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....But those who have left it late to start saving can still pull together a nest egg worth tens of thousands of pounds. For a 45-year-old worker with nothing in savings this represents the opportunity to increase retirement income by 25 per cent on top of the state pension, according to calculations by Fidelity. ... [Read full article on Daily Express ]
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Latest Finance News related to Retirement Income

How you can build up a £100,000 pension pot from NOTHING even in your FORTIES image
Source : Daily Express [Read Article] Wednesday 16th of August 2017 03:02:00 PM
....But those who have left it late to start saving can still pull together a nest egg worth tens of thousands of pounds. For a 45-year-old worker with nothing in savings this represents the opportunity to increase retirement income by 25 per cent on top of the state pension, according to calculations by Fidelity. ...
REVEALED: The retirees with the best pensions in Britain - do you make the list?  image
Source : Daily Express [Read Article] Thursday 10th of August 2017 11:50:00 AM
.... Men born in 1950 have also avoided the impact of the planned increases in the state pension age. Alistair McQueen, head of savings and retirement at Aviva said: “Few, on average, are likely to enjoy a greater retirement income than a married man born in 1950. ...
'Pensioners have NEVER had it so good' Retiree income better than workers' earnings image
.... Tom Selby, senior analyst at AJ Bell, said: “These latest official statistics are a stark reminder of the impact failing to save for retirement can have. "Previously the state might have filled at least some of this retirement income void but in a world of austerity cuts this is increasingly not the case. ...
Millions of women hit by pensions gender gap  image
Source : Daily Express [Read Article] Sunday 30th of July 2017 11:20:00 AM
....The great UK pensions gender gap hits millions of ordinary women rather than a few TV presenters, making their final years much harder. Women retiring this year will get an average annual retirement income of £14,300 against £20,700 for men, a gap of £6,400 a year, according to research from Prudential. ...
PENSION WARNING: Savers accessing pots early falling into ‘disastrous’ tax trap image
....Accessing savings early has become the "new norm" since reforms were introduced in 2015, an interim review of the market by the Financial Conduct Authority (FCA) found. However, more than one out of two people fully withdrawing pension pots are simply putting the cash into alternative savings products, which can often leave savers with unnecessary tax bills and poor interest rates, according to the regulator's study of retirement income. ...
Bank of England warns it will go after firms looking to mask risks image
Source : Guardian [Read Article] Monday 10th of July 2017 04:03:22 PM
.... While that makes monthly repayments lower it means the total interest is higher, with final amounts due when the customer may have retired. “That should not be a problem if lenders can be confident about the availability of such retirement income, or about the scope for the borrower to downsize and use the sale proceeds to pay off the balance of the loan,” he said. ...
'Shame on you!' Campaigners ERUPT as minister tells women hit by pension delay to RETRAIN image
. The pension minister's comments sparked outrage during a House of Commons debate, in which Tory backbenchers joined calls for the Government to help millions of women who say they have been "robbed" of retirement income. ...
Decade in the doldrums for hard-hit savers as low interest rates remain the same image
....Since then base rates have been slashed to near zero and stayed there for year after year, hammering the returns on cash. This has been a particular blow for older people who rely on the interest from their savings to top up their retirement income. ...
Don’t be too quick on the draw taking pension pot, says HARVEY JONES image
Source : Daily Express [Read Article] Sunday 2nd of July 2017 11:00:00 AM
.... . Hundreds of thousands have taken advantage since then by shifting their pensions into drawdown, which involves leaving their money invested and drawing regular sums to top up their retirement income. ...
Older homeowners forced to sell properties to clear debt on mortgages image
Source : Daily Express [Read Article] Wednesday 28th of June 2017 08:25:00 AM
....It may be possible to extend your mortgage term, although many lenders are reluctant to let loans run beyond retirement. “Some are more flexible provided you can show you will have sufficient retirement income to service the mortgage, notably Family Building Society and Nationwide. ...
Endowment plan: Need-to-know advice on interest-only mortgage repayment problems image
.... . “Some are more flexible provided you can show you will have sufficient retirement income to service the mortgage, notably Family Building Society and Nationwide. ...
DUP Deal: Pension Triple lock and Winter Fuel Allowance SAVED image
Source : Daily Express [Read Article] Monday 26th of June 2017 12:23:00 PM
.... . It means the retirement income from the state will continue to rise by the highest of 2. ...
Pension transfers are now worth more than the average home image
Source : Daily Express [Read Article] Monday 19th of June 2017 12:00:00 AM
.... The recent pension freedoms gave over-55s with a DC pension more choice over how they take their pension pot. DC schemes generally do not have the same advantages that final salary schemes have of the saver ending up with a guaranteed level of retirement income. ...
REVEALED: 5 simple tricks to increase your pension and BEAT threatened cuts after election image
.... "Everyone is different and people’s decisions will depend on their financial and personal circumstances. "Ideally, everyone should get advice to help them get the most out of their retirement income. ...
PENSION CHAOS: Election leaves retirees in the dark over pension tax rules image
Source : Daily Express [Read Article] Monday 12th of June 2017 04:00:00 PM
. People taking retirement income through pension freedoms are at risk of huge bills from HMRC amid the confusion. ...
Lifetime ISA providers: First cash LISA launched by Skipton Building Society  image
.... Anyone under 40 can open an account and continue making contributions until they are 50 - but only people who have never bought a home can use the scheme to count towards a deposit. Otherwise, the bonuses can be used for retirement income but savings can't be accessed before the age of 60. ...
More than half of those retiring in 2017 are doing so early, says survey image
Source : Daily Express [Read Article] Friday 2nd of June 2017 12:01:00 AM
.... . Many are willing to take a hit on their expected retirement income in exchange for giving up the daily grind - to the tune of £1,250 a year - according to the survey of 1,000 people intending to retire in 2017. ...
BT considering closing defined-benefit pensions scheme for existing staff image
....More recently, companies have begun to try to limit the benefits payable to those already enrolled in the schemes and are still accruing benefits as current employees. These cuts can be achieved by closing the fund to contributions, essentially freezing the final salaries of middle to junior staff who may have been expecting their retirement income to be calculated on a more senior position. ...
REVEALED: Trick to boost state pension in loophole that could soon be closed - ex-minister image
. People can top-up their state retirement income by thousands of pounds using the scheme, according to ex-minister Steve Webb, who is now director of policy at Royal London. ...
Call to raise retirement age to at least 70 image
Source : BBC [Read Article] Friday 26th of May 2017 12:02:45 PM
....The WEF said the retirement savings gap was forecast to rise from $70tn to $400tn by 2050 in the eight countries studied: Australia, Canada, China, India, Japan, Netherlands, the UK and the US. The gap is the amount of money required in each country to ensure a retirement income equal to 70% of a person's pre-retirement income. ...
Don't want to work until you are 70? You will have to, says WEF image
Source : Guardian [Read Article] Friday 26th of May 2017 06:07:32 AM
....Adding in China and India, which have the world’s largest populations, the combined savings gap for the eight countries reached $400tn by 2050, a sum five times the size of the current global economy. The report based its estimates of the pension savings gap on the amount of money needed to provide every person with a retirement income equal of 70% of their pre-retirement income. ...
Britain's booming pension funds see retirement income surge by 12 per cent  image
Source : Daily Express [Read Article] Thursday 11th of May 2017 04:32:00 PM
.... Some six per cent of the funds, which hold millions of pounds of Britons' pension savings, have seen double-digit growth. Richard Eagling, head of pensions at Moneyfacts, said: “The record numbers saving into personal pensions and defined contribution pension schemes have placed even greater importance on the ability of funds to deliver strong performance if individuals are to generate an adequate retirement income. ...
The cost of divorce: Marriage split hits retiree income by £3,000 a year image
Source : Daily Express [Read Article] Thursday 11th of May 2017 04:13:00 PM
....”. Clare Moffat, pensions specialist at Prudential, added: “The financial impact of divorce can be devastating both in the short and longer-term, lasting well into retirement as divorcees experience expected retirement incomes of as much as 16 per cent lower than those who’ve never divorced. ...
Over 65s mortgage crisis: Debts to DOUBLE in 13 years image
Source : Daily Express [Read Article] Wednesday 3rd of May 2017 10:38:00 AM
.... . They will be more likely to trade up later in life and repay at least part of their mortgage using their retirement income or draw more to fund needs in later life. ...
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. ...

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