moneypensions

Triple lock : State pension should increase every year by the highest of price inflation, average earnings growth or 2.5% The full rate state pension could top £220 a week if earnings growth sticks at its current 8.2 per cent, as pundits reckon the Government is highly unlikely to break the triple lock pledge ahead … Read more

How to avoid getting ripped off by a dodgy will writing and probate firms Bad practice means people are losing money and buying the wrong deals Now a new probe by the CMA aims to crack down on shark-like firms  By Sam Barker Updated: 15:07 BST, 25 July 2023 More people are being ripped off … Read more

Hundreds of thousands of retirees with final salary pensions may be losing out on boosts to their monthly payments to help with the rising cost of living, experts are warning.  Payments worth around £18billion are being denied to these pensioners, according to Aon, a firm of actuaries.  Around ten million people in the UK are … Read more

Fears are mounting that the triple lock state pension rise may be under threat after a minister refused to confirm whether the inflation uplift would be honoured. Chief secretary to the Treasury, Chris Philp, refused to confirm to journalist Robert Peston on live TV over whether state pensions and Universal Credit would be uprated in … Read more

Pension investors are trying to protect their retirement pots from turbulent markets by taking far smaller tax-free lump sums and at a later age, new data reveals. But income withdrawals to fund everyday spending have risen, suggesting efforts to preserve capital are being frustrated as the increased cost of living squeezes people’s budgets. ‘Investors at … Read more

For many years, I have been fascinated by the Financial Independence, Retire Early movement – known as FIRE. The idea is to live frugally in your working years, tuck away say 70 per cent of income to build up an investment pot, retire early and then live off that pot. Rough calculations suggest that if … Read more

Workers facing money pressures are being urged not to abandon or cut pension contributions due to the damage this could wreak on their future finances. One in 10 adults had already cut contributions or stopped paying into a pension altogether by early spring, before the cost of living crisis had really set in, according to … Read more

Retirees are facing a lost pension cash crisis with billions of pounds languishing in forgotten accounts. Fresh analysis of figures dating back to 2008 shows a meteoric rise in the number of savers using the Government’s Pension Tracing Service. Inquiries rose from an equivalent rate of 173 a day in 2008 to around 5,780 per … Read more

When topping up your state pension WON’T pay: Former pensions minister Steve Webb slams DWP’s NI website as ‘confusing’ and ‘misleading’ To get full state pension of £185.15 a week you need 35 years of contributions If you have less you can plug gaps by paying voluntary ‘Class 3’ contributions The DWP website allows people … Read more

Workers should save at least 12 per cent of their salary towards a pension and employers should stump up half of that, according to a 10-year plan from a top industry body. The current auto-enrolment minimum is 8 per cent of salary – with individuals contributing the biggest share – but some finance experts warn … Read more