State Pension: Do you understand yours? Thousands don’t

Businessman Drawing Question Mark SignA new report has claimed that thousands of people do not understand how State Pensions are calculated and that they won’t be entitled to the full flat rate State Pension when it is introduced. The Works & Pensions Committee, led by veteran MP Frank Field, has said that 55% of people will get less than the £155.65 flat rate State Pension, mainly because of gaps in their National Insurance record. The Committee also said that "failures of communication mean that too few people understand it". The report comes after ...

‘In the Spotlight’: Frank Field on non-advised Annuity brokers

UntitledThe Annuity market has hit the headlines in recent weeks, with many people questioning the fairness of the current system. However, it was still a surprise when it was revealed last week, that Frank Field, Labour MP for Birkenhead and former Minister for Welfare Reform under Tony Blair, has written to the Office for Fair Trading (OFT), requesting a full investigation into the non-advised Annuity brokerage market. In his letter to the OFT, Mr Field said: “I am writing to you about the UK pension Annuity brokerage system, which ...