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Figures released for yesterday’s 2017 Spring Budget show that the Government has made a lot more money than expected from the introduction of Pension Freedoms (where people can cash in their pension earlier than they previously could). The tax raised from the initiative was £1.7 billion more than initially forecast. MoneyMarketing reports – “…the Government…

NEST (the National Employment Savings Trust) is lifting its ban on people transferring into its pension scheme. The government-backed scheme, setup in 2012, provides pensions for over four million people, across 300,000 employers. The Telegraph reports – “… from 1 April members will be able to move any existing pensions above £50 into Nest… In…

An industry body is demanding that a £1.5 trillion “pension superfund” should be created, to tackle the growing problem of the UK’s pension deficit. The Pensions and Lifetime Savings Association (PLSA) is expected to make the suggestion as a way of addressing the looming pensions crisis. Sky News reports – “The taskforce is expected? to…

Protests by the WASPI group (Women Against State Pension Inequality) are continuing at local and national levels. The Burton Mail reported at the weekend that a group of women from their area would be travelling to London to take part in a demonstration against changes to the State Pension Age – “The campaign group works…

Complaints about payday loans are still rising, despite the recent crackdown on the loan companies by the Financial Conduct Authority (FCA). The Financial Ombudsman Service is receiving around 200 complaints per week, and not just from people on low incomes who are usually associated with this type of loan. The Guardian reports – “During the…

The rising State Pension Age could end up being higher than the average expected lifespan in some areas – meaning most people will die before they are able to claim it. That’s the warning from MPs as the Work and Pensions Committee predicts that State Pension Age could rise above 70 by the year 2060.…

Even a small increase in interest rates could lead to thousands of bankruptcies in the UK. That’s the warning from The Insolvency Service, as they warn that many people would not be able to afford their loans, even if the underlying rate of interest rose by just 1 per cent. The Times reports – “An…

Are the systems behind the Pension Freedom initiative failing? That’s the claim made by some experts after looking at the FCA‘s data from last year. In 2016, the majority of people who released money from their pension accessed the whole pot (not just a part of it). And there are claims that not enough of…

A new study shows that women are getting much lower pension contributions from their employers than their male colleagues, which will lead to poorer retirement. On average, a woman will have a pension pot at retirement that is £47,000 less than a man’s. The Telegraph reports – “The analysis, from insurer Zurich, is based on…

People who are about to cash in their pension are not being told that they could avoid large charges if they just wait six weeks. Many pension schemes charge their savers a fee if they cash in the pension before it matures – the fee can be as much as 30 per cent. But on…