moneypensions

Savers navigating ‘pensions minefield’ need help to make better decisions, MPs warn By Ben Wilkinson for the Daily Mail Published: 22:31 GMT, 18 January 2022 | Updated: 10:08 GMT, 19 January 2022 Savers are in a ‘pensions minefield’ and need help to make better decisions, MPs warn. The Work and Pensions Committee says Government and … Read more

Too many people are confused by pensions and at risk of scams, and need more help in the run-up to retirement, say MPs. They call on the Government to ‘end their timidity’ and trial automatic appointments with free guidance service Pension Wise, claiming current plans to ‘nudge’ people into it will not be enough. MPs … Read more

Pensioners who own their homes could be missing out on thousands of pounds of income by failing to claim their full state benefit entitlement. Nearly half of eligible homeowners are not claiming any benefits at all, with each household missing out on an average of £1,197 extra income a year.  This was according to an … Read more

Almost half of UK retirees fear they will eventually run out of money, with many relying on receiving an inheritance or downsizing to top up their pensions.  A study by fund manager abrdn revealed that a quarter of retirees plan to top up their retirement fund with an inheritance from a family member or friend, … Read more

More wealth is tied up in pensions than in property, particularly among the best off people in the country, new official figures show. Wealth per household was £302,500 in 2018-2020, at the median or midpoint level. That’s up from £286,600 in the previous two years, and by a fifth when adjusted for inflation over the … Read more

Give young and low paid workers the chance to enjoy perks of pension saving, urges Tory MP pushing new bill in parliament Working 18-year-olds and low earners would be signed up for pensions Only staff aged 22 and earning more than £10,000 a year are enrolled at present Tory MP Richard Holden wants to boost … Read more

More than one million pensioners are missing out on a boost to their income because they are not claiming a poorly-understood Government perk.  Some 1.5million people claim pension credit – only around six in ten of those who are entitled to it, new figures reveal.  Here is how it works and how it could benefit … Read more

Chancellor Rishi Sunak did not mention pensioners at all during his 8,000-word Budget speech last week. But the over-65s will be the worst hit by rising energy and food prices, and could soon see their savings and pension income devalued by soaring inflation. Analysis reveals that retired couples will be spending an extra £70 a … Read more

Thousands still waiting for their state pensions despite assurances backlog would be cleared By Ben Wilkinson for the Daily Mail Published: 18:48 EDT, 2 November 2021 | Updated: 06:04 EDT, 3 November 2021 Backlog misery: Nearly 5,000 retirees are still waiting for their state pension Nearly 5,000 retirees are still waiting for their state pension … Read more

Savers slapped with ’emergency’ tax when making pension withdrawals are overcharged £3,350 on average HMRC returned £44.7m to those overtaxed when taking lump sums this summer  Some £794m has been refunded since pension freedoms were launched in 2015 What should you do if you are caught out by ’emergency’ tax? Find out below  By Camilla … Read more