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. Two separate reports for the government have raised the possibility that millions of people may have to work longer to qualify for a state pension. ... [Read full article on BBC ]
Thursday 23rd of March 2017 12:05:44 AM
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.... . Despite changes to the state pension for new retirees, many women have not qualified for the full payout owing to gaps in their national insurance contributions during career breaks to bring up children or other reasons. ... [Read full article on BBC ]
Wednesday 22nd of March 2017 12:06:12 AM
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. Mistakes of the past must be avoided when telling people of any rise in their state pension age, the author of a major review has told the government. ... [Read full article on BBC ]
Friday 24th of March 2017 08:39:05 PM
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. Millions of people in their late 30s and early 40s look set to have to work for an extra year after an official review recommended pushing up the state pension age (SPA) more quickly than previously planned. ... [Read full article on Guardian ]
Thursday 23rd of March 2017 06:11:18 AM
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....”. Many women also do not get the full state pension because of gaps in their national insurance contributions, caused by career breaks to raise children or to care for elderly relatives. ... [Read full article on Guardian ]
Wednesday 22nd of March 2017 01:05:53 PM
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. A review of the age at which people can receive their state pensions also recommended the axing of the ‘triple lock’ which guarantees that pensions rise by the same as average earnings, the consumer price index, or 2. ... [Read full article on Daily Express ]
Friday 24th of March 2017 12:01:00 AM
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. John Cridland, author of a major review into the state pension, talks to the BBC's Money Box about his proposals. ... [Read full article on BBC ]
Friday 24th of March 2017 08:38:59 PM
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....95 a month), plus other fees, and it is also not covered by the Financial Services Compensation Scheme. There is also the Post Office Card Account, which you have to apply for by phone and is described as “an easy way to receive state pensions, benefits and tax credits without a bank account”. ... [Read full article on Guardian ]
Saturday 25th of March 2017 07:00:02 AM
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Latest Finance News related to State Pension

Lords call for the banks to get back to basics image
Source : Guardian [Read Article] Saturday 25th of March 2017 07:00:02 AM
....95 a month), plus other fees, and it is also not covered by the Financial Services Compensation Scheme. There is also the Post Office Card Account, which you have to apply for by phone and is described as “an easy way to receive state pensions, benefits and tax credits without a bank account”. ...
Pensions mistakes of the past must be avoided, says John Cridland image
. Mistakes of the past must be avoided when telling people of any rise in their state pension age, the author of a major review has told the government. ...
John Cridland gives his first broadcast interview about his pension proposals image
. John Cridland, author of a major review into the state pension, talks to the BBC's Money Box about his proposals. ...
Related to :
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
. A review of the age at which people can receive their state pensions also recommended the axing of the ‘triple lock’ which guarantees that pensions rise by the same as average earnings, the consumer price index, or 2. ...
State pension age must rise again, says report image
Source : Guardian [Read Article] Thursday 23rd of March 2017 06:11:18 AM
. Millions of people in their late 30s and early 40s look set to have to work for an extra year after an official review recommended pushing up the state pension age (SPA) more quickly than previously planned. ...
State pension age could be raised to 70, says report image
Source : BBC [Read Article] Thursday 23rd of March 2017 12:05:44 AM
. Two separate reports for the government have raised the possibility that millions of people may have to work longer to qualify for a state pension. ...
Number of women working past 70 in UK doubles in four years image
Source : Guardian [Read Article] Wednesday 22nd of March 2017 01:05:53 PM
....”. Many women also do not get the full state pension because of gaps in their national insurance contributions, caused by career breaks to raise children or to care for elderly relatives. ...
The women still working into their 70s image
Source : BBC [Read Article] Wednesday 22nd of March 2017 12:06:12 AM
.... . Despite changes to the state pension for new retirees, many women have not qualified for the full payout owing to gaps in their national insurance contributions during career breaks to bring up children or other reasons. ...
New bombshell for self-employed: pay 400% more NICs… or lose state pension image
. Jane Clark, a self-employed maths tutor who earns around £2,500 a year, faces a 400% increase in her national insurance contributions (NICs) if she wants to retain her right to a state pension. ...
Philip Green's lavish party for his 65th ends exile from social circuit image
Source : Guardian [Read Article] Thursday 16th of March 2017 08:27:49 PM
.... But even if partygoers ordered off-menu, they would have struggled to have equal the £6m tab for Green’s 60th, when guests were flown to an exclusive resort in Mexico for a four-day blowout. Green’s milestone birthday means he is officially a state pensioner, a status that entitles men of his age a pension of up to £155. ...
Household incomes crept up last year, DWP figures show image
Source : BBC [Read Article] Thursday 16th of March 2017 11:20:14 AM
....A number of reports and previous data have shown that income growth has been faster among pensioners than working-age people since the financial crisis. This has led to widespread debate over the future of the triple-lock - a promise made to pensioners that the state pension will rise in line with prices, wages or 2. ...
Over-55s urged to wise up on pension advice image
Source : Daily Express [Read Article] Wednesday 15th of March 2017 10:43:00 PM
....Four in 10 people over 40 admit they have no idea how much they need to set aside to enjoy a comfortable retirement , according to separate research from Saga Investment Services. One in 10 thinks a £25,000 pot will be enough to give them a basic retirement of just under £7,000 a year, on top of their state pension. ...
Pension trick could see Britons rake in HUNDREDS of pounds EVERY MONTH if done by April 5 image
. The top-up scheme allows anyone who missed out on the new state pension introduced last year to exchange a lump sum of cash for generous index-linked income for life. ...
Philip Hammond defends scrapping national insurance rise for the self-employed image
....Class 4 NICs, the rate paid by self-employed people, were due to rise from 9% to 10% next April and 11% in 2019, to narrow the gap with employees, and prevent the tax base being eroded as self-employment becomes more widespread. Hammond continued to defend the policy, which he said would have helped to address the fact that the self-employed pay less tax than employees, despite receiving many of the same benefits, including, from April next year, the same access to the state pension. ...
The Falklands war hero fighting for his state pension image
Source : Guardian [Read Article] Saturday 11th of March 2017 06:59:27 AM
....Roger Edwards risked his life for his country in the Falklands war, taking part in some of the conflict’s most hazardous operations, including the SAS raids on Pebble Island and Goose Green, and the retaking of South Georgia. So how has the UK government repaid him for his service? By freezing his state pension so it will never increase again. ...
Budget tax rise image
Source : BBC [Read Article] Thursday 9th of March 2017 01:40:23 PM
....So, what does this all mean? . Workers - whether they are employees or self-employed - pay National Insurance to qualify for certain benefits, such as the state pension. ...
Philip Hammond's budget is a long way from tackling future challenges | Larry Elliot image
.... As Andrew Harrop, general secretary of the Fabian Society, has pointed out, real spending on non-pension social security will fall 6% by 2021, which will translate into lower living standards and less spending power for families. “As a share of GDP welfare spending will fall to the lowest level since 1991, excluding the state pension and support for the unemployed, undoing all the good work new Labour did to tackle child poverty,” Harrop added. ...
Few will spot the difference in national insurance – at first | Patrick Collinson image
....Yet too many taxpayers will know family members or former colleagues who have set up on their own and are gleefully paying a much reduced tax bill. It was justifiable, perhaps, when the self-employed could only qualify for the basic state pension, while employees paying higher NI qualified for the top-up state pension as well as the basic one. ...
Budget: National Insurance rise criticised image
Source : BBC [Read Article] Wednesday 8th of March 2017 03:42:03 PM
....Self-employed people have traditionally paid lower NICS than employees, as they receive fewer state benefits. But the chancellor said the self-employed now had equal access to the new state pension. ...
Self-employed hit by national insurance hike in budget image
Source : Guardian [Read Article] Wednesday 8th of March 2017 02:24:49 PM
....Announcing his changes, the chancellor said an employee earning £32,000 a year currently faces an NI bill of £6,170 along with their employer, while the bill for a self-employed person earning the same salary would be £2,300. “Historically, the differences in NICs between those in employment and the self-employed reflected differences in state pensions and contributory welfare benefits,” he said. ...
How to retire successfully: 'You need to ask what you want out of life' image
....Part of the answer lies in budgeting as ruthlessly as possible with what you have. Alison Barton said she and her partner figured out what their modest work and state pensions would afford – and started living on it before they retired. ...
IFS: Growth in UK living standards worst in 60 years image
Source : Guardian [Read Article] Thursday 2nd of March 2017 07:01:10 AM
.... By 2021-22, average pensioner income is likely to be 24% higher than it was in 2007-08, the thinktank said. Pensioner incomes have benefited from real growth in the level of the state pension, people staying on in employment at older ages, and a change in the composition of pensioners, with the newly retiring tending to have larger private pension entitlements than previous cohorts of pensioners. ...
London to remain a 'magnet for global superrich despite Brexit' image
Source : Guardian [Read Article] Wednesday 1st of March 2017 01:46:10 PM
....While the population of UNHWIs in the UK, which has increased by 28% over the past decade, is expected to keep rising, the number of superrich on the continent is expected to remain flat or decrease. “Here growth will be constrained by growing religious tensions, a combination of rising taxes and higher state pension obligations and public healthcare costs, and the loss of high-skilled jobs to Asia,” said Andrew Amoils, head of research at New World Wealth, a market research firm. ...
State pension age will be higher than life expectancy if 'triple lock' not axed, say MPs image
....5 per cent a year. To maintain the cost of increases amid Britain's ageing population the state pension age would have to rise to 70. ...
State pension age 'could rise above lifespan' in poorer areas, say MPs image
. The state pension age may have to rise to levels above the average lifespan of men in the UK's poorer areas, MPs say. ...
Raising pension age will mean many people die before getting it, say MPs image
Source : Guardian [Read Article] Tuesday 28th of February 2017 07:01:21 AM
. Further increases in the state pension age could push it to the point where many working people die before qualifying for it, MPs have warned, in a report that calls for the end of the “triple lock” guarantee on pensions. ...
Grandparents 'saving working families billions in childcare costs'  image
Source : Daily Express [Read Article] Tuesday 21st of February 2017 12:01:00 AM
.... . Grandparents who give up their job to look after their grandchild could otherwise be losing out on their state pension rights. ...
The baby boomers have enjoyed the good times – now a tax hike is due | Phillip Inman image
....Since the financial crash, pensioners have won the race for higher incomes (discounting the mega-rich and their soaring salaries). Official figures show that the government’s triple lock on the state pension, which guarantees a minimum 2. ...
Pensioners '£20 a week better off' on average than workers image
Source : Guardian [Read Article] Monday 13th of February 2017 12:01:00 AM
....The report for the Intergenerational Commission pointed out that closure of generous defined occupational pension schemes to younger workers means that the current generation of workers may not enjoy the same benefits when they are able to retire. The state pension age is rising to 66 between 2018 and 2020, to 67 between 2026 and 2028, and then to 68 between 2044 and 2046. ...
Five minute guide to tracing your lost financial assets image
Source : Daily Express [Read Article] Sunday 5th of February 2017 01:57:00 PM
Work till you drop: when will you retire — and do you want to? image
Source : Guardian [Read Article] Monday 30th of January 2017 08:01:23 AM
....For 27 years, Ann White says she used to “hang her brain on a nail” outside the factory door when she arrived at work each morning. White, now 60, always assumed she would retire as soon as she could collect her state pension. ...
Young and bereaved – and now facing cuts to crucial financial support image
Source : Guardian [Read Article] Sunday 29th of January 2017 07:00:17 AM
....71 a month (£5,852 a year). This is paid until either the youngest child in the household no longer qualifies for child benefit (a maximum of 20 years), or the widowed parent moves in with a new partner, or reaches state pension age. ...
'There's a danger of a generation who can't afford to retire' image
Source : Guardian [Read Article] Monday 23rd of January 2017 08:05:59 AM
.... “I’m saving money that could go towards a deposit for my first house – I’m currently renting a flat in Liverpool – or socialising. But I have no faith in government or the state pension. ...
Friday afternoon conveyancing fraud, plus the merits of 10-year mortgages image
Source : Guardian [Read Article] Thursday 19th of January 2017 02:49:16 PM
....UK housing market falters as estate agents become less optimistic. Grandparents miss out on tax credits that could boost state pension. ...
Grandparents miss out on tax credits that could boost state pension image
Source : Guardian [Read Article] Wednesday 18th of January 2017 02:57:04 PM
. As many as 100,000 grandparents are missing out on national insurance credits that could boost their state pension by thousands of pounds over the course of their retirement, a former minister has claimed. ...
Grandparents missing out on tax credits that would boost their pensions image
Source : Daily Express [Read Article] Wednesday 18th of January 2017 12:01:00 AM
.... . Grandparents who give up their job to look after their grandchild could otherwise be losing out on their state pension rights. ...
The new retirement: how an ageing population is transforming Britain image
Source : Guardian [Read Article] Monday 16th of January 2017 08:07:13 AM
.... That is equivalent to a 4p income tax rise for the working age population. How will Britain cope? Further increases in the state pension age, as the government is currently considering, will not be enough. ...
Bleak trend of low, part-time wages in UK is revealed image
Source : Guardian [Read Article] Friday 13th of January 2017 06:01:09 AM
....1% in the year to April 2016 while the richest fifth of households saw their incomes fall by £1,000 over the same period. However, much of the gap was closed by a significant rise in pensioner incomes driven by higher state pension payments and generous payouts from occupational schemes, not a rise in earnings by low-paid workers. ...
Spending power on the rise, says ONS image
Source : BBC [Read Article] Tuesday 10th of January 2017 10:26:16 AM
....2% fall among non-retired households. The ONS puts growing private pensions ahead of the guaranteed rise in the state pension - under the so-called triple lock - as the long-term reason for the pick-up in pensioners' incomes. ...
Generations at war image
Source : BBC [Read Article] Tuesday 10th of January 2017 12:14:35 AM
.... they lobby more, the MPs and the policy makers are more likely to be baby boomers so [young people's] interests tend to be treated as less important," says Angus Hanton. So government decisions to protect the state pensions with a "triple lock" guaranteeing an annual rise of at least 2. ...
Rising retirement age means that smart saving is more important than ever image
Source : Daily Express [Read Article] Sunday 8th of January 2017 12:01:00 AM
....For most people the answer will be “not me, thanks”, but if the Government has its way, they may have little choice. Both Labour and the Conservatives have been gradually pushing back the state retirement age, so that today’s workers may have to carry on into their late 60s and beyond before they can draw their state pension. ...
Five-minute guide to the rising cost of care homes image
Source : Daily Express [Read Article] Sunday 18th of December 2016 12:01:00 AM
....LOCKED OUT. The Government is also debating the fate of the triple lock, which pledges that state pensions will rise in line with earnings, inflation or by 2. ...
Unpaid benefits at record level image
Source : BBC [Read Article] Friday 9th of December 2016 01:28:03 PM
....". The latest figures showed the biggest rise in benefit underpayments was in Pension Credit, a top-up to the state pension for low-income pensioners. ...
Run the NHS and social care like John Lewis, says Frank Field image
Source : Guardian [Read Article] Friday 2nd of December 2016 06:00:08 AM
.... Last year, spending on the NHS was £116bn. Field said changes to NI to make the system more progressive should include raising the lower earnings limit – the point at which employees start paying contributions – to the current income tax threshold; removing the upper earnings limit on contributions; and removing the exemption that means employees above the state pension age do not pay contributions, which would raise £6. ...
There are fairer ways to set the pension age – but politicians are ducking them | Ros Altmann image
. Younger generations are being told to prepare to wait even longer for their pensions, with former minister Steve Webb suggesting that the retirement age for a state pension will rise to 70. ...
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
....You can get the best of both worlds by splitting your pension between an annuity and drawdown. Lowe says: “Use your state pension and annuity to cover everyday bills such as food, council tax and utilities and be flexible with what’s left. ...
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 government has confirmed state pension will rise by 2. ...
'Basically a huge tax increase': readers on proposed pension age rise image
Source : Guardian [Read Article] Monday 28th of November 2016 02:30:32 PM
....Tens of millions of workers under the age of 55 could be affected by changes to pension age sooner than previously planned, according to a former minister. Steve Webb, pensions minister in the coalition government between 2010-15, says documents produced by the Department of Work and Pensions suggest the government is preparing a “more aggressive” timetable on state pension age changes. ...
Pension age may be about to rise again, says former minister image
Source : Guardian [Read Article] Monday 28th of November 2016 12:01:14 AM
. The government may be preparing to increase the official state pension age to 70 for millions of people currently in their 20s, a former minister has claimed. ...
New triple lock fear as pensions minister refuses to guarantee its safety image
Source : Daily Express [Read Article] Sunday 27th of November 2016 07:33:00 PM
.... . The lock ensures state pensions rise by the highest of inflation, average wages or 2. ...
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
.... "We should be trying to make combining work and drawing a pension easier not harder. "Separately, Mr Hammond promised to maintain the Government's 'triple lock' promise within the current parliament, which means state pensions will rise each year by the higher of 2. ...
Chancellor spreads giveaways thinly for Britain's 'Jams' image
Source : Guardian [Read Article] Wednesday 23rd of November 2016 03:40:30 PM
....In one area, Hammond was curiously quiet. Pensioners, the bedrock of Conservative support, were barely mentioned, despite the fact that the state pension is a giant component of public spending. ...
How will the autumn statement affect you? image
Source : Guardian [Read Article] Wednesday 23rd of November 2016 02:59:50 PM
....You might be worried about the future of the “triple lock”, which was introduced in 2010 and has seen pensioners receive inflation-busting rises on their income. It means the basic state pension increases by either inflation, growth in average weekly earnings or 2. ...
Self-employed face retirement poverty without pension reform image
Source : Guardian [Read Article] Saturday 19th of November 2016 08:00:03 AM
....”. Self-employed workers have been helped by changes to the state pension, which brought the amount they can claim in line with that of workers, at just over £8,000 a year. ...
Housing squeeze image
Source : BBC [Read Article] Thursday 17th of November 2016 12:17:40 AM
....Trevor Locke, 68, lives in a one-bedroom flat in Leicester. He pays £450 a month, and gets about £700 a month from his state pension. ...
Refusing child benefit payments could see new mums take a state pension hit image
Source : Guardian [Read Article] Saturday 12th of November 2016 07:00:42 AM
. Tens of thousands of new mothers could each end up losing almost £5,000 of state pension when they are older due to an unintended quirk in the rules surrounding child benefit, according to a former government minister. ...
Thousands of mothers 'missing out' on pension rights image
Source : BBC [Read Article] Friday 11th of November 2016 09:49:59 PM
. Tens of thousands of parents - and mothers in particular - are in danger of missing out on some of their state pension rights, according to a study. ...
Inflation measure to be changed to include home owning costs image
Source : BBC [Read Article] Thursday 10th of November 2016 12:19:22 PM
....But any change to the Bank's methods seems a long way off, because the CPI target is enshrined in legislation. CPI is used to uprate benefits, those which aren't held back by the current benefits freeze; it is a reference point for lifting tax thresholds; and it is part of the formula for increasing the state pension each year. ...
State pension triple-lock should be scrapped, say MPs image
Source : BBC [Read Article] Sunday 6th of November 2016 12:38:38 AM
. The "triple-lock" on state pensions - which has protected the incomes of the older generation since 2010 - should be scrapped, a committee of MPs has said. ...
Will vote for Trump bring a financial aftershock? image
Source : Daily Express [Read Article] Sunday 6th of November 2016 12:01:00 AM
.... . Tom McPhail, head of retirement policy at Hargreaves Lansdown, says retirees have some protection against inflation because of the state pension’s “triple lock”, which means it rises each year in line with either the consumer price index, earnings or 2. ...
We want to use our pensions to pay a mortgage, but what if we end up in care? image
.... However, the difference in property values between where we live and where my daughter lives means that we’ll need to take out a small mortgage of around £50,000. We are easily able to finance the mortgage as we both have private pensions as well as our state pensions. ...
Pension savers pull £7.6BILLION from pots after freedom reforms  image
Source : Daily Express [Read Article] Wednesday 26th of October 2016 04:03:00 PM
....Stephen Lowe, group communications director at Just Retirement, said: "It appears we have reached a steady level of people exercising their pension freedoms to take on average £10,000 out of their pension pots. "That is enough to push someone on basic state pension into the next tax band, and almost certainly is for those who are still working. ...
Cashing in small pensions 'more popular' image
Source : BBC [Read Article] Wednesday 26th of October 2016 11:33:23 AM
...."It appears we have reached a steady level of people exercising their pension freedoms to take on average £10,000 out of their pension pots. That is enough to push someone on basic state pension into the next tax band, and almost certainly is for those who are still working," said Stephen Lowe, of provider Just Retirement. ...
REVEALED: Inflation and state pension top of fears for people fast approaching retirement image
.... . The biggest concern is further changes to the state pension, after a new flat rate system was introduced earlier this year. ...
UK inflation at 1% as price of clothes and fuel rises image
Source : BBC [Read Article] Tuesday 18th of October 2016 08:33:31 AM
....Maternity and paternity pay, as well as some disability benefits, are set to rise, though, as they are some of the few remaining benefits linked to the September inflation figure. The basic state pension is also likely to be raised by 2. ...
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
....The 2014 Mortgage Market Review required banks and building societies to be much stricter about who they lend to. “As a result, many restrict lending that runs over a certain age – meaning older borrowers have found themselves penalised when it comes to getting a mortgage post-state pension age,” says Anderson. ...
State pension: people who start working at 16 could get early access image
Source : Guardian [Read Article] Thursday 13th of October 2016 01:02:44 PM
. People who start work at 16 and pay national insurance all their working life could be allowed to take their state pension at an earlier age than those who go to university, according to an official report into the future of the state pension. ...
Young could get early access to state pension image
Source : BBC [Read Article] Thursday 13th of October 2016 12:16:03 PM
. Early access to a state pension for those who start work at 16 or who work in manual jobs is among suggestions made to an official review. ...
Energy customer left stranded after power company’s shock debit image
Source : Daily Express [Read Article] Wednesday 12th of October 2016 05:00:00 PM
....“I was so worried I didn’t know what was going on. My wife Jean and I manage on state pensions so we always know how much we can spend. ...
'Regret' over women's pension changes image
Source : BBC [Read Article] Tuesday 11th of October 2016 03:00:59 PM
. Thousands of women should have been given better notice that they must wait longer for their state pension, say two former pensions ministers. ...

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