pensions

State pension age rise could cost people up to £8,000

Under plans set out by the coalition government in 2011, people born after 5 December 1953 saw their state pension age rise yesterday as part of reforms designed to cut billions from the UK’s welfare bill.

The state pension age for men and women will gradually increase from 65 to 66 from now until 6 October 2020.

Amber Rudd becomes fifth work and pensions secretary since March 2016

Amber Rudd has replaced Esther McVey as secretary of state for work and pensions, becoming the fifth person to be appointed to the position since Iain Duncan Smith resigned in March 2016.

McVey relinquished her post after quitting Theresa May’s cabinet in disagreement over the Brexit deal, which she says “does not honour” the result of the referendum. 

Pension credits: more than £3 billion unclaimed

According to the Department of Work and Pensions, up to 1.3 million pensioners are failing to claim pension credits worth £2,500 every year – or £3.5 billion in total.

Pension credits are designed to make sure pensioners who get below £163 (or £248.80 for couples) receive a minimum income each week.

Looking to live to 100? You’ll need a pension pot worth £426,000

Is having to plan your pension on the basis that you will live to 100 such a ridiculous idea?

Once, living to 100 was so rare that the UK started a tradition of sending a message from the Queen to centenarians. However, dramatic improvements in life expectancies in the UK over the past few decades has made the event increasingly commonplace.

Budget 2018: Pension, investment and tax predictions

With just a couple of days until chancellor Philip Hammond steps up and delivers the Autumn Budget, speculation is mounting over the contents of his red briefcase.

So below we round up predictions for the world of personal finance, looking at possible changes to pensions, investments and tax.

Pensions

Annuities: is buying one a good or bad idea?

For most of us, the idea of a secure, regular income in retirement is a highly attractive one. However, buying an annuity, which is the only way to achieve a guaranteed income if you don’t have a final salary scheme, has had a bad press.