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….
According to the Office for National Statistics, the UK economy has recorded its third consecutive month of growth, rising 6.6 per cent in July. This follows growth of 8.7 per cent in June and 2.4 per cent in May. The FTSE 100, a popular gauge of prosperity for businesses regulated by UK company law, closed up 79.29 points at 6,105 on the 15th September. Pound sterling also continued to make 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….
It’s only natural to feel anxious or concerned about your pension pot. After all, everyone wants to enjoy their retirement to the fullest, which means having ample funds to live on. However, the coronavirus pandemic has forced most people to put their personal finances into sharp focus, particularly those approaching retirement. As a result, ‘pension panic’ is sweeping the UK, with many making rash decisions about their financial nest eggs. 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….
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….