lucky enough to have a gold-plated final salary scheme. ...
Find out what the new pension changes means for you  image
Source : Daily Express [Read Article] Sunday 5th of April 2015 07:36:00 AM
....The new rules apply to both personal pensions and the most common type of company pension scheme, known as money purchase or defined contribution schemes. But they don’t apply to the 12 million workers in public sector pensions or the shrinking number of private sector workers who are lucky enough to have a gold-plated final salary scheme. ...
Five scenarios where annuities are still the best bet image
Source : Telegraph [Read Article] Friday 3rd of April 2015 08:00:08 AM
.... 5 - A CHEAPER WAY TO GET ANNUAL INCREASES . A "gold standard" pension, such as those paid by a final salary scheme, includes annual increases in line with the cost of living. ...
I'm 28 with £50,000 savings. How long before I can afford to quit  work and travel the world? image
.... Another factor he needs to take into account is his pension. If he stops working after 20 years, his final salary scheme will be worth half of what it might be if he continued to work until retirement age. ...
Another pension raid: the scenarios of who will have to pay image
Source : Telegraph [Read Article] Sunday 22nd of March 2015 07:17:05 AM
.... >> Calculator: final salary pension valuation . This higher benefit arises because the value of a final salary scheme – for the purposes of working out the lifetime allowance – is found by multiplying the annual benefit by 20. ...
Budget 2015: Pensions set for another overhaul image
Source : BBC [Read Article] Thursday 19th of March 2015 12:00:47 AM
Why your final salary pension cash could be twice as valuable as other people's image
.... These will allow “money purchase”, also known as “defined contribution”, pension savers to access their cash at once from age 55. But savers with final salary schemes could access their benefits in cash form only if they first request a transfer value and move the money. ...
Savers who cash in final salary pensions are 'irrational', says watchdog image
Source : Telegraph [Read Article] Wednesday 4th of March 2015 07:13:19 PM
.... . George Osborne's pension freedoms will prompt a further 15,000 people to leave their final salary schemes, the FCA said. ...
'My husband's pension hasn't risen since his death – what should I do?' image
.... . While final salary pensions and spouse’s pensions from final salary schemes generally rise in line with inflation, with an annuity you make choices when you take it out on whether you want that to rise or remain level. ...
Labour sets out its raid on pensions: how you should adjust your savings plans image
.... The move comes despite both these allowances having been cut back in recent years. The cuts will now fall disproportionately on final salary scheme members with generous arrangements, many of whom work in the public sector. ...
Pension fears for public workers who plan to move overseas image
Source : Telegraph [Read Article] Friday 27th of February 2015 10:25:50 AM
.... . This comes after a warning about DB schemes - also known as final salary schemes - from Alan Rubenstein, chief executive of the Pension Protection Fund. ...
Final salary pension? Your retirement income is at risk image
Source : Telegraph [Read Article] Saturday 21st of February 2015 06:30:12 AM
.... . In a stark warning, the head of the government's pensions lifeboat said five in six final salary schemes had fallen into the red and faced a struggle to pay savers a full pension. ...
Lucky for some: how public sector chiefs dodge 55pc pension tax image
Source : Telegraph [Read Article] Friday 20th of February 2015 12:52:45 PM
.... So the person who has saved into his own money purchase pension gets hit by the 55pc tax for a pension that has arguably been harder work to build up (at the very least, they would have shouldered all the investment risk). On the other hand, the final salary scheme member skips away tax-free. ...
Pension freedoms: Hargreaves Lansdown to offer free 'bank account style' withdrawals image
.... . Under current rules, savers who want to take money out of their pension without buying an annuity have to start a capped drawdown plan unless they can show that they have at least £10,000 in guaranteed income from other sources, such as the state pension or final salary schemes. ...
Quick guide to dealing with divorce: How to divide up your assets image
Source : Daily Express [Read Article] Sunday 18th of January 2015 01:51:00 PM
....While most regard the family home as the biggest financial asset to consider, it is important not to underestimate the value of pensions in a settlement. "This is especially true when it applies to pensions that come with guarantees, such as final salary schemes," says Lisa Conway-Hughes at Westminster Wealth Management. ...
We put your questions to pensions minister Steve Webb. Here are his answers image
Source : Telegraph [Read Article] Saturday 6th of December 2014 08:25:22 AM
.... I am a 31-year-old man and have worked since I left university. The company I work for closed its final salary scheme in 2010. ...

Page rendered in 1.8195 seconds.