A £46,000 cap on social care costs and an immediate £7billion injection of cash are needed to address a funding crisis, say MPs. They endorse an upper limit on what individuals should pay towards care, to protect people against ‘catastrophic’ costs, at the same level suggested in the influential, government-backed Dilnot report in 2011. The … Read more
Pensioner guarantee: Full flat rate state pension will rise to £9,300, and old basic rate to £7,200 a year The state pension ‘triple lock’ will boost pensioner income by 2.5 per cent next April, after what looks set to be a grim winter dominated by Covid-19 and economic hardship. The triple lock means annual state pension … Read more
Warning the older generation is facing a bleaker, poorer retirement as Covid-19 has ‘sabotaged’ their pension plans A fifth of people approaching retirement are putting it off, finds survey Many fear investment losses in pandemic mean they can never retire Number who believe lifestyle will improve in retirement has halved in past year By Tanya … Read more
Men and younger workers are more likely to shun pension saving during the jobs upheaval triggered by the Covid-19 pandemic Some 14% of people have cut their contributions, and 11% stopped them A further 8 per cent may take one of these actions in future Men and younger workers are at more risk of damaging … Read more
Two months ago Nest, the largest pension scheme in the UK with 9million savers, committed to cutting carbon out of its investment portfolio. It was the first scheme to publicly commit to aligning with the Paris Agreement goals to keep global temperature rises within 1.5C above pre-industrial levels by 2050. A month later, the Department of … Read more
State pension set to rise 2.5% next April: ‘Triple lock’ will determine annual increase as inflation rate is forecast at just 0.4% Consumer price inflation expected to have risen to 0.4% in September It means triple lock guaranteeing a 2.5% rise in state pension will kick in Retirees to get an extra £4.40 a week … Read more
I joined my ex-employer’s defined contribution scheme in the late 1990s and after a transfer around 2005 the pension now sits with Standard Life. I have always had a life target to retire at 50 yet I’m aware of the regular changes to investment limits, lifetime allowances and the age at which benefits can be … Read more
Low earners denied free pension cash given to better paid colleagues should be compensated with a bonus into their pots from the taxman, say experts. Critics have long demanded action over a tax flaw which means an estimated 1.5million poorly paid staff lose Government payments into their pensions, depending on the type of scheme operated … Read more
An elderly woman who struggled for months to get the Government to investigate why she was on just £11.17 a week in state pension has received a backpayment worth nearly £19,000. Batul Khanbhai, 70, who will also now get £67.49 a week going foward, first challenged her low pension in 2013. She resumed efforts to … Read more
I have a query regarding my National Insurance contributions record which directly affects my state pension. I am 62 and worked full time in the teaching profession throughout my career, taking early retirement at 55 to become my husband’s carer. Incidentally, he passed away six months ago. I am now investigating where I stand as … Read more