Bond rally bad news for annuitants (annuity)
Annuity rates have tanked by 14% so far this year, with a £100,000 pension pot now buying a 65-year-old £4,654, £759 less than at the start of the year, according to research. Rate changes have been even more pronounced for younger retirees.
Pensions schemes slammed
A new report by the Work and Pensions Select Committee, chaired by Frank Field MP, has called on pension schemes to be forced to publish charges in full, including transaction costs. At present, new rules ushered in last April recommend pension schemes publish this information, but disclosing was made voluntary rather than mandatory.
HMRC’s pension tax trap
Pension savers are being overtaxed at record levels when they dip into their retirement pots. More than 200,000 over-55s have clawed back nearly £500 million since pension freedoms were introduced in 2015.
Stop pensions discrimination against women
A United Nations committee has urged the government to ensure the increase in state pension age does not have a discriminatory impact on women (pensions discrimination).
Emergency tax on pension lump sums
A report commissioned by the government has called for a rethink to the use of the emergency tax code on pension withdrawals.
Self-employed march on to what sort of retirement?
Since 2001 the number of self-employed has risen from around £3m to £5m today. This is great but at a time where the self-employed are not yet compelled to save by auto-enrolment. (retirement).