Category: Uncategorized

The number of people who will be relying on the state pension as their sole income when they retire is growing rapidly. But millions of people could miss out on the full “flat rate” pension. Nearly 60% of people who retired last year were surprised to find they were not entitled to the full £155.65…

Just applying for many types of loans can put a black mark on your credit score, if you don’t follow-through and take the loan. (NB. this does not apply to pension loans, where there is no credit check). Some of the UK’s biggest lenders are penalising people who apply but do not then take the…

The increase in inflation since June 2016, caused largely by the slump in the value of the pound since the Brexit vote, has been blamed as the cause of a new rise in interest rates for student loans. The rate will rise from 4.6% to 6.1% in September. (Helping children pay for their education, and…

There is mounting pressure on pension companies to reduce the “exit fees” that some are charging when people cash in their pensions, or transfer them to other pension schemes. From the start of April 2017, a limit of 1% has been imposed, but only on people aged 55 or more who are withdrawing their fund.…

“Can I cash in my pension early?” is a question we are often asked by people under the age of 55, or even under the age of 50. The simple answer is, “It depends” Different options are available to get money from your pension before retirement. What is available will depend on the size of…

Two years after the pension freedom changes were introduced, a review has shown that the average pension pot has risen from £29,000 in 2015, to £50,000 today. But even that increased figure would only give an average income of £2,500 per year after retiring. The pension freedoms (which allow people to cash in their pension…

Back in February we reported on growing concerns that the number of loans being taken out to buy new cars could lead to a financial “bubble”, similar to the housing bubble that triggered the last worldwide financial crash. The danger from car loans is now being down-played, but there are still concerns that there are…

Two thirds of people over the age of 55 are confused by the pension reforms that were introduced two years ago. Most savers still do not understand what the “pension freedoms” actually mean to them. A report by the Prudential insurance group claims there is much confusion, and 77% of the people they questioned said…

The rise in popularity of Self-Invested Personal Pensions (SIPPs) since 2015 is not a problem, according to Ros Altmann, the former Pensions Minister. Statistics released yesterday showed that SIPPs have become the most-used destination for pension transfers since the Pension Freedoms were introduced. As a lot of transfers into SIPPs do not involve taking advice…

A question posed on ThisIsMoney’s website has elicited an interesting response from former Pensions Minister, Steve Webb. A reader in his 50s, who has a hardworking manual job, is asking whether there could be a way to access his state pension early (if aches and pains force him to retire), but at a lower rate…