Retirement: 20% of people worried saving for retirement has been a waste of time

Broken Piggy Bank (on white)A shocking new report has shown an alarming number of people believe planning for retirement has been a waste of time. The report, by pension provider Met Life, has revealed just how disappointed many people are with their pensions. The research, which was conducted on 1,947 adults in the UK, found that nearly 20% of people who have saved for retirement, are unhappy or fear they have wasted their money. This included 12% of ...

Pensions: New alert issued over early access pension ‘liberation’ schemes

iStock_000011714357XSmallA warning was issued this week to pension savers tempted to access their pension before the minimum age of 55. HMRC (Her Majesty’s Revenue & Customs) has warned about vulnerable consumers being targeted by “unscrupulous” firms, offering early access to pension funds, often claiming to have found a loophole in legislation. Speaking this week, HMRC said categorically: “There is no loophole”. According to HMRC pension ‘liberation’ schemes work in a number of different ways, including transfers to company schemes, loans back from the ...

SIPP Deposit Accounts: The misery continues

Dark, Ominous Clouds Promise Rain and poor Weather.The Funding for Lending Scheme has continued to push down interest rates on SIPP deposit accounts even further during January, causing more misery for pension savers looking to get a ‘real return’ on their savings. Perhaps unsurprisingly, there have been no rate increases whatsoever in January, in fact we have seen no rate rises whatsoever over the past three months, as banks and building societies look to the Funding for Lending Scheme to provide a cheaper source of ...

Autumn Statement 2012: How will it affect your pension?

How will it affect your pension?As the dust settles on George Osborne’s Autumn Statement and the headlines give way to analysis of the detail, we thought we’d take a look at how your pension will be affected by the various announcements. The Autumn Statement contained three key changes regarding pensions; in our opinion were two negative and one positive. Let’s look at each one individually. Negative change #1: Lower Annual Allowance The Annual Allowance is the amount you can pay into your pension each year, whilst claiming tax relief ...