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….
If you’re a self-employed individual and your work has been affected by coronavirus, you may be able to get financial help and assistance from the government. If you’ve lost out on income or had to stop working to look after someone, you could get 80 per cent of your average profits up to a maximum of £2,500 per month under the government’s Self-Employment Income Support Scheme. But what other help Read More….
It has been revealed that HM Revenue & Customs (HMRC) has refunded more than half a billion pounds in overpaid tax since the pension freedom rules were introduced in 2015. Designed to give people more control over their finances, the rules allow over-55s to withdraw money from their defined contribution pension pots as and when they want. But according to new data, the taxman has overcharged pensioners by £600.4 million Read More….
The potential impact of the coronavirus pandemic could see pension liabilities increase by as much as 15-20 per cent. That’s according to the River and Mercantile Group, who believe the industry will be hit with the “perfect storm…in terms of funding”. In its Interim Financial Report, the group revealed that an ongoing collapse in gilt years together with a sharp fall across global equity markets has resulted in a major Read More….
The interest rate cuts announced by the Bank of England earlier in March could lead to reduced pension pot value. Steve Cameron, of pension provider Aegon, said that the rate reduction would result in a “double whammy” for pensions as annuity rates are also likely to be cut. The outgoing BoE governor Mark Carney slashed interest rates by half a percentage point to a record low of 0.25pc in response Read More….
Before the former Chancellor of the Exchequer Sajid Javid resigned from his post, he was reportedly considering plans to limit tax relief on pension contributions to 20pc. Treasury insiders told the Financial Times that cutting pensions tax relief would be revealed at the 11th March Budget in a bid to help fund Boris Johnson’s plan to “level up” the economy. It remains to be seen whether Rishi Sunak, the UK Read More….
According to Bank of England Governor Mark Carney, central banks might not be able to stop a sharp economic downturn as ever since the global financial crisis, they have used up much of their usual monetary policy arsenal. “It’s generally true that there’s much less ammunition for all the major central banks than they previously had and I’m of the opinion that this situation will persist for some time,” Carney Read More….
According to a report by consumer reporting agency Experian, credit scores across the UK have improved year-on-year. People living in the South East have the highest average credit scores of 795 in the country, which falls into the ‘fair’ category. This was followed by the South West at 788 and London at 784. In contrast, the North East has the worst credit score in the UK at 727. What’s more, Read More….
QuickQuid, the UK’s largest remaining payday loan provider, is set to close even though thousands of complaints about its lending have not yet been resolved. US owner Enova said that QuickQuid will leave the UK market “due to regulatory uncertainty”. The collapse means that thousands of borrowers who said they were missold unaffordable loans will only get a proportion of the payouts they would have been due. In the first Read More….
Regardless of how much money you have in the bank, from £1 to £1 million, it makes sense to earn as much interest as possible on every penny by opening up a savings account. Basic-rate taxpayers can earn £1,000/year tax-free and higher-rate taxpayers £500 with a savings account. What’s more, up to £85,000 per person is protected in UK-regulated financial institutions, meaning that your money will be safe if your Read More….