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….
With the UK entering its deepest recession since records began, keeping a close eye on your personal finances is more important than ever. According to the Office for National Statistics, Britain’s gross domestic product (GDP) fell in the second quarter by 20.4% compared with the previous three months – the biggest quarterly decline since comparable records began in 1955. Household finances are also falling sharply, forcing many people to take 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….
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….
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….
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….
According to the latest figures from the Office for National Statistics (ONS), UK wage growth slowed down in the three months to September. The figures also showed the biggest annual drop in the number of job vacancies in nearly 10 years – it was the ninth consecutive monthly fall in available work, with advertised positions dropping by 18,000 to 800,000. During this three-month period, there were 32,75 million people in Read More….