UK Chancellor Jeremy Hunt delivered the Autumn Statement 2023 on Wednesday in the House of Commons, which I believe is lukewarm and insufficient to shift the Conservatives’ political narrative.
This was Hunt’s key opportunity outside of the Budget to unveil tax and spending announcements, and considering Labour are 20 points in front in the polls, it was one of the last chances for the government to change the narrative for the Tories before the general Read More
Following Jeremy Hunt’s game-changing Spring Budget on Wednesday, we believe there’ll be a rush to review retirement savings plans.
During his first full Budget as Chancellor, Hunt’s decision to scrap the Lifetime Allowance (LTA) will significantly ease the pension tension.
The LTA is the maximum amount people can contribute to a pension – it was £1.07m before tax charges were faced. When it was originally brought in in 2006, the allowance was Read More
UK pensions are looking ahead to an unparalleled level of risk following Britain’s decision to leave the EU.
There are several factors that together could have a severely negative impact on retirement savings.
Since the historic 23rd June referendum, individuals with UK pensions must realise that their savings are now in the eye of the perfect storm.
There are four crucial factors that could deal a crushing blow to people’s retirement ambitions.
First, since the Brexit Read More
A Scottish MP yesterday asked the government to reverse the freeze on pensions of UK retirees living abroad.
Ian Blackford, the SNP’s pensions spokesperson and vice-chair of the all-party group, on Wednesday led a backbench debate on the subject. He said: “It is morally unjust and completely unfair for the Tories to strip pensioners of their right to equal state pension payments – it is an absolute disgrace that there are more than 550,000 older British Read More
Should the government go ahead with a major raid on final salary pensions, it will almost certainly trigger a significant increase of pension transfers out of Britain.
Government ministers have reportedly held recent secret meetings with the pension industry, where plans were suggested to cut the limit on final salary (defined benefit) schemes by as much as 25 per cent.
Should the government go ahead with a major raid on final salary pensions, it will almost Read More
An article in City AM , one of the leading newspapers in London and the home counties, reports on research that shows the majority of individuals in the UK will face a shortfall in their pension pots.
It says this amounting to thousands of pounds each year, as they are severely underestimating how much they will require to live a comfortable lifestyle in retirement.
An article in City AM , one of the leading newspapers in London and the home counties, reports Read More
The government’s mismanaged and rushed pension reforms could see up to half a million people affected as a result of the imminent unlimited access to pension pots.
With the general election looming, which in my view is intrinsically linked to the government’s haste to roll out these changes, individuals will be given unrestricted access to their pension savings in just two weeks’ time. The government’s mismanaged and rushed pension reforms could see up Read More
The safety of final salary pensions has again been thrust into the limelight, with many individuals in their forties and fifties facing up to a 10 per cent reduction in their retirement incomes.
A recent article in The Telegraph highlights that five in six final of these supposedly ‘gold-plated’ schemes in the UK have fallen into difficulty and will face an uphill struggle to pay future retirees a full pension.
The safety of final salary pensions has again been thrust into Read More
The government’s impending ban on unfunded civil service pensions being transferred out of the UK is nothing short of a hammer blow to individuals who have served and continue to serve their country.
As from April this year, public sector workers with unfunded pension schemes will no longer be able to move them outside the UK, therefore drastically reducing important retirement options available to them.
The government’s impending ban on unfunded civil Read More
The government’s new pension freedoms announced in the Freedom & Choice agenda announced in the Chancellor’s 2014 Budget, are in my view, both chaotic and cynical.
As from April this year, over 55s in defined contribution schemes will be able to access their entire pension pot. This is part of one of the most drastic pensions overhauls we’ve seen for decades and, therefore, will inevitably affect the choices people make with regards to their retirement for years to Read More
The brand name of the government’s pensions guidance service announced by Chancellor George Osborne in last year’s Budget has been unveiled as ‘Pension Wise’, with the tagline ‘Your money. Your choice’. The brand name of the government’s pensions guidance service announced by Chancellor George Osborne in last year’s Budget has been unveiled as ‘Pension Wise’, with the tagline ‘Your money. Your choice’. Read More
Although George Osborne’s plan to eradicate the 55 per cent tax on pension pots after death is positive news - as in my opinion, people should be permitted to pass down their savings to loved ones without hefty tax liabilities - and it has been hitting the headlines in a major way, the small print presents these government’s proposal in a different light.
Following previous announcements from the Chancellor with regards to eliminating restrictions on Read More