‘Part-time pensions penalty’ slashes women’s retirement pots July 11, 2019 Women are on average £106,000 worse off in retirement than men, partly because such a high proportion work part-time, according to research. By their 60s, women typically have £51,100 in their pension – just one third of an average man’s £156,500 pot, the Pensions Policy Institute has calculated. Read more: Without action, a crisis over [...]
Prudential UK property fund delays withdrawals for up to six months July 4, 2019 Last week Bank of England governor Mark Carney said these types of funds were "built on a lie"
Gender pension gap revealed as women twice as likely not to save for retirement June 24, 2019 Women in the UK are twice as likely as men to not save for retirement, new research has revealed. One third of British women have no pension plan, against only 17 per cent of men. Read more: Gender pay gap data reveals the financial services with wider than average discrepancies Meanwhile, 41 per cent of [...]
FCA to crack down on unacceptable defined benefit pension transfer advice June 19, 2019 The Financial Conduct Authority today warned that it is to crack down on poor advice around defined benefit pension transfers. The City watchdog said too much advice it has seen to date is “not of an acceptable standard”. The FCA said it was concerned that too many financial advisers are recommending that large numbers of [...]
Obscure fees could be eroding your pension – here’s what you should be paying June 19, 2019 If you’ve ever endeavoured to compare fees charged by pension providers, you’re probably sat wild-eyed, rocking yourself back and forth. Despite the push to rid the financial sector of opaque and confusing charging structures, it’s still incredibly difficult for consumers to compare the fees levied by pension providers. Not only can it be difficult to [...]
Sainsbury’s Bank outage: Customers locked out of online banking June 18, 2019 A Sainsbury’s Bank outage spurred customers to take to Twitter today to complain they could not access their accounts online. Read more: The UK banks with the most IT outages Neither the supermarket’s new app nor online banking service wereworking for customers, with Down Detector reporting dozens of complaints this morning. An outage map showed [...]
More than five million fall victim to financial scams, Lloyds Bank warns June 14, 2019 More than five million people in the UK have fallen victim to a financial scam as fraudsters use more sophisticated techniques to dupe the public. A Lloyds Bank and YouGov survey revealed 10 per cent of adults had been scammed while a quarter said they knew someone who had conned. Read more: HMRC cracks down [...]
Time to unshackle the pensions industry June 13, 2019 When people think pensions, they probably don’t think tech and they probably don’t think innovation. I want to change that. This week is London Tech Week, when the brightest and best from across the planet come together in our great city to showcase the technologies of tomorrow. Some of the most exciting tech innovators and [...]
Rolls-Royce offloads one-third of its pension scheme to Legal & General in landmark £4.6bn deal June 6, 2019 Rolls-Royce has handed over responsibility for £4.6bn of its pension scheme to Legal & General, in a record-breaking deal. The FTSE 100 engine manufacturer has offloaded responsibility for paying the pensions of its 33,000 pensions scheme members. The scheme has a total of 76,000 members. Read more: Rolls-Royce among firms kicked off government’s late payment [...]
Should people be allowed to dip into their pensions savings to get onto the housing ladder? June 5, 2019 James Brokenshire’s proposals risk undermining the progress that has been made through auto-enrolment