Mothers miss out on millions in State Pension payments

Mother with kid in the bus.New research has found that thousands of mothers could be missing out on millions of pounds of future State Pension income. The report, by pension provider, Royal London, has found that mothers have will miss out on £500 million of State Pension rights because of changes to Child Benefit. The link between State Pension entitlement and Child Benefit isn’t immediately obvious. However, Royal London’s report, ‘Mothers missing out on millions’, shows that those who no longer claim Child Benefit, could be reducing the amount of State Pension ...

Automatic Enrolment: Why it probably won’t give you enough income to retire

My FutureThere’s no doubt that, on the face of it, Automatic Enrolment has been a success, with six million new workers now contributing to a pension and 95% of employers complying with the new rules (Source: BBC, July 2016). However, scratch below the surface and the picture isn’t quite as rosy. A number of factors affect the size of your pension pot, and consequently the income it will provide. These include: The amount you contribute The length of time you pay in for The amount taken out in charges and fees The ...

Auto Enrolment: Millions more now in workplace pensions

Automatic Enrolment_newNew figures have shown that more than six million employees have now been automatically enrolled into workplace pensions. Furthermore, in boost to the scheme, 95% of employers are complying with the new rules. But despite this, there are still concerns that workers are not paying enough into their pensions. Automatic Enrolment is being phased in with smaller employers now needing to comply with the rules. It is widely thought that these micro employers, including those people, who, for example, employ a part-time gardener or nanny, will find it hardest to comply with the ...

Ros Altmann appointed as Pensions Minister

Ros Altmann appointed as Pensions MinisterFollowing his shock election victory, David Cameron has surprised many people with his choice of Pensions Minister in the new government. Whilst his choice, Ros Altmann would appear to be extremely well suited to the role, it had been widely reported that before the election she has turned down the opportunity to be Pensions Minister, in favour of a more wide ranging brief as Consumer Protection Minister. However, following the election, when the Conservatives secured a majority and the incumbent Pensions Minister Steve Webb, lost his seat, ...