Pensions: Five tips if you have got multiple pensions

Metal number 5The days of working for one employer all your life are over. With multiple jobs comes multiple pensions and with most workers due to be Automatically Enrolled into a pension, between now and 2018, the problem is set to get worse. Indeed, research from NOW Pensions has emphasised the problem face by workers: 25% of over 55’s have four or more pensions 60% of over 55’s have had four or more jobs 32% of people said they didn’t know which companies their pensions were held ...

Automatic work place pension scheme working better than expected

Retirement planA new study conducted by Towers Watson, a firm of pension consultants, has revealed that 90% of employees are continuing their membership after being enrolled automatically in a work place pension scheme. Over the past few years, concern has been mounting that workers are generally not saving enough for retirement. This led to the introduction of the Auto Enrolment, starting in October last year, which now means employers must automatically enrol employees into a work place pension. Retirement experts had been concerned ...

SIPPs: Regulators tighten the net around pension liberators

The Pensions RegulatorThe Pensions Regulator (TPR) has announced plans to tackle the growing number of pension liberation schemes. Pension liberation is the relatively harmless sounding name given to the pernicious practice of helping people access their pension before the age of 55, the earliest at which the vast majority of pensions can be taken. In December 2011 the High Court ruled that schemes which allowed people to access their pension before the age of 55 was illegal. However, despite this the amount of money ...

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....