Pension Loans

Category: Uncategorized

  • Using Pension Funds to Start a Business: A Trend Among Olderpreneurs

    What’s Happening? There’s a growing trend among entrepreneurs over the age of 50, known as ‘olderpreneurs,’ to utilize their pension funds to start or boost a business. This is considered an alternative to traditional bank loans, venture capital, or crowdfunding platforms. How Does It Work? Olderpreneurs can tap into their pension pots using two primary…

  • Pension pots raided without advice

    The Financial Conduct Authority (FCA) found that 48 per cent of pension pots that had funds withdrawn in 2018-19 were accessed by people who had not taken any regulated guidance or advice. Pension freedoms introduced in 2015: The former chancellor, George Osborne, allowed savers to access their retirement pot from the age of 55 without…

  • 1 in 3 Parents Helping Stay-At-Home Adult Children By Using Pension Money, Costing £5,000 Annually

    Adult children staying with their parents after they’ve grown is becoming more common. Over half of parents with adult children still have them living at home, costing nearly £5,000 per year on average. Why This is Happening: Young adults face financial pressure from high housing costs and student loans. This leads many to stay with…

  • UK Pension Freedoms Explained for 2020

    A summary of a recent article from FT Adviser 1. What’s Happening? Next year, almost one million people will turn 55, the age at which they can access their pensions under certain rules. This number will peak in 2020 and reach 9.2 million people over the next decade. 2. Pension Freedom Rules Under these rules,…

  • Retirees Risk Financial Security to Fuel ‘Bank of Mum and Dad’ Housing Trend

    In summary, the desire to support younger family members in buying their own homes is leading many retirees to dip into their retirement savings, leading to concerns about their own financial future. This trend has been facilitated by pension freedom rules introduced in 2015, but this might have implications for the financial security of retirees.…

  • Record Surge in Pension Withdrawals Sparks Concerns Over Financial Security

    FT Adviser reports that there was a 21% increase in the amount of funds being withdrawn from individuals’ pensions in the second quarter of 2019, reaching a new record. The data, published by HM Revenue & Customs, showed that £2.75bn was withdrawn from pensions flexibly in this period, up from £2.27bn in the same period…

  • Record Pension Withdrawals Risk Empty Pots for UK Retirees

    An article in The Mirror reports on the record amount of £2.75 billion that was withdrawn from pension pots in Britain in the last three months, according to data from HM Revenue & Customs. This is a 21% increase from the amount withdrawn in the same period the previous year. This has sparked concerns about…

  • Pension Raid for Property: A Risky Gamble for Young Homebuyers

    An article from CityAM criticises the idea proposed by the UK’s housing secretary, James Brokenshire, that young workers should be allowed to use their pension savings to help buy their first home. The proposal has been met with criticism, particularly from pension providers, due to the potential negative impact on individuals’ retirement savings. The article…

  • Scottish Widows Recommends Pension Access

    Scottish Widows, a life insurance and pensions company, is advocating for new pension rules that would allow young savers to withdraw up to half of their early retirement pot to fund a deposit on their first home. The firm argues that while this may deplete long-term savings, it could be offset by increasing overall savings…

  • Pension Flexibility Suggested

    An article in The Telegraph discusses the need for more flexibility in the UK’s pension system to encourage young people to save more. The author, Pete Glancy, argues that many people are not saving enough for their financial futures due to the rigid nature of pension savings, which are locked away until retirement. Key points…