Category: Uncategorized

2015’s “Pension Freedom” reforms allowed people to release their pension early, compared to previous legislation. At the time, some experts warned of the dangers, saying that people might cash in their whole pension and splurge on flashy cars and expensive holidays. More moderate voices warned retirees to think about what the likely return on their…

We’ve reported before that there are many experts who feel that the State Pension Age (SPA) could soon have to rise to 70, to help cope with our ageing population. The Office for Budget Responsibility is now predicting that by 2055 workers will have to work until they are 69. And the World Economic Forum…

Several UK pension companies are looking into ways to allow people to cash in small annuities if they don’t feel they are getting good value from them. The Daily Mail’s “Money Mail” section has been running a campaign to get the companies to change their rules. This came as a result of a change in…

We have reported previously that concerns about the volume and type of loans being made to people buying new cars is concerning some experts. Now, two other trends are adding to their worries – a large rise in the number of second mortgages being taken, and a similar rise in offers for free and cheap…

Most people who are getting close to retirement age don’t know what they can expect from their state pension. That’s the finding of a new report by the firm Retirement Advantage. Their survey of people over 50 showed that 60% have not asked for a state pension forecast, and 20% do not even know what…

Legislation that has been delayed by the call for the snap election in June means there is a “tax loophole” that some people are wondering whether they should exploit. The Finance Bill was delayed, and included changes to the rules about what happens after people have released money from their pension. Previously those people could…

The Council for Mortgage Lenders (CML) says that the risk of interest-only mortgage loans is falling. This is even though 300,000 of them have not been paid in full, at the end of their term, since 2011. The CML says that its members’ data shows that defaults on interest-only loans has fallen by at least…

People with final salary schemes who are looking to cash in their pension are finding it difficult to get help from financial advisers. IFAs won’t work with them because they are afraid of potential compensation claims in the future. There are millions of UK savers with final salary schemes, and they have the right to…

People who have a bad credit score sometimes turn to pension loans when they need to borrow for a new car. This may be because there are no credit checks involved, as it is a loan against your pension. This is in contrast to the growing concerns about “sub prime” car loans, a problem we…

Some people might say, “Only in America!” but we wouldn’t be surprised to see this new type of loan become popular here in the UK too. Apparently, “puppy loans” are the latest idea in the US. But there are warnings that high interest loans, when combined with the emotional impact of a cute puppy, could…