Welcome to our Daily Retirement News
section at Retirement UK.
Workers failing to enrol in pension schemes
5 Aug at 9 AM -
Store Link »» Workers failing to enrol in pension schemes
Experts are warning that millions of employees in Britain could miss out on company pension schemes because they don’t qualify or have to opt in. The government has just announced that 1 million UK workers are now involved in auto-enrolment, a scheme introduced at the end of last year in an attempt to get more people saving for their...
Independent Scotland could struggle with pensions
29 Jul at 9 AM -
Store Link »» Independent Scotland could struggle with pensions
The SNP has been asked to set out very clearly how it plans to pay for pensions if Scotland becomes independent. John McClymont, the opposition’s minister for pensions, said unless there are significant spending cuts and tax hikes, the country faces a pensions black hole of £700 million by 2050.
In 2010 the UK government introduced a...
New pension system attract one million savers
22 Jul at 9 AM -
Store Link »» New pension system attract one million savers
Since introducing new legislation at the end of last year, the government claims a million new savers have been automatically enrolled into workplace pension schemes. Ministers concerned about a pensions crisis introduced the scheme that workers have to opt out of if they do not wish to make pension contributions.
Workers that stay in...
Pension deal with UK Coal criticised
15 Jul at 9 AM -
Store Link »» Pension deal with UK Coal criticised
The government has been criticised for a recent deal to rescue the pension funds of UK Coal. The Pension Protection Fund is no longer seeking insolvency and has agreed to take on most of the group’s economic interests held through debt instruments.
Outspoken pensions critic and former corporate treasurer at Boots, John Ralfe, accused the...
MPs face pension changes
8 Jul at 9 AM -
Store Link »» MPs face pension changes
The pensions of Members of Parliament could be brought into line with other public sector workers. This would mean the replacement of final-salary schemes with a scheme based on average career earnings. The retirement age could also be pushed up from 65 to 67 and, after that, 68 years.
The pensions review by top government ministers and...
Corrupt police officers could lose pensions
1 Jul at 11 AM -
Store Link »» Corrupt police officers could lose pensions
A group of MPs is calling for a new code of ethics to be introduced to the police force that could see officers lose part of their pension if they are found to be dishonest or corrupt. The Home Affairs Select Committee said it knew of several cases where officers have resigned rather than face investigation.
At the moment police officers...
Pensions hit as QE comes to a close
24 Jun at 9 AM -
Store Link »» Pensions hit as QE comes to a close
Signs that central banks in both the US and the UK could be about to bring to an end their easy money programmes have seen the value of some pension funds drop by around 5 per cent since the beginning of last month. It is estimated that a pension pot worth £100,000 is now worth £265 less annually than it was at the beginning of...
Winter fuel allowance should be taken away from the wealthy
17 Jun at 9 AM -
Store Link »» Winter fuel allowance should be taken away from the wealthy
The British taxpayer should not be required to pay the heating bills of wealthy pensioners living abroad, according to Nick Clegg. The deputy PM has made several calls for benefit reform and would also like to see rich retiree’s lose their free bus passes and television licenses.
However, David Cameron has said he has no intension of...
Pension shortfall for self employed
10 Jun at 9 AM -
Store Link »» Pension shortfall for self employed
Recent research by Prudential has revealed that self employed people will miss out on employer contributions to their pension funds that could be worth as much as £90,000. The insurer claims that over a working life of 41 years someone earning £26,664 a year will pull in £2,232 annually in employer contributions.
Final salary pension schemes continue to close
3 Jun at 9 AM -
Store Link »» Final salary pension schemes continue to close
A new survey indicates that if Britain’s largest firms continue to shut down final salary pension schemes at the current rate defined benefit pensions could become extinct within a decade. The study, carried out by consultants Towers Watson, found 34 per cent of FTSE 100 firms already offered no final salary scheme to...
EU abandons pension reform proposals
27 May at 9 AM -
Store Link »» EU abandons pension reform proposals
The UK authorities are welcoming a U-turn by the European Commission on introducing new rules to pensions. Experts have warned that the proposed regulations could have destroyed defined-benefit schemes.
Steve Webb, the UK’s Pensions Minister, said the climb-down was a welcome move. Some have estimated that the cost to British pensioners...
Scottish independence could put pensions at risk
20 May at 11 AM -
Store Link »» Scottish independence could put pensions at risk
Pensioners and savers in Scotland could be putting their money at risk if the country elects to separate from the rest of the UK. The Treasury has published a report that explains Scotland may not be able to afford to cover savings if there is another financial crash.
At the moment savings of up to £85,000 are protected under the...
Pension consultancy charges not handed on to employees
13 May at 9 AM -
Store Link »» Pension consultancy charges not handed on to employees
The government is to outlaw companies from handing on the charges for pension consultation to workers as more than 10 million employees are automatically enrolled into workplace pension schemes. There had been fears that workers would see their pension pots raided to pay for high fees charged by advisers.
Campaigners have estimated that as...
Pensions Bill published this week
6 May at 9 AM -
Store Link »» Pensions Bill published this week
The Coalition will introduce its new Pensions Bill this week in the Queen’s Speech. Steve Webb, minister for pensions, has said he wants to make changes to the current system that will cut the number of foreigners permitted to claim a British pension calculated on their spouse’s National Insurance contribution history.
Mr Webb said...
Wealthy pensioners asked to give up benefits
29 Apr at 9 AM -
Store Link »» Wealthy pensioners asked to give up benefits
Wealthy pensioners are being told that they should consider handing back benefits they do not need such as television licenses, free bus passes and winter fuel allowances. Iain Duncan Smith, Work and Pensions Secretary, said that it was wrong for pensioners to automatically receive universal benefits even though they may not need them.
Dairy Crest to plug pension deficit with cheese
22 Apr at 9 AM -
Store Link »» Dairy Crest to plug pension deficit with cheese
Cathedral City cheddar cheese producer Dairy Crest is helping to reduce its pension deficit by putting aside nearly half of its cheese stocks. Around 20,000 pallets of cheese will now be reserved to pay for workers’ pensions. Dairy Crest has been struggling to meet its pension commitments since the financial crisis of 2008. The situation...
100 billion pounds added to pension deficit
15 Apr at 9 AM -
Store Link »» 100 billion pounds added to pension deficit
Actuaries are predicting that for the year ending in March aggregate pension scheme deficits for companies in the UK will have risen by £100 billion. The reporting is likely to reveal larger pension shortfalls even though there has been increased investment of assets of retirement schemes in bonds and the stock market.
Recent months have...
More young people planning for retirement
8 Apr at 9 AM -
Store Link »» More young people planning for retirement
New research suggests that more young people are paying attention to their pensions despite trying to get a foot on the property ladder and dealing with student debt. The study by the National Association of Pension Funds found that 53 per cent of workers between the age of 25 and 34 intend to put more money aside for their retirement this...
Pensioners in Cyprus struggling to access cash
1 Apr at 9 AM -
Store Link »» Pensioners in Cyprus struggling to access cash
Some expat pensioners living in Cyprus are resorting to the generosity of neighbours as they struggle to access their money. The UK government has suspended the payment of pensions into accounts on the island which is currently in the grip of a financial crisis.
The Department for Work and Pensions has decided to suspend pension payments...
Cost of public sector pensions to skyrocket
25 Mar at 9 AM -
Store Link »» Cost of public sector pensions to skyrocket
The cost of public sector gold-plated pensions is set to sky rocket over the next half-decade according to official forecasts. The government’s financial watchdog, the Office for Budget Responsibility, claims that for the financial year to April £8.9 billion was spent on pensions for retired members of the Armed Forces, civil servants,...