Stephen Little

One in seven are working after the age of 65, with Covid-19 likely to boost trend

Many people dream of having a relaxing retirement and being able to spend more time with their loved ones. However, increasing numbers of people are working once they hit retirement age.

One in seven people aged 65 or over is still working - more than half of whom are working full time or are self-employed, figures show.

Four out of 10 work part time, while one in five have two jobs or more.

The insurer Sunlife questioned more than 3,000 people aged over 50 for its report Finances After 50.

Investors withdraw record £10 billion from funds in March 2020

Investors pulled a record £10 billion out of funds during March after stock markets fell owing to the coronavirus crisis.

Figures from the Investment Association show that fixed-income funds were the worst-hit asset class, suffering outflows of £7.4 billion in March. This is when the UK and countries across Europe began to enter lockdown.

However, UK equity funds saw inflows of £747 million in March, while all other equity regions experienced outflows.

Avoid rash pension decisions and beware scams, says FCA

Regulators are urging savers not to make any rash decisions about their pensions during the coronavirus pandemic owing to an increase in scams.

The Pensions Regulator (TPR) and The Financial Conduct Authority (FCA) say fears over the impact of the pandemic on markets and personal finances may make savers more vulnerable to scams or making a decision that could damage their long-term interests.

The coronavirus outbreak has created a financial hit for all kinds of companies, including those listed on the stock market that pension funds invest in.

Nationwide sets aside hour to open early for the elderly

Nationwide is opening its branches an hour early to help the elderly and vulnerable during the coronavirus outbreak.

The government is expected to shortly announce that those over 70 should self-isolate for up to three months. This would make it difficult for them to use banking services, as they are typically located on busy high streets. Older people are also less likely to use internet banking.

Nationwide says that branches will open from 8am, instead of the usual 9am, to support people aged 70 or over and those with underlying health conditions.

TV licence fee changes for over-75s delayed amid coronavirus pandemic

Over-75s will continue to get free TV licences for a further two months as a result of the coronavirus.

They were originally going to be scrapped on 1 June, but this has now been pushed back until 1 August.

The BBC and the government said in a joint statement that they did “not want anyone to be worried about any potential change”.

Leasehold property buyers ‘misled’ by developers

A government investigation has uncovered “troubling evidence” of potential mis-selling and unfair contract terms in the leasehold housing sector.

The Competition and Markets Authority (CMA) says that it is concerned that leasehold homeowners have been unfairly treated by housing developers.

It found that some homeowners were often misled by housing developers that the property was a leasehold and what this meant.

MPs call for inheritance tax to be cut to 10%

A cross-party group of MPs is calling for a radical shake-up of inheritance tax (IHT), cutting it from 40% to 10%.

They also suggest scrapping the rule that currently allows gifts to be made tax-free so long as the giver lives for seven years after they make the gift.

A report by the All-Party Parliamentary Group (APPG) for Inheritance and Intergenerational Fairness, says IHT is “unpopular” and "ripe for reform”.

Currently, IHT is charged at 40% on estates above £325,000, or £650,000 for married couples or civil partners.