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  • Millions of workers missing out on workplace pensions

    5 Aug at 9 AM - Store Link »» Millions of workers missing out on workplace pensions As the government celebrates a million workers being automatically enrolled into workplace pension schemes, data has revealed that a further 1.7 million have missed out because they are not eligible. The nationwide scheme was launched last November in an effort to get more UK employees saving adequately for retirement. The scheme is...
  • Scotland faces state pension time bomb

    29 Jul at 9 AM - Store Link »» Scotland faces state pension time bomb A promise by the SNP to guarantee annual increases for state pensions could see a £700 million financial black hole created by the middle of the century. Shadow Pensions Minister, Gregg McClymont, said Scottish Finance Secretary, John Swinney, would be forced to pay for pensions by cutting public spending and pushing up taxes. The...
  • One million choose to opt into work place pensions

    22 Jul at 9 AM - Store Link »» One million choose to opt into work place pensions In an effort to avoid a pensions crisis, companies are being compelled by the government to introduce employees into an automatic pension scheme. The law was introduced last October and the largest firms in the UK are currently introducing the system. Smaller companies will roll the scheme out over the next five years. It was recently...
  • PPF slammed for UK Coal deal

    15 Jul at 9 AM - Store Link »» PPF slammed for UK Coal deal The Pension Protection Fund has come in for criticism for effectively renationalizing the coal industry in Britain. Pension issues critic, John Ralfe, has accused the government of exposing itself to significant financial risk by rescuing UK Coal, which has a deficit of around £540 million. Last week a deal was struck that will see 2,000...
  • MPs could lose final salary pensions

    8 Jul at 9 AM - Store Link »» MPs could lose final salary pensions Members of Parliament could soon lose their gold-plated pensions as final salary schemes are brought into line with the pensions of other public-sector employees. MPs could also see the age at which they are permitted to draw their pensions rise from 65 to 67 years and then to 68 years. Senior members of the government and the coalition...
  • Police could have pensions docked for inappropriate behaviour

    1 Jul at 11 AM - Store Link »» Police could have pensions docked for inappropriate behaviour The Home Affairs Select Committee has produced a report in which it suggests docking the pensions of police officers who are guilty of committing serious misconduct. The group of MPs has also called for a code of ethics to be introduced for all officers. However, the Police Federation has said that although police integrity is paramount it...
  • Pension schemes suffer from Quantitative Easing

    24 Jun at 9 AM - Store Link »» Pension schemes suffer from Quantitative Easing Pension schemes that invest in bonds have seen their value drop as the US and UK central banks look likely to bring Quantitative Easing to a close. The bond buying programmes were introduced after the credit crash as a way of stimulating the economy. Since 2009 this has caused bonds to soar, but signs that the Federal Reserve is going to...
  • Clegg wants wealthy pensioners to lose benefits

    17 Jun at 9 AM - Store Link »» Clegg wants wealthy pensioners to lose benefits Nick Clegg has repeated his call for benefits to be taken away from rich pensioners. The deputy Prime Minister wants benefits including free bus passes and the winter fuel allowance to be taken away from the wealthy. He also wants to deny the winter fuel allowance to pensioners living in a warmer climate abroad. The Department for Work and...
  • Self employed lose out on pension contributions

    10 Jun at 9 AM - Store Link »» Self employed lose out on pension contributions A recent survey has revealed how Britain’s self-employed could miss out on as much as £90,000 being added to their pensions. This is because they do not have access to employer contributions worth £2,232 annually. Prudential claims that a person earning a salary of £26,664 per year over 41 years will accrue employer pension...
  • Final salary pensions could disappear in a decade

    3 Jun at 9 AM - Store Link »» Final salary pensions could disappear in a decade Pension experts are warning that all final salary pension schemes at Britain’s largest companies could be closed within the next 10 years. According to consultancy firm Towers Watson 34 per cent of FTSE 100 firms have no workers eligible for final salary pension schemes compared to just 4 per cent in 2010. Low gilt yields and a longer...
  • European Union pension changes abandoned

    27 May at 9 AM - Store Link »» European Union pension changes abandoned Plans by the European Commission to impose new charges on retirement funds have been shelved indefinitely. Financial experts had feared that the rules could have placed a bill worth £400 billion on pensioners’ savings. However, Michel Barnier, the European Union Commissioner, said he had reacted to widespread outcry to the...
  • Pensions may not be safe in independent Scotland

    20 May at 11 AM - Store Link »» Pensions may not be safe in independent Scotland Analysis by the Treasury indicates that pensioners living in an independent Scotland could be putting their savings at risk as they would no longer be protected by the UK in the event of a financial crash. Bank deposits in the UK are currently covered by the Financial Services Compensation Scheme which makes sure that savings of up to...
  • MoD awards pensions to nuclear fallout veterans

    13 May at 9 AM - Store Link »» MoD awards pensions to nuclear fallout veterans British veterans have won a four-year battle to be paid war pensions by the Ministry of Defence. The servicemen have been fighting for compensation because they claim that during the 1950s and 60s they suffered the effects of radiation after being sent into nuclear fallout zones. This is the first time money has been awarded to UK nuke...
  • Minister to cut pensions to foreign spouses

    6 May at 9 AM - Store Link »» Minister to cut pensions to foreign spouses Pensions Minister Steve Webb is proposing a change in the law that allows foreign citizens access to British pensions worth up to 3,500 a year even though they may never actually have ever lived in the UK. The current rules permit the husband or wife of a British national living in another country the opportunity to apply for a married...
  • Better off pensioners should hand benefits back

    29 Apr at 9 AM - Store Link »» Better off pensioners should hand benefits back Iain Duncan Smith is calling on wealthier pensioners to hand back universal benefits if they do not need them. The Work and Pensions Secretary criticised the system calling it an anomaly that all retirees should be entitled to free bus passes, the winter fuel allowance and TV licenses whatever their income. Although the government has said...
  • Dairy Crest to pay pensions in cheese

    22 Apr at 9 AM - Store Link »» Dairy Crest to pay pensions in cheese Dairy Crest, the producer of Cathedral City cheddar cheese, is backing up its pension funds with around 20,000 cheese pallets. The 20 million kilos is made in Cornwall before being transported to Warwickshire for storage. Blocks of the cheddar have now been put aside so they can be sold in the event that there is a shortfall in workers’...
  • Workers losing track of pension funds

    15 Apr at 9 AM - Store Link »» Workers losing track of pension funds A UK charity has warned that people with a number of workplace pension pots are losing track of their schemes when they change jobs. Age UK said that a new survey revealed that around a quarter of employees under the age of 35 had lost track of at least one of their pension schemes. Even though the government offers a free service to track...
  • British expats watch pension spending power fall

    8 Apr at 9 AM - Store Link »» British expats watch pension spending power fall Many British pensioners living in Australia are struggling as they have watched their spending power fall over the past decade. The boom in the mining sector and the strength of the Aussie dollar mean that pensions are now worth just under half what they were 10 years ago. Pension administrator Equiniti, which oversees the pension payments...
  • Expats in Cyprus unable to access pensions

    1 Apr at 9 AM - Store Link »» Expats in Cyprus unable to access pensions The financial crisis in Cyprus is causing money problems for some UK pensioners living on the island. The Department for Work and Pensions has suspended pension payments into Cyprus banks and has advised expats to use a UK account. However, it is estimated that around two-thirds of the 18,000 British pensioners living in the country do not...
  • Dramatic rise in public sector pension costs

    25 Mar at 9 AM - Store Link »» Dramatic rise in public sector pension costs An independent government watchdog has warned that the cost of public sector pensions will increase at a dramatic rate over the coming five years. The Office for Budget Responsibility has published statistics that show the cost will increase from £8.9 billion to £14.1 billion by 2017. This is close to a 60 per cent increase. The figures...