People are living through exceptionally hard times, and matters are not going to improve for some while – they may get much worse. When people are struggling to make ends meet, and worried about their jobs or already out of work, they will prioritise what bills they must pay – food and shelter come first. … Read more
I was a deferred pensioner in a final salary scheme. As I approached the age at which I could draw this pension, the company wrote to me asking me if I’d like to put the pension into payment as soon as I was eligible to do so, on my birthday. Knowing there was no further … Read more
Sir Philip Green’s retail empire suspending payments to pension scheme as it tries to cling on to cash in face of coronavirus lockdown By Daily Mail City & Finance Reporter Published: 21:52 BST, 29 March 2020 | Updated: 22:01 BST, 29 March 2020 Sir Philip Green’s retail empire is suspending payments to its pension scheme … Read more
I am 60 later this year and as a deferred member of the NHS defined benefit 1995 scheme I am entitled to claim my mandatory 25 per cent lump sum and receive a monthly pension. There is no benefit to delaying taking these sums. I have worked in the private sector for the last 19 … Read more
Those born in the 1980s are financially worse off than the generation before: are they really facing a state pension age of 75? The This is Money podcast By This Is Money Published: 14:38 GMT, 30 August 2019 | Updated: 14:38 GMT, 30 August 2019 This week, This is Money takes a look at a … Read more
Final salary pension pots locked as financial advisers can’t afford rising insurance costs By Miles Dilworth For The Daily Mail Published: 22:00 GMT, 18 February 2020 | Updated: 15:53 GMT, 19 February 2020 Savers face being locked out of their pension pots due to the rising costs of financial advice insurance. Workers can only access … Read more
Savers who are under financial pressure or have lost jobs should beware scammers tempting them to tap pension pots early or switch them into dodgy investments. Taking money from pensions before you are 55 is especially hazardous, because the taxman slaps a heavy penalty on early withdrawals and the rest of your pot may then … Read more
I’m desperate not to lose my £480k pension pot, but it’s down thousands – what can I do? Steve Webb replies By Steve Webb for This Is Money Published: 07:31 GMT, 26 March 2020 | Updated: 08:51 GMT, 26 March 2020 I have a Self-Invested Personal Pension worth £480,000. The majority of this was from … Read more
The amount you can save into a pension ultimately depends on what you can afford – but the longer you leave it the more you will need to save. Research regularly shows that we put ambitious targets on our hoped for income in retirement and then underestimate how much we will need to set aside … Read more
The global stock crash will have horrified many savers who are living on income from their pension investments in retirement. The coronavirus crisis wiped nearly 8 per cent off the FTSE 100 in a single day on Monday, after Italy locked down its population and the oil price plummeted. Today, president Donald Trump’s ban on … Read more