Retirement: Plans to allow pensioners to sell Annuities are scrapped

Yellow road sign saying changes ahead with blue cloudy skyThe Government has scrapped plans which would have allowed pensioners to sell their Annuities on the open market, in exchange for a lump sum. George Osborne originally announced the plans in March 2015, as a way of extending Pensions Freedom to people who had already retired. However, the proposal has been widely criticised, delayed and now been scrapped. Announcing the decision, a Government statement said: ““After an extensive programme of engagement with industry, financial regulators and consumer groups, the government has decided not ...

Pensions: New service launched to help track down lost pensions

The words LOST & FOUND written in vintage letterpress type The Government has launched a new website to help people track down old workplace and personal pensions, which they may have forgotten about, or lost touch with. It is believed that over £400 million in pensions remains unclaimed and with retirement incomes being squeezed, every pound found will provide valuable income for pensioners. The site has been launched in response to the needs of employees who change jobs more regularly than ever before and a 400% increase in pension tracing requests during the ...

Retirement: Workplace pensions better than Lifetime ISAs

Walking direction on asphaltHow should you save for your retirement? An influential Government minister believes that workplace pensions are a better option than the new Lifetime ISA, and we agree! Lifetime ISAs were announced in the Budget earlier this year and will be available from April 2017 to anyone under the age of 40. Savings will attract a Government ‘bonus’ of £1 for every £4 saved and the money accumulated can be used to help meet the cost the deposit for first time buyers or retirement. When money is withdrawn, providing it is ...

Automatic Enrolment: Thousands of small employers successfully comply

Automatic Enrolment_newFor some time now many pension experts have warned that smaller employers may find it hard to comply with complex Automatic Enrolment legislation. However, new figures seem to indicate that these fears may be unfounded. The Pensions Regulator’s latest compliance and enforcement bulletin, shows that 90% of the 12,000 small and micro employers, who have reached their staging date, the deadline for compliance with the new rules, in the summer of 2015, have successfully complied. Automatic Enrolment non-compliance Despite the encouraging figures, the Pensions Regulator also revealed that some employers are still failing ...