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Pensions minister insists that britons are punished for saving

Steve Webb realized and acknowledged the anger amongst savers who have suffered because of the poor rates of return as he spoke in London where he was in attendance at a pensions conference. This came a few days after the Government announced that it was making changes with regards to the calculations of private sector [...]

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Defusing the nation’s savings time bomb: Part II

It is envisaged that a total of 8% of a workers salary will end up in a NEST account with the employee paying 4%, the employer 3% with the last 1% coming from government tax relief. A major concern remains over the ability of small firms to pay the extra costs as the economic crisis [...]

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Defusing the nation’s savings time bomb: Part I

Steve Webb, Coalition pensions minister, says workers who manage to put a provision on top of a state pension are achieving something special When Steve Webb was in opposition, he enjoyed a nice office overlooking the River Thames. Once the Liberal Democrat MP made it into power as the Minister of State for Pensions, he [...]

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Pension Deficits are a threat to 10% of FTSE companies

Only 5 pension schemes in the whole of the FTSE 100 are in surplus For nine firms, their market value is lower than their pension liabilities A survey by Pension Capital Strategies (PCS) with assistance from investment banking giant JP Morgan shows that almost 10% of FTSE-100 companies have pension deficits so huge that their [...]

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Chancellor says that abolition of the annuity rule allows pension savers more flexibility

The Chancellor erases the rule that forced pensioners to buy annuities before the age of 75 Millions of pension savers were given a boost as the Chancellor of the Exchequer abolished the rules that forced those saving for pensions to purchase annuities before they reached 75 years of age. Another short-term measure has been implemented [...]

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Pensions apartheid, some good news to go with the bad

If you’re old enough to remember when the common consensus was that pensions were boring, you may be fortunate enough to avoid the major changes the government will be making to pensions soon. However, if you’re too young to even be thinking about pensions, you will be the ones hit hardest. This is extremely unfair [...]

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Government criticised by unions regarding public sector pensions

The changes to public sector pensions planned by the government have been roundly criticised by trade unions who claim that they will knock thousands of pounds off the incomes of workers. The TUC is an organisation that represents a total of 58 unions and are outraged at the fact that the government decided to switch [...]

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Final salary pension schemes to get cut due to pension changes

The Pensions Minister Steve Webb said that pension payments could become linked to the Consumer Prices Index (CPI) rather than the Retail Prices Index (RPI) The government have announced plans to change the measure of inflation which is used to calculate the payments of pensions. This means that millions who have invested in a private [...]

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Is this the end of complusory pension annuities?

Announcement expected to remove the need for pension investors to buy an annuity A consultation that has been a long time coming is upon us and should announce that compulsory pension annuities are to be scrapped. Mark Hoban, the Financial Secretary to the Treasury is expected to announce proposals that will simplify the rules that [...]

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Age UK believes that employers are forcing over 60s to retire early

It is believed by anti-ageism campaigners that older workers are being put out to pasture by UK employers In 2009, more than 100,000 mature workers were forced into early retirement as they became the biggest victims of cuts brought about because of the recession. In the previous two years, only 25,000 workers over the age [...]

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