Monthly Archives: September 2015

Financial fraudsters using reforms to target retirees

Changes to the pension rules are creating new opportunities for scams. Be cautious of anyone approaching you with advice on how to invest your pension. Almost one in ten pensioners has been targeted by financial fraudsters since their retirement. (more…)

More than ten million pots are being left largely unmonitored

Individuals are living longer, meaning that savings have to fund a longer period of retirement. However, there has been a well-documented decline in pensions saving over time. Many people do not think about retirement as they consider it’s too far in the future, and almost two thirds (63%) of over-45s who are not yet retired admit they pay little or no attention to their pensions, leading to more than ten million pots being left largely unmonitored[1]. (more…)

Reduction in the amount those with income of more than £150,000 can contribute tax-free to pensions each year

A gradual reduction in the tax-free limit on pension contributions from the current £40,000 a year to £10,000 for high income individuals was announced by the Chancellor, George Osborne, in the July Summer Budget 2015. High income individuals could see their retirement pots reduced by hundreds of thousands of pounds over a lifetime after he confirmed that pensions tax relief will be reduced for those with income (including all pension contributions) of more than £150,000. (more…)

New priorities increase the protection gap

Many Britons consider that having an Internet connection and mobile phone is a greater financial priority than protecting their mortgage and income, according to new research. The economic downturn in previous years, low interest rates, job uncertainty and government cuts appear to have taken their toll on some people’s protection priorities. (more…)

One in three Britons rely on a cash windfall to fund their retirement plans

Anticipated inheritances often don’t materialise. But one in three working Britons (35%) are still relying on an inheritance in order to achieve a stable financial future. The reality is that many could be in for a big shock. The study[1] released by LV= shows millions are banking on an inheritance to provide them with financial assistance, with this cash windfall often key to their retirement plans[2]. (more…)