One of the great advantages of automatically enrolling people into a workplace pension is that they haven’t really had to think about pensions to get there: unless they actively opt out, they start building up a pension pot. But the dilemma is how you turn a passive saver in their 30s and 40s into an engaged and informed saver in the run-up to retirement, able to tailor their retirement plans to meet their particular circumstances and needs.
Steve Webb explains why it’s right, more often than not, to stay in a final salary scheme.
Uncertainty around future care costs means it makes sense to buy an insurance policy to protect against future bill.
When big companies such as Carillion or BHS go to the wall, there is understandable concern about the jobs of the many people working for such firms. However, there are likely to be many more people – former employees as well as existing ones – worrying about whether their pension is at risk. Insolvencies raise some crucial questions for people generally, about how safe their company pensions are and what happens if their employer goes under, leaving the pension fund short of cash.
Auto-enrolment is being rolled out at such a gradual pace that many workers will miss out on adequate pension provision.
Pension lump sum withdrawals are treated on an ‘emergency’ basis by HMRC. It is up to pensioners to claim the money back.
Three million members of final salary pension schemes have 50 per cent chance of eventually receiving their full pension.
It’s high time a system was introduced to help the self-employed build up a pension.
The general election result has poured cold water on pension tax relief reforms. But this is unlikely to herald a complete end to pension tinkering, writes Steve Webb.
Going beyond the minimum pension contribution level can make a big difference to your standard of living in retirement.