Financial Advisor Bureau Blog


Auto-Enrolment Pensions

Auto-enrolment was introduced in 2012 to ensure all employers offered a workplace pension. Starting with the largest firms, companies have rolled out schemes giving all employees earning more than £10,000 a workplace pension. If you earn £5,876 annually you can request to join the scheme. More than one million companies have now rolled out a […]

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Pension Age Rethink

A recent spike in deaths could prompt the government to rethink pension age and backtrack on previous plans to make people wait longer to access their state pension, experts are warning. ONS data, released yesterday, revealed there were 153,717 deaths registered in England in the first quarter of 2018 – more than any other first […]

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Pension Options and Protection

Gaping holes in pension protection at retirement: The Work and Pensions Select Committee has just released its latest Report looking at how the new pension freedoms are working. Its conclusions expose gaping holes in the protections for people at the point of retirement. Customers left at the mercy of their provider: MPs highlight the lack of […]

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Digital Discrimination

3.8million older people in Britain today have never used the internet: Many of us are so used to online connections that we are in danger of forgetting how fast the technological developments have been. Latest AgeUK research is a stark reminder that many older people face damaging discrimination: Government must make sure that those who […]

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Consumer Protection for Pensions

More pension customers will be at risk of scams and losses: I am really disappointed that the Government seems to have bowed to industry pressure and proposes to weaken consumer protection for pension customers. By removing a clause introduced in the House of Lords, designed to protect consumers’ pensions better, more people are at risk […]

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State Pension Age Rising to 70

The Government Actuary says the UK State Pension is not sustainable, even though it is the lowest in the developed world, according to latest OECD figures. UK bottom of the global pensions league table: No other country has a less generous State Pension than ours for average earners. Even Chile, Poland and Mexico pay better […]

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Call for Consumer Protection

The Work and Pensions Select Committee is calling on the Government to urgently improve protection for people’s pensions. This is absolutely right. Too many people are losing their pensions as a result of fraudulent cold-callers who entice them to transfer their hard-earned savings into scam schemes. The Committee is calling for a proper ban on […]

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Rise in Pension Poverty

Recent reductions in pensioner poverty are going into reverse: Figures released today by the Joseph Rowntree Trust point to a worrying rise in poverty among both children and pensioners. Pensioner poverty has reduced significantly in recent years, but this trend seems to have gone into reverse. Poverty is a particularly pernicious problem for pensioners, since […]

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Government Pension Legislation

Government says it won’t legislate for years: The Government has so far resisted all calls for these measures to be included in the Bill. Indeed, it has indicated that any legislation may have to wait until 2020. By that time, millions more people will have been plagued by nuisance calls, will be at risk of […]

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Policy on Final Salary Schemes

No room for complacency as closed schemes will need better ways to manage liabilities: Britain’s Defined Benefit (DB) final-salary type pension schemes are under unprecedented pressure. So far, the Government has been rather complacent about the risks, but with the ongoing ultra-low interest rate environment and rising economic and political uncertainty, new thinking is urgently […]

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Pension age and social care

The Government has just announced that the UK State Pension age will increase faster than previously expected. By 2039, nobody will be able to start their state pension before the age of 68. This affects people born between 1970 and 1978 who would be eligible to receive their state pension at age 67 under the […]

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Women’s state pension age

Government is right to look to control the costs of state pensions: Clearly, in an ageing population, with rising longevity and pay-as-you-go pensions, younger generations need to be protected against excessive burdens of old-age support. Equalising men and women’s pension ages makes sense, especially as women tend to live longer than men. Failure to adequately […]

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Pension transfers

FCA recognises case against DB transfers has radically changed: The FCA has just launched a consultation which could change the way people wanting to transfer out of a final salary-type (DB) pension schemes are treated. Two years after the pension freedoms were introduced, making Defined Contribution (DC) pension schemes far more user-friendly, the Regulator is […]

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Pension freedoms

The pensions industry needs to wake up to the tremendous new opportunities offered by pension freedoms and auto enrolment. This is the time to show real, innovative thinking in the customer interest but sadly the industry has so far failed. Where are the new products or default options? And why are they called ‘default options’ […]

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DWP’s Pension Green Paper

The Green Paper seems too complacent about the affordability and sustainability of DB pensions. UK DB pensions are the most expensive in the world and most private sector schemes are now closed as the costs have soared beyond any previous expectations. Potential post-Brexit economic uncertainty makes contingency planning for such huge asset pools even more […]

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Lifetime ISA Launch

The new Lifetime ISA launches tomorrow. Thankfully, most providers have steered clear of it, they can see the dangers. Don’t be misled. If you want to buy a first home and are saving for a deposit, then the 25% Government bonus is a great deal. But using this as a pension has significant dangers you […]

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State Pension Age Review

Brexit makes later working even more important: We should not force people to stay on and should recognise the wide variations in life expectancy across occupations and UK regions, but as we leave the EU and immigration falls, it makes sense to use older workers’ talents and lifelong experience more. This can boost the economy […]

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Pension Gender Divide

Older women have achieved improved equality, pay and maternity rights for today’s younger women: As we celebrate International Women’s Day on March 8th, spare a thought for current cohorts of women coming up to or just reaching retirement. Throughout their lives, they have paved the way for younger women, as they fought for maternity rights […]

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Pensions Update

Treasury sees pensions as a cost, but they are a real benefit to millions of people: During my time as Pensions Minister, there was clearly a difference of view between Treasury and DWP about private pensions. The Treasury sees them as a cost to the Exchequer. DWP sees them as a benefit for people to […]

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Saving for Social Care

Jeremy Hunt is right – people will need private savings to help fund later life care: Politicians have talked about social care for years, but have ducked the difficult decisions required to address this time and again. Despite knowing that numbers needing care will rise inexorably, policymakers have not set aside public money, or encouraged […]

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Pension or Property?

Pensions have many advantages: Pensions allow you to spread the risk and also offer you many other benefits as well. It seems a real shame that so many people, apparently even those who have the most valuable type of pensions of all, fail to understand how much they are worth. I would like to explain […]

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Annuities & Drawdown

Major disappointment for thousands of people: The Government’s decision not to proceed with its proposals to allow people to sell back their annuity income will come as a major disappointment to thousands of people. Many have been waiting anxiously for the opportunity to undo the annuity they were forced to buy and will feel let […]

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Consequences of Quantitative Easing

Bank of England rate reduction makes pensions more expensive: The level of funds required to pay promised pensions in future decades depends on how much return one is expected to earn on the money set aside for pensions right now. The lower the future expected returns, the more money must be put in today. The […]

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State Pension Triple Lock

Since 2010, pensioner incomes have been boosted significantly: Leaving pensioners in poverty is unacceptable, yet until a few years ago that was the fate of too many or our country’s elderly people. In 2008, the Basic State Pension had sunk to the lowest level relative to average earnings for decades. However, since 2010 the incomes […]

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Pension Protection

No justification for further Government delays to Regulations for loyal, long-serving pensioners: It is very disappointing that the DWP has failed to lay the Regulations that will allow pensioners to receive higher payments from the Pension Protection Fund. A minority of workers in failed firms have lost more than half their pension payments and are […]

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BHS Pension Scheme

What has happened to BHS workers’ pensions? Workers need to know that their pensions have not disappeared. The Pension Protection Fund is there to ensure that most of their promised pension will be paid. This insurance is not funded by taxpayers, but by employers sponsoring all other Defined Benefit pension schemes, who pay a levy […]

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