Since the start of the coronavirus lockdown, one in 10 workers in the UK have decided to pause their pension contributions. A further 13 per cent have also considered halting their contributions according to research by Canada Life. Additional analysis has revealed that over a third (37 per cent) of those who have paused contributions did so in order to pay for essential spending. 30 per cent of respondents paused Read More….
Earlier this year as a result of the coronavirus pandemic, the FTSE 100 marked its worst quarter since 1987, losing around 25 per cent of its value. The biggest losers were travel and leisure stocks, dropping up to 45 per cent due to falling demand and tougher restrictions. Even though the FTSE 100 started to rise steadily as the UK economy reopened, fears of a ‘second wave’ plunged the index Read More….
The NISA Pension Surplus Risk index fell in July by 0.6 percentage points to 6.9%. The average plan funded status also went down from 84.4% in June to 84% in July. July’s drop in average funded status followed two consecutive months of improvement. But this was due to discount rate declines that outpaced equity returns. A closer look at how July compared to June Despite the fact that the volatility Read More….
Businesses affected by the coronavirus pandemic could encourage staff to quit their company pension scheme, the ombudsman Antony Arter has warned. Currently, it is illegal for businesses to ask or induce employees to opt out of their workplace retirement plan after they’ve been enrolled. But if a member of staff does opt out, the employer does not have to make contributions of at least three per cent of their pensionable Read More….
According to the Bank of England (BoE) governor Andrew Bailey, recent plans for “pension superfunds” could pose a threat to financial stability. Bailey has written to the work and pensions secretary, Therese Coffey, to criticise elements of an interim framework for pension superfunds, which was recently announced by The Pensions Regulator (TPR). This was widely heralded by the pensions industry as a way to protect scheme members in the long-term Read More….
Due to the exceptional circumstances that many industries and organisations are facing during the COVID-19 pandemic, HMRC has updated its guidance on repayments of corporation tax. Claims for repayments of corporation tax for prior periods based on anticipated losses before the current accounting period has concluded will now be considered. Having previously raised the issue with HMRC, the Tax Faculty of the Institute of Chartered Accountants in England and Wales Read More….
Lower-income households are using savings and borrowing more during the coronavirus lockdown according to research by the Resolution Foundation. In fact, poorer families are twice as likely as richer ones to have increased their debts during the crisis. By contrast, richer families are actually saving more because they’re not able to eat out or go on planned trips abroad. Just one-in-eight high-income households have increased their use of consumer credit Read More….
As many as 1.5 million workers could delay their retirement as a direct result of the COVID-19 pandemic, according to Legal & General (L&G) Retail Retirement. Research found that 15 per cent of over 50s still in work will push back their retirement date by an average of three years. However, 10 per cent admit they could delay their plans by five years or more. Over a quarter of those Read More….
Even though retirement is a time of life that many look forward to, this doesn’t mean to say you can simply stop working and expect to be taken care of. As you approach your retirement years, it makes sense to get some financial advice and start thinking about your options, as you are bound to be faced by decisions that could determine how much money you will have to live Read More….
Just like every other type of investment, pensions tend to fluctuate in value over time, especially during political or economic uncertainty such as the current coronavirus pandemic. This can result in a great deal of stress and anxiety, because not only did you work hard to save for your pension, it’s what you’ll be relying on to live comfortably in retirement. So what are some of the main reasons why Read More….