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....New figures reveal that growing numbers of landlords are fleeing as their sums no longer add up. Millions of ordinary people who hoped to buy a rental property to underpin their retirement income have been forced to rethink their plans. ... [Read full article on Daily Express ]
Wednesday 26th of April 2017 12:01:00 AM
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Latest Finance News related to Retirement Income

Millions rethink their investment plans and move away from buy-to-let property image
Source : Daily Express [Read Article] Wednesday 26th of April 2017 12:01:00 AM
....New figures reveal that growing numbers of landlords are fleeing as their sums no longer add up. Millions of ordinary people who hoped to buy a rental property to underpin their retirement income have been forced to rethink their plans. ...
PENSION CRISIS: Women LAGGING behind in huge pensions gap image
Source : Daily Express [Read Article] Wednesday 19th of April 2017 12:01:00 AM
.... . Rising stock markets since last June have also pushed up the value of the nation’s nest eggs, but many will struggle to generate sufficient retirement income thanks to low interest and annuity rates. ...
Should you resist Lisa … out to lure you into saving for a property or retirement? image
.... The bonus is equivalent to basic rate tax relief on a pension, and you get interest or investment growth on top of that. You will not pay tax when drawing retirement income, compared to a pension on which you pay tax at your personal rate aside from a 25% tax-free lump sum. ...
Bernard Matthews seller 'lined own pockets' by rejecting pension offer image
....The influential Commons work and pensions select committee said that the move by private equity firm Rutland Partners, which sold the company’s assets for £87. 5m via a “pre-pack” administration last year, resulted in the 700 members of the scheme facing large cuts to their retirement income. ...
The older expats facing poverty – thanks to Brexit and frozen pensions image
Source : Guardian [Read Article] Wednesday 12th of April 2017 06:00:27 AM
.... Overnight, their income has crashed,” said Gale, who works closely with The International Consortium of British Pensioners. “We’re talking about a lot of very elderly, very frail people living on retirement incomes, many of whom are already so badly off that they moved to warmer countries to save on fuel payments,” Gale said. ...
Pension CRISIS: Just one in five of Britons expect to stop work by 65  image
Source : Daily Express [Read Article] Wednesday 5th of April 2017 03:15:00 PM
....The study showed people have overall become more realistic about wealth prospects in retirement. The average saver now hopes for a retirement income of £32,270 - down from a typical answer of £37,912 when asked the same question a year ago. ...
BMW workers to stage first UK strikes over pensions image
Source : BBC [Read Article] Wednesday 5th of April 2017 10:37:44 AM
....BMW employs about 8,000 people and Unite says that the action could involve up to 3,500 workers who are in final-salary pension schemes. Unite claims that BMW's intention to close the pension scheme by 31 May could reduce employees' retirement income by £160,000. ...
Fears for state pension: Over-55s believe vital income could be SCRAPPED by Government image
....Tax breaks or walk-in financial centres are among the ways the Government could encourage guidance, according to respondents. Vince Smith-Hughes, retirement income expert at Prudential, said: "Two years on from the introduction of the new rules there is also widespread confusion with two out of three over-55s admitting they don’t fully understand the reforms. ...
Cash in the pocket image
Source : BBC [Read Article] Friday 31st of March 2017 09:16:50 PM
UK BMW workers back strike over pensions image
Source : BBC [Read Article] Friday 31st of March 2017 03:35:54 PM
....BMW workers making engines and the Mini and Rolls-Royce motorcars plan to strike over plans to close their final salary pension scheme. The union says the proposal could see some UK workers lose up to £160,000 in retirement income. ...
Measures to ensure your plans are as safe as houses image
Source : Daily Express [Read Article] Wednesday 29th of March 2017 08:50:00 AM
.... . If you have other sources of retirement income and readily accessible cash savings for larger one-off expenses, you probably do not need to take out equity release. ...
Pension protection shake-up: Retirees FURIOUS over plans to cut scheme image
Source : Daily Express [Read Article] Friday 24th of March 2017 12:01:00 AM
...."Looking ahead to 2039 and beyond, we think it is crucial that the state pension continues to retain its value so that the people who retire then can look forward to their later lives with confidence, not fear. “Research has shown that abandoning the triple lock would reduce the chance that someone with low earnings retires with an adequate retirement income. ...
New Nationwide deal for parents to raise cash from their home to help their children image
....Nationwide said that family members who could be helped include a spouse, civil partner, parent, brother, sister, child, step child, grandparent, grandchild or someone whose relationship with the applicant has "the characteristics of a family relationship". Those who are living off a retirement income can also use the Family Deposit Mortgage to raise deposit funds but, as with other borrowers, they will need to pass Nationwide's lending criteria. ...
Over-55s urged to wise up on pension advice image
Source : Daily Express [Read Article] Wednesday 15th of March 2017 10:43:00 PM
....In reality, they would need £126,000 to generate that amount. Similarly, they would need a pot totalling £244,000 to generate retirement income of £13,300 a year, or £500,000 to generate £27,000 a year, which is close to the average national salary for those in work. ...
Savers and Pensions: How the Chancellor's spring BUDGET plans can affect you  image
Source : Daily Express [Read Article] Sunday 12th of March 2017 03:23:00 PM
....Savers who draw money before age 60 for any other reason will pay a stinging 25 per cent penalty. From 60, money can be taken penalty-free as retirement income. ...
Were YOU mis-sold your pension? Prudential and Standard Life review annuity sales image
Source : Daily Express [Read Article] Saturday 25th of February 2017 01:13:00 PM
.... Mr McPhail added: “The way to avoid this situation arising in the future is for customers to shop around on the open market. "Worryingly, FCA data published shows that over half of investors retiring today are still buying their retirement income arrangement from their existing pension provider, which begs the question as to whether the problem has actually been fixed. ...
Pensioners sold wrong annuities to get thousands in redress image
Source : BBC [Read Article] Friday 24th of February 2017 04:02:11 PM
...."The way to avoid this situation arising in the future is for customers to shop around on the open market," said Mr McPhail. "Worryingly, FCA data published only yesterday shows that over half of investors retiring today are still buying their retirement income arrangement from their existing pension provider, which begs the question as to whether the problem has actually been fixed. ...
Tackle your debts while interest rates are at lowest image
Source : Daily Express [Read Article] Sunday 19th of February 2017 11:59:00 AM
.... . Vince Smith-Hughes, retirement income expert at Prudential, says debt at retirement is a particular problem because people’s income typically drops once they stop working: “Having to use precious pension income to pay off debts could make life even more tricky for the newly retired. ...
One in four UK retirees burdened by unpaid mortgage or other debts image
Source : Guardian [Read Article] Friday 17th of February 2017 06:49:49 AM
.... However, more than one in six expected to take seven years or more to pay off their debts, and one in every 14 feared they would never clear the money they owed. Vince Smith-Hughes, a retirement income expert at the company, said: “For most people the move from work into retirement will see them having to cope with a drop in their income. ...
Government willing to admit UK housing market is
Source : Daily Express [Read Article] Sunday 12th of February 2017 12:01:00 AM
....That will make it harder still for young tenants to build a big enough deposit to get on the property ladder. Should buy-to-let die off it will be a blow for older people who were hoping to rely on property to top up their retirement income and offset record low savings rates. ...
Pension fund returns hit seven-year high amid Brexit vote image
Source : Daily Express [Read Article] Tuesday 24th of January 2017 04:39:00 PM
.... Richard Eagling, head of pensions and investments at Moneyfacts, said: “Defined contribution pension schemes and income drawdown are in the spotlight like never before. "The record numbers saving into defined contribution pension schemes and using income drawdown have placed even greater importance on the ability of funds to deliver strong performance if individuals are to have any chance of generating a reasonable retirement income. ...
Generations at war image
Source : BBC [Read Article] Tuesday 10th of January 2017 12:14:35 AM
.... . And, despite the start of auto-enrolment into company pension schemes, the shift towards defined contribution pensions and the rise in self-employment (excluded from auto-enrolment) could dramatically reduce millennials' retirement income. ...
Workers at nuclear sites to be balloted image
Source : BBC [Read Article] Monday 9th of January 2017 02:05:52 PM
....They are angry at plans by the Nuclear Decommissioning Agency (NDA) to reform their final-salary pension schemes. They say the plans by the NDA, aimed at saving £660m, will reduce their retirement incomes by thousands of pounds. ...
Lost billions image
Source : BBC [Read Article] Sunday 1st of January 2017 04:13:54 AM
....Some of these payouts will become automatic under the new Universal Credit benefit, which is being gradually introduced across the UK. Later in life, many people could miss out on retirement income, with millions of pension savings pots lying dormant. ...
FCA considers £1m compensation limit to increase protection for pensioners image
Source : Guardian [Read Article] Wednesday 14th of December 2016 01:29:36 PM
....The Financial Conduct Authority (FCA) said a rethink of the official compensation scheme relating to financial firms may be needed following the new freedoms on pensions introduced in 2015. These have seen many older people turn their backs on annuities – products that provide a retirement income for life – in favour of investment products such as income drawdown. ...
Defined benefit pension transfer values 'shooting up' image
Source : BBC [Read Article] Friday 9th of December 2016 09:26:34 PM
.... . Workers with defined contribution (DC) schemes save into a pension pot, which they then use to buy a retirement income. ...
Days of the buy-to-let landlord are numbered, says Fergus Wilson image
Source : Guardian [Read Article] Friday 9th of December 2016 10:11:07 AM
.... In my view it isn’t even a matter for debate. In buy-to-let circles this retrospective mortgage interest tax is at best unethical, or at worst taking people’s hard earned retirement income – and it’s not known as the ‘tenant tax’ for nothing. ...
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. ...
More pensioners putting income at risk by linking to stock market, warn experts image
Source : Daily Express [Read Article] Friday 2nd of December 2016 10:26:00 AM
.... It means the values of underlying savings can rise - but also take a hit. Yet, more than half of over 65s don't want to take ANY investment risk with their retirement income - and almost three-quarters of today's retirees think of themselves as risk averse. ...
What you need to know about funding your golden years image
Source : Daily Express [Read Article] Wednesday 30th of November 2016 12:01:00 AM
....Drawdown is popular because you remain in charge of your money but it also carries risks. Stephen Lowe, director of retirement income provider Just Retirement, says annuities give you certainty while drawdown offers flexibility: “The value of your pension will rise and fall in line with the stock market, which will also affect the level of income you can take. ...
State pension to rise by 2.5% in April 2017 image
Source : Guardian [Read Article] Tuesday 29th of November 2016 12:01:33 AM
....”. The PPI’s report, The New Pensions Landscape, found that both automatic enrolment into pensions and the triple lock were set to increase retirement incomes, but increases to the state pension age meant over their lifetime individuals would receive less on average. ...
Post Office strike to disrupt Christmas mail, says union image
Source : BBC [Read Article] Monday 28th of November 2016 12:20:35 PM
.... . "This is the retirement income of our members which is at stake and we are not going to stand idly by and let them lose thousands of pounds when they retire. ...
Insurers must display rival pension annuities image
Source : BBC [Read Article] Friday 25th of November 2016 12:06:11 PM
....This is a transaction that occurs once, and only once. An annuity is an annual retirement income that is paid to them for the rest of their life. ...
Five-minute guide to making the most of retirement image
Source : Daily Express [Read Article] Sunday 13th of November 2016 12:01:00 AM
....The challenge of making your pension last is even greater if you have a relatively small pot. Stephen Lowe, director at retirement income specialist Just Retirement, says those with total pension pots worth less than £100,000 may find drawdown is too risky: “Your pension may grow if your investments do well, but could quickly shrink if stock markets fall. ...
Five minute guide to putting paid to the pension scammers image
Source : Daily Express [Read Article] Sunday 6th of November 2016 12:01:00 AM
....“Avoid investment offers that are available ‘for a limited time only’. Planning retirement income is a big decision and should not be done quickly or under pressure,” he says. ...
Cashing in small pensions 'more popular' image
Source : BBC [Read Article] Wednesday 26th of October 2016 11:33:23 AM
....Previous research has suggested that the most popular use of the cash is for home improvements. Since April 2015, those aged 55 and over have been able to cash in their pension pot, assuming, in most cases, that they have not already bought an annuity (a retirement income). ...
Green 'moves towards BHS pension deal' ahead of knighthood debate image
Source : BBC [Read Article] Thursday 20th of October 2016 12:12:49 AM
....MPs contacted by the BBC have expressed scepticism about this latest offer - one described it as essentially "cash for honours". BHS pension scheme members will care more about their retirement income than this game of parliamentary poker. ...
Government axes plans for pensioners to sell retirement income image
Source : Daily Express [Read Article] Wednesday 19th of October 2016 02:44:00 PM
.... But the Treasury said only around five per cent of people with an annuity would have benefitted from the secondary market. Last month Britain's largest retirement income broker Hargreaves Lansdown issued a warning over the risks for pensioners and said it wouldn't facilitate sales. ...
Treasury carries out major U-turn on pension annuities image
Source : Guardian [Read Article] Tuesday 18th of October 2016 06:56:21 PM
....Close Brothers Asset Management said that “common sense has prevailed,” adding that this market “had the potential to be the next big mis-selling timebomb, given the sheer scale of consumer protection issues it would generate”. Saga, however, said thousands of people in receipt of a meagre retirement income from an annuity they were forced to buy years ago would have benefited from being able to sell it. ...
REVEALED: Inflation and state pension top of fears for people fast approaching retirement image
.... . "This is particularly true for women, many of whom have been unfairly disadvantaged by relatively recent changes to the state pension, and are more reliant on a State pension than men for their retirement income. ...
Mortgage lenders lift upper limits to help solve an age-old problem image
Source : Guardian [Read Article] Monday 17th of October 2016 08:39:31 AM
.... This is available across its products, but does come with restrictions – a limit of £150,000 for new borrowing, and a maximum loan-to-value of 60%. Customers must be in receipt of “stable and ongoing” retirement income, and only this can be used when calculating affordability. ...
Pensions: Compensation for those mis-sold annuities image
Source : BBC [Read Article] Friday 14th of October 2016 09:39:44 AM
. Thousands of people in ill-health have been mis-sold pension annuities - an annual retirement income - and will be compensated, a regulator says. ...
How to stop loved ones falling into pensions poverty image
Source : Daily Express [Read Article] Wednesday 5th of October 2016 08:03:00 AM
. Fewer than one in three couples over 40 have taken action to ensure that when they die, their partner will still have a retirement income. ...
Pension savers left to fend for themselves, says TUC image
Source : BBC [Read Article] Tuesday 4th of October 2016 11:06:48 PM
....More than 300,000 pension savers a year are being left to fend for themselves when they retire, says the TUC. It claims that over 80% of people using their pension pot to buy a retirement income get no proper advice about it. ...
BMW to shut final-salary pensions of 5,000 staff in Britain image
Source : Guardian [Read Article] Tuesday 27th of September 2016 11:21:08 AM
....BMW, which owns Mini and Rolls-Royce, said that the cost and risk associated with defined-benefit pension schemes “is making them increasingly unsustainable and unaffordable for both members and companies”. However, the Unite union expressed fury at the announcement, and said its members would lose thousands of pounds a year in retirement incomes if the proposal was allowed to go ahead. ...
Baby-sized pension? image
Source : BBC [Read Article] Friday 23rd of September 2016 08:59:52 PM
...." . To give themselves a retirement income, she and her husband are planning to sell their house, and move to something smaller. ...
Pensioner shock as 2016 is worst EVER year for retirement income image
Source : Daily Express [Read Article] Thursday 15th of September 2016 04:09:00 PM
.... "Putting off retirement, continuing to work and save will be an option for some. “If people need a retirement income now, they could consider opting for drawdown which allows people to keep their money invested in the markets and take an income. ...
Five-minute guide to… Using your new £500 allowance image
Source : Daily Express [Read Article] Sunday 4th of September 2016 12:01:00 AM
....This is on top of the long-standing benefit that allows the over 55s to take 25 per cent of any pension withdrawals free of tax. The £500 can be used to pay for advice on any financial product that contributes towards retirement income, such as multiple pension pots and other assets like an individual savings account. ...
Take £500 out of your retirement pot to buy expert pensions advice image
Source : Guardian [Read Article] Saturday 3rd of September 2016 06:00:24 AM
....What’s happening?. An individual will be able to withdraw the money and use it to pay for advice on all the financial products they hold that will contribute towards their retirement income, such as pensions and any other savings and investments such as Isas. ...
Tax in retirement: Top tips to avoid getting caught in trap image
Source : Daily Express [Read Article] Sunday 21st of August 2016 12:01:00 AM
.... . Unfortunately you cannot retire from paying tax, says Stan Russell, a retirement income expert at Prudential: “As well as indirectly paying duty on the goods and services they buy every day, many retired people still need to pay income tax. ...
The state pension top-up that no one seems to want image
Source : Guardian [Read Article] Saturday 20th of August 2016 06:01:06 AM
.... The government is running a scheme whereby older people can buy extra state pension on what experts say are “very favourable” terms – but the take-up so far has been shockingly low. The official prediction was that 265,000 people would take advantage of the chance to boost their retirement income by making an upfront payment. ...
The scandalous changes to company pension schemes image
Source : Guardian [Read Article] Saturday 13th of August 2016 05:57:18 AM
. A man in his 40s receives a pension projection that tells him his retirement income is going to collapse from the £38,000 he was expecting to £18,000. ...
Return on UK government bonds turns negative image
Source : BBC [Read Article] Wednesday 10th of August 2016 10:04:55 AM
....For governments, low yields make it easy for them to borrow cheaply. But for individuals, especially those seeking a retirement income, and wanting to buy gilts now, low yields mean low returns on their savings. ...
Five minute guide to annual increases to state pensions image
Source : Daily Express [Read Article] Sunday 7th of August 2016 12:00:00 AM
....Other experts, including Altmann’s predecessor Steve Webb and charity Age UK, say the triple lock is still needed to make up for the years when pensioner incomes trailed earnings. Kate Smith, head of pensions at Aegon, says the state pension is the bedrock of many people’s retirement incomes: “To give pensioners certainty, the Government should not make mid-term changes to commitments such as the triple lock. ...

Savers fear negative interest rates as Natwest warns businesses might have to pay to hold cash
 image
.... . The outgoing pensions minister, Ros Altmann, warned negative interest rates on current and savings accounts pose a threat to the financial security of older savers, who often rely on their savings to provide a retirement income. ...
Using home to fund retirement is a delusion, says former minister image
....In Scotland, Wales, Northern Ireland, North East England and Yorkshire and Humberside, where house prices are below average, the payout would be even lower. However, downsizers in London could expect to receive 66% of their pre-retirement income, while those in the South East could expect 61%. ...
Post-WWII baby-boomer pensioners to be optimistic after fallout from Brexit image
. New official figures show that retirement incomes have almost caught up with the working population, after many years when they lagged behind and pensioner poverty was a major national concern. ...
Savers and borrowers braced for change amid Brexit fallout image
Source : BBC [Read Article] Friday 1st of July 2016 11:17:45 AM
....The movements in the markets - initially a big fall followed by a stronger recovery - means the average pension pot investment is stronger than a week ago. Clearly, this is only on paper, and becomes a financial reality when that pension part is cashed in or converted into an annuity, or retirement income. ...
Half a million open Help-to-Buy Isas image
Source : BBC [Read Article] Thursday 30th of June 2016 12:04:00 PM
....". The Lifetime Isa will allow savers to receive a more generous bonus, if they spend the money either on a home or a retirement income. ...
Paid off your mortgage? Home in on sensible saving image
Source : Daily Express [Read Article] Wednesday 15th of June 2016 09:01:00 AM
.... . Nici Audhlam-Gardiner, managing director at Saga, thinks that repaying a mortgage is one of life’s biggest financial achievements and it is understandable if people want to enjoy the income boost: “It is worth paying any spare cash into your pension to boost your retirement income or to allow you to stop working earlier. ...
Six million workers saving for first time: You’ve got to roll with company pensions image
.... However, he says eight per cent of salary (your 4 per cent contribution, 1 per cent tax relief and 3 per cent from your employer) is still not enough. “Most experts say you need to save around 15 per cent, almost double, to provide a decent retirement income. ...
Working till you drop: Five-minute guide to the chaining face of retirement image
....Almost six out of 10 Britons now believe that they will be working into retirement. Most expect to work part-time, but one in five believes they will need to work full-time to boost their retirement income. ...
Why fear inheritance tax? Your cash will all be gone image
Source : Guardian [Read Article] Saturday 4th of June 2016 06:00:02 AM
....Much of the money is going to support younger adults with impossibly high rents and mortgages. “These research results show that the concept of the ‘bank of mum and dad’ is already out of date – many of this year’s retirees must feel like the bank of son, daughter, grandson, granddaughter, partner, granny and grandad, all rolled into one,” says Stan Russell, a retirement income expert at Prudential. ...
MONEY GUIDE: How to AVOID costly pension traps image
Source : Daily Express [Read Article] Wednesday 1st of June 2016 11:12:00 AM
....Vella says you should also beware high charges on income drawdown plans when you retire. Consider taking independent financial advice from a trusted source because high fees will deplete your retirement income. ...
Pension exit charges to be capped at 1% under FCA proposals image
Source : Guardian [Read Article] Thursday 26th of May 2016 07:57:00 AM
....Alex Neill, the director of policy and campaigns at Which?, said the FCA’s move was “a good first step” and called on the regulator to turn its attention to other charges people face when trying to make the most of the pension freedoms. Under Osborne’s pension reforms, people can cash in their pension pots rather than having to buy a retirement income known as an annuity. ...
Good news for pension savers: City watchdog says it wants to BAN greedy 'exit' fund fees image
....". Pension freedoms give people aged 55 and over a wider range of choices over how they use their pension pot, rather than being required to buy a retirement income called an annuity. ...
Millions of young workers 'should take more risk with pensions' to save for retirement image
....The method only applies to younger workers who, in theory, can afford to experience a couple of market downturns because over time any hits should be recovered. For example, savers hoping to achieve a retirement income equivalent to £16,000 a year in today's prices, would need to pull together a pot of £500,000 by the time they are 65, according to Close Brothers. ...
How long does it take for workers to earn their first £1million? image
Source : Daily Express [Read Article] Wednesday 25th of May 2016 11:45:00 AM
.... Overall Britons on average salaries will earn just over £2million in their lifetime. Vince Smith-Hughes, a retirement income expert at Prudential, said: “The approach of saving as much as possible as early as possible in life is the most likely way for most people to be able to secure a comfortable income in retirement. ...
How did we get pension calculations so wrong? image
Source : Guardian [Read Article] Saturday 21st of May 2016 06:00:05 AM
....5% a year. These differing figures may seem small in themselves, but have a devastating affect on the amount you will need to save for a reasonable retirement income. ...
Sort out your home budget before next crisis strikes image
Source : Daily Express [Read Article] Sunday 15th of May 2016 12:01:00 AM
....Standard Life’s figures show that almost six out of 10 do not review their pensions at all and the big worry is that many will risk losing track of their scheme, needlessly throwing away tens of thousands of pounds. Britons have completely lost track of £400million worth of pension savings, putting their retirement income at risk, according to new figures from the Pension Tracing Service. ...
Older homeowners locked out of mortgages offered reprieve  image
Source : Daily Express [Read Article] Wednesday 11th of May 2016 08:54:00 AM
....Mark Harris, at mortgage broker SPF Private Clients, says older borrowers must still meet stricter lending criteria. “Borrowers who need a mortgage beyond retirement age must still prove they have enough pension and other retirement income to pay off the interest and capital. ...
Fancy getting a mortgage at 80? Top lender extends age limit for borrowers image
....Customers who are set to make repayments into their retirement will need to provide proof of expected pension and other forms of income, said Halifax. Pension reforms now mean savers can start taking their retirement income from the age of 55, with many looking to use cash to invest in property. ...
Halifax raises mortgage borrowing age limit to 80 image
Source : Guardian [Read Article] Thursday 5th of May 2016 11:26:58 PM
....The move by Britain’s biggest mortgage lender means that a 55-year-old customer could take out a 25-year loan and repay the loan before his or her 80th birthday. However, Halifax says that any borrowing beyond retirement age will require proof of retirement income. ...
Pensioners warned of charges for selling annuities for cash image
Source : Daily Express [Read Article] Saturday 23rd of April 2016 12:01:00 AM
....”. Annuities, which pay a regular retirement income, have long been criticised for being poor value and producing a meagre income. ...

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