Default retirement age definitely to end

After a couple of months of speculation, the government has announced that it will scrap the ability of an employer to set a default retirement age from next October. The move has been announced by Employment Minister Edward Davey, who claims that rather than forcing people to work for longer, the move will shift the […]

BT shrinks its pension

BT has shrunk its pension liabilities over the past two years, thanks to improved stock market returns and significant cash payments by the FTSE 100 company. At the end of March 2010, the scheme’s liabilities were estimated to be around £6.6 billion, which is large enough in itself but far short of the £9 billion […]

Now’s the time to look at a QROPS pension

Top earners need to consider how to best maximise their retirement funds before new pension rules come in to force in April. Any high-earning UK taxpayer or international work only has a few months left to make the most from the current rules – then they can consider switching their funds to a more attractive […]

Multi-jurisdictional QROPS

Portable QROPS that let retired expats shift their pensions between countries can make life easier for investors. The idea is that you may find the need to move to another country for tax or personal reasons at some stage  – and that moving your QROPS may make financial sense as well. Many QROPS providers offer […]

Tax think tank urges ministers to scrap IHT

QROPS offshore pensions may not be needed to protect pension funds from inheritance tax if experts from a think-tank get their way. A report from the influential Institute for Public Policy Research (IPPR) argues that inheritance tax (IHT) is ineffective and unfair and should be scrapped for UK expats and taxpayers. Instead, anyone gifting cash […]

Pensions are a ‘stealth tax’ hated by workers, claims survey

Pensions have passed their sell-by date and need a complete revamp, according to a survey of disgruntled savers. Most savers consider a pension is a stealth tax that locks up money they need for day to day living while they are working and that the rules are too complicated for anyone other than an expert […]

UK pension deficits

Following the progress of UK pension schemes is a bit like being on a rollercoaster ride, blindfolded. One moment you are climbing slowly but steadily, the next you find yourself unexpectedly plummeting towards the ground. Consultancy firm Aon claim that the 200 top defined benefit (final salary) UK pension schemes are collectively £83.5 billion in […]

The future of UK pensions

What will the coalition government do to your pension? New details about what the Work and Pension Secretary Iain Duncan Smith has got planned are emerging all the time. For private pensions, investors will no doubt be interested to hear when the government’s plans to end compulsory annuitisation will come onto the statute book. The […]

Are you saving enough for your retirement?

It’s widely known that British savers are not putting enough aside for their retirement. This has always assumed to be because Brits cannot afford to save for their retirement. But recent research has shown that they may not even be interested in pensions at all! In a recent survey by Aon Consulting, only 12% of […]