Rachel Lacey

Pensioners turning down guaranteed annuity rates of 8-10%

Nearly three in five over 55s are not accepting the guaranteed annuity rate (GAR) offered to them by their pension provider, with nine out of 10 of those taking the cash instead, according to the latest data from the financial watchdog the Financial Conduct Authority (FCA).

Since pension freedoms were introduced in April 2015, the regulator says some £3 billion of guaranteed income has been rejected.

Regulators launch pension scam campaign

Financial regulators have teamed up to raise awareness about pension scams, as it's revealed the average victim loses £91,000.

    Pensions have become a lucrative target for fraudsters following the introduction of pension freedoms in April 2015, which have given savers access to their retirement savings from the age of 55.

    The Financial Conduct Authority and The Pensions Regulator have launched a series of TV and radio adverts to raise awareness. 

    Fraudsters steal £2 billion from UK credit and debit cards

    More than £2 billion has been stolen from UK credit and debit cards in the past 12 months, an increase of 38 per cent.  

    The research, based on a poll conducted on behalf of comparison website Compare the Market, also found that close to one in 10 UK adults has been the victim of credit or debit card fraud, an estimated 4.7 million people across the UK. The average amount stolen was £833.54.

    Group action launched as complaints against Liberty Sipp mount

    A solicitor firm has filed 500 complaints against Liberty Sipp to the Financial Ombudsman and called for investors to be put back into the financial position they were in before they invested with the firm.

    The Bury-based pension provider – which is regulated by the Financial Conduct Authority (FCA) and boasts a five-star rating from research company Defaqto – offers direct and advised clients access to a wide variety of investments, including property.

    FCA proposes new minimum 'basic savings rate'

    A discussion paper has been published by the FCA to kick start a debate on how best to tackle the problems faced by long-standing customers who do not always move their savings when their rate drops or becomes uncompetitive.

    Tax overpayment on cards for retirees taking pension cash

    As many as one in 10 (10 per cent) of people retiring this year plans to take their entire pension as a cash lump sum, according to research from Prudential, while one in five (20 per cent) plans to cash in more than their tax-free allowance.

    The findings are part of Prudential’s Class of 18 report, a series of annual studies that track the plans and aspirations of people as they retire.

    Surrey pensioners contribute the most tax

    Surrey pensioners are collectively paying £945 million in in tax every year, according to a Freedom of Information request from mutual insurer and pensions firm Royal London.

    This means that retirees in one of the UK’s wealthiest counties are paying more in income tax than pensioners across the whole of Wales, who paid a total of £800 million.

    Women who pay 1% more a month close pension gender gap

    Even if young women paid into their pension schemes, in line with government auto-enrolment contributions, they would still end up with a pot worth close to 11 per cent less than their male colleagues.

    This was the conclusion of a ‘state of the nation’ report into women and pensions from investment firm Fidelity International.