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, ...

Retirement: Pensions Minister calls for changes to pension tax-relief

Pensions Minister calls for changes to pension tax-reliefSteve Webb, the Pensions Minister, has called for a further overhaul of pensions; this time focusing on the tax-relief paid when contributions are made and the maximum amount which can be held in a pension pot without incurring tax charges. Tax –relief on pension contributions At present pension contributions attract tax-relief at a minimum rate of 20%. This means someone saying £80 into their pension will be ‘credited’ with £100; higher rate taxpayers can claim a further ...

Retirement: New survey confirms many people will work to age 70

A new survey has confirmed what many people have previously feared, that they will have to work longer before they retire. The research, conducted by the Association of Consulting Actuaries (ACA), found that over 50% of small and medium sized companies expect that by 2028, 25% of their workers to retire at age 70 or over, with working past the age of 68 becoming the norm. Dramatic changes are also expected sooner, with two thirds of companies expecting people to retire at 67, or later, by the end of this decade....

Pensions: Government consider a money back guarantee

Today’s Daily Telegraph lead with a story that the government are to consult on plans to give pension savers certainty that their pensions will not be worth less than they have paid in when the time comes to retire. One third of people over the age of 50 have no private pension provision and the government are concerned that fluctuations in the stock market are putting people off saving for their retirement, because they are worried that they will get less back than they have put in....