Category: Pensions
-
Quarter of over 55s unaware of tax on pension savings
I was surprised to read read quite recently that more than one in four (27 per cent) people aged over 55 do not realise that they have to pay tax on pensions savings if they take the money as cash, according to new research from Legal & General (L&G). L&G’s report, Price of Freedom, highlighted…
-
Can we make the impossible possible in pensions again (Cont)
In my last blog I recounted comments by Steve Bee regarding Final Salary Pensions. To continue his narrative, he wrote: “Yes, employees are usually required to pay something towards the cost of such a pension but nowhere near the true cost of the benefit. For a “good” DB scheme, the total annual cost averages out…
-
Can we make the impossible possible in pensions again
A well respected name in the Financial Services Industry, Steve Bee, commented recently in “Money Marketing” about Final Salary Pension Schemes (also known as DB Schemes). He wrote the following: “It is not unusual for someone who has been in a defined benefit scheme for a large part of their career to have pension assets…
-
Final Salary Pension Transfers
Savers 10 years away from retirement could lose nearly half of the value of their defined benefit pension (Final Salary) if they choose to transfer, according to new research. The analysis from Royal London and consultancy Lane Clark & Peacock finds for those people the transfer value on offer will on average only be around 55…
-
Pension freedoms are the right course to follow
So says FCA chief executive Andrew Bailey. He says the pension freedoms are the right approach to help individuals deal with the increasing complexities of retirement. In a speech delivered recently about the watchdog’s view on pensions, Bailey argued the context in which individuals have to make decisions about retirement is becoming more nuanced. He…
-
The Single Most Costly Retirement Mistake to Avoid (and Why)
Nearly everyone has a dream for their retirement. It often includes leaving work while you’re still healthy enough to be active and independent, planning to buy a boat, or holiday home, or simply spending as much leisure time as possible. And after decades of dedicating most of your waking hours to your work, enjoying the…