Performance-based fee pension scheme proposals

The Department for Work and Pensions (DWP) has put forward proposals designed to make it easier for pension savers to access different types of investments. The DWP proposals would enable automatic enrolment workplace pension schemes to make greater use of performance-based fees, payable to an investment manager only if they generate higher returns on their investments. These fees to investment …

National Pension Tracing Day

Did you know that 31st October is National Pension Tracing Day? On the day the clocks go back, people are being urged to use the additional hour to track down their lost and missing pensions. With an estimated £19.4 billion of pension pots ‘missing’ in the UK, there are 1.6 million pension pots to reunite with their rightful owners. Looking …

How much does a decent retirement cost?

Academics have estimated that a single person needs a net income of £10,900 a year to achieve a minimum standard of living in retirement. The Pensions and Lifetime Savings Association (PLSA) have updated their calculations to reflect modern living standards, including Netflix subscriptions and haircuts. For a couple, the revised minimum standard of living in retirement now costs £16,700 a …

Workplace pensions hold up throughout the pandemic

What did the pandemic mean for workplace pension savings? According to new research, three-quarters of savers were happy to be automatically enrolled in their workplace pension scheme during the pandemic. The research by online pension provider PensionBee found that a third of savers said being auto-enrolled highlighted the importance of saving for the future. Only 18% of respondents said they …

Not running out of money in retirement

What is the ultimate financial goal in retirement? For many, the sign of success once they finish working is running out of life before running out of money. Financial planning as it relates to retirement has a significant focus on cash flow forecasting to ensure that income and assets do not run out during an anticipated lifetime. New research from …

State pension triple lock becomes double lock in 2022

As widely anticipated in the face of rapidly rising earnings, the government has suspended its state pension triple lock guarantee. The one-year suspension of the triple lock formula means the government will apply a less generous ‘double lock’. In April 2022, state pension income will increase by 2.5% or Consumer Prices Index (CPI) inflation, whichever is higher. Suppose the triple …

Could these state pension changes affect your plans?

A rising state pension age is having an impact on broader retirement plans. New research by insurer Canada Life has found that changes to state pension legislation mean a quarter of homeowners over 40 say they will still retire at their state pension age. However, 31% of respondents said they plan to continue working past their new state pension age, …

Pensions could tide you over, but watch out for this future tax bill

Do you ever worry about running out of money in retirement? It’s a common fear, with new research finding that more than half of people in their 50s are concerned about running outlasting their money rather than their money outlasting them. The research from insurer Scottish Widows placed 53% of over-50s in this category, with older workers the most likely …

5 key moments in life to reconnect with your pension

We know that Pension planning is not something you want to do on an evening, it makes a terrible date night and even painting the fence might be a more attractive proposition than digging out old paperwork and trying to wrap your head around several pages of FCA mandated jargon. According to new research, one in five women are leaving …

Shall we all move to Cornwall?

Our property preferences appear to be changing due to the Covid-19 pandemic. New research has shown that Cornwall is now more popular than London as people search online for new homes to buy or rent. Property website Rightmove says that the South West has replaced the capital as the most searched location, with more than 5 million searches for homes …