State-owned Lloyds Banking Group is reported to have a pension liability of £31.3 billion as of the end of 2012 – the third largest of all UK firms. The report was carried out by Lane Clark & Peacock, a financial, actuarial and business consultancy. The figure is a substantial increase from the £28.2 billion reported […]
Pensioners forced to sell homes to fund retirement
August 26, 2013
Over a quarter of struggling British homeowners aged over 65 plan to sell their properties to raise extra income, research from Prudential shows. Wealth gained from property sales can be a substantial source of income for retirees. These findings indicate that nearly 2.5 million people would stand to make around £62,000 each by downsizing or […]
Retirement Is Often Not Healthy or Wealthy
August 9, 2013
Pension providers are giving a retirement health and wealth warning after a study revealed millions of pensioners are hit by major life changes in the first five years after giving up work. Almost a third (31%) say their health worsened, with 10% confirming doctors diagnosed they were suffering from a serious illness. More than a […]
Retirement Savers Ripped Off By Hidden Pension Fees
July 24, 2013
Regulators are investigating how to ensure retirement savers are not ripped off by high pension charges. The Financial Conduct Authority is looking at the fees charged to savers by advisers and pension providers. The FCA believes many savers do not understand they are paying the charges, what they are for or how they impact on […]
Expats Keep Spending Instead Of Saving For Retirement
July 11, 2013
Many British expats prefer to follow their dream lifestyle rather than save for their retirement when working abroad. High incomes and low taxes leave expats with plenty of cash, but they may pay the price for their lavish spending, warns financial firm Standard Life. Researchers looked at the lifestyles of British expats in Singapore and […]
Osborne Axes Winter Fuel Pay For Expat Pensioners
June 30, 2013
British government spending cuts offer cold comfort for thousands of expat state pensioners living in warmer climes as Chancellor George Osborne has axed their winter fuel payments. Around 100,000 British pensioners claiming the benefit live in warmer European countries – with most in the south of Spain. As state pensions living in the European Union, […]
Freezing State Pensions Is Unfair, Argue British Expats
June 21, 2013
Expats protesting at the unfairness of freezing their state pensions while other pensioners pick up index-linked increases are lobbying the government to phase in changes that will give them more money. The International Consortium of British Pensioners (ICBP), which is at the forefront of a campaign to unfreeze pensions, argues new research shows increasing state […]
Savers Warned About Pension Unlocking Penalties
June 17, 2013
Retirement savers who try to access their pension cash before the age of 55 face a tax bill of more than half the pension savings they have tried to unlock. The stark warning comes from HM Revenue and Customs as the battle against pension unlocking fraudsters hots up. Recently, a raid on a call centre […]
Singapore QROPS Investors Battle To Salvage Their Pensions
June 12, 2013
Investors formerly with the defunct Singapore ROSIIP QROPS are challenging a tax demand in the High Court that could see more than half their pension savings disappear. The group of 37 retirement savers were among more than 120 investors who all transferred pension pots from Britain to the Singapore QROPS only to see the scheme […]
