Retirement: Pensions Wise opens for business, but what does it actually do?

Pensions Wise opens for business, but what does it actually do?Budget speeches rarely live long in the memory, but George Osborne’s 2014 Budget revolutionised retirement, giving savers greater access to their pension pot, whilst introducing a new concept: ‘guidance’. In his speech Mr Osborne said that every person retiring would receive “advice” on their options. This was swiftly changed to ‘guidance’ to differentiation the concept from regulated financial advice. Nevertheless, a new source of information is now available in the guise of Pensions Wise, which opened its phone lines earlier this ...

Retirement: Government expects people to make “wrong choices”, 7 ways to avoid being one of them

Government expects some people to make the “wrong choices”, 7 ways to avoid being one of them?2014 has been a momentous year for pensions, with possibly the biggest changes in a generation announced. However, according to the man overseeing the new rules, Pensions Minister Steve Webb, some pension savers will “make the wrong choices” and end up less well off in retirement. Speaking at a recent conference Mr Webb said: “"This coming April some people will get it wrong. They will make the wrong choices. They will get a worse outcome than ...

Banks leave customers in “dire poverty” by transferring cash between accounts without permission

Banks have been criticised for taking cash out of customer current accounts to pay off overdrawn credit card accounts without their permission. The practice, known as 'setting off', is completely legal and allows banks to transfer cash between accounts that belong to the same person in order to repay their debts as long as they inform them of the changes afterwards. This can help customers by reducing interest charges on unarranged overdrafts or arrears on a loan or mortgage.