Millions of savers will be blocked from transferring their pensions to access them at age 55 after the Treasury closed a loophole.
Fees paid by individuals transferring out of their defined benefit pension scheme have hit their highest levels since 2018, according to XPS.
U.K. pension funds and other institutional investors should join other countries’ investors benefiting from British infrastructure and other long-term investments and rely less on the stock market, said Prime Minister Boris Johnson and Chancellor of the Exchequer Rishi Sunak in an open “challenge letter” Wednesday.
Women are likely to struggle in old age as a “part-time pensions penalty’ means they will be £106,000 worse off than men at retirement, a report has warned. Working fewer hours, either to raise a family or care for elderly parents, results in a 47% reduction in women’s pension wealth compared with men by their late 50s.
The pensions industry is preparing to launch its own “dashboard” if the government pulls support for a ground-breaking online tracker to help savers see all their pensions in one place. Read More