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Worrying drop in average weekly pension incomes

New data from the Department for Work and Pensions shows a sharp dip in the average weekly income from occupational pensions – down to £181 in 2018-19 from £199 in 2016-17 – for those who have reached State Pension Age (SPA). The fall in part reflects the steadily reducing numbers of people retiring with defined […]

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Call for more flexible approach to State Pension

Aviva has called on the Government to take a more flexible approach to the State Pension – ensuring that more people will have enough to retire on while encouraging some people to remain in the workforce for longer. They say that 4.5 million current mid-life employees may not have enough money to retire when they […]

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Competition doubles for retirement interest-only mortgages

If you are contemplating continuing to pay a mortgage into retirement, or to borrow money against your property and only pay interest payments, there’s some good news from Moneyfacts.co.uk: the number of products available in the last year has almost doubled – from 38 to 74. The other positive news is that the increased competition […]

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“Cash today, poverty tomorrow” warning on pension withdrawals

The Association of British Insurers has issued a warning that the average rates at which people are withdrawing money from their pension could see people running out of money in retirement if they do not have other sources of income. In a wide-ranging report to mark five years since the introduction of pension freedoms, they […]

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Pensions: there might soon be a new kid in town…

A new type of pension is on the cards for UK savers which, if it passes through the parliamentary process, could offer something of a “half way house” between defined benefit (DB) and defined contribution (DC) pensions. The potential advantage of the proposed Collective Defined Contribution (CDC) schemes is that they will be more affordable […]

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Over a third of over 55s “living beyond their means”

Financial security in later life is not what it was… according to new research, more than a third (35%) of the UK, over the age of 55-years-old are living beyond their means.  Equity release provider more2life, which commissioned the research, say many respondents blamed rising costs of living them going into debt, leading to 68% of those […]

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“Terror management theory” is driving savers into bad pension decisions

University researchers are warning that the UK Government’s Pension Wise website is negatively influencing savers’ decisions – encouraging them to abandon long-term financial security and cashing out lumps sums that they should be conserving for their retirement. The dire warning comes from academics at the University of Scotland, whose study with over 2,000 participants has […]

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