A recent investigation by Barnett Waddingham has uncovered significant inconsistency in the investment performance of UK with profit funds – a type of medium to long-term investment fund offered by insurers, often as part of a pension or an individual savings account (ISA).
The Pension Protection Fund (PPF) have released a statement setting out its intended levy policy for the next three years, and its draft rules for the 2018/19 levy. Chris Ramsey, Associate, believes this is a welcome review.
Latest figures from the Government suggest as many as 12 million people are currently failing to save adequately for their retirement. This has potentially serious consequences, not only for the individuals themselves, but also the workers and taxpayers of the future.
Barnett Waddingham has announced receiving silver in the Investor in Customers (IIC) award for client relationship management in self-invested personal pensions (SIPPs) and small self-administered schemes (SSAS).
The latest release from the Office for National Statistics shows how the income levels of retired households have changed over the last 40 years. Malcolm McLean, Senior Consultant at Barnett Waddingham, comments on the release.
An analysis by economists has found that more than a million women are worse off by an average of around £32 a week, as a result of the increase in the state pension age. The Institute for Fiscal Studies (IFS) found the increase in the state pension age for women from 60 to 63 between 2010 and 2016 was saving the Government over £5bn a year, but hitting the household incomes of those women affected. Although the increase in the state pension age had boosted employment, as more women stayed in work, the extra wages only partially offset the potential pension income they would have received.
Provisional estimates from the Office for National Statistics (ONS) on the growth of household incomes since 2008 have been published this morning, Friday, 28 July.
Malcolm McLean, Senior Consultant at Barnett Waddingham, said; “I am sure we are all sympathetic to the problems people, with “demanding jobs”, would have in working on to these much higher ages. In an ideal world might like to see the State Pension Age (SPA) frozen at age 66 for everybody.
Work and Pensions Secretary David Gauke has announced the state pension age will rise from 67 to 68 from 2037, bringing it forward by seven years.
The Financial Conduct Authority has today published the interim findings of its Retirement Outcomes review. This is the first major comprehensive study into how the retirement income market is changing since the pension freedoms were introduced in 2015. Malcolm McLean, Senior Consultant at Barnett Waddingham, is concerned about some of the findings.