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HMRC reports show that the value of cash being withdrawn from pensions, under the new Pension Freedom regulations, is continuing to slow down. Around £1.5 billion was cashed-in during the 3rd quarter of 2016, compared to £1.8 billion during the 2nd quarter. MoneyMarketing reports – ‘Though the number of individual payments out increased from 296,000…

Some married women in their 60s-70s are stuck with tiny pensions, because they didn’t pay all the National Insurance contributions that they could have when they were working. The lower rate of NI was called the Married Woman’s Stamp, and was available to many working married women until 1977. But many who took it were…

The Treasury announced yesterday that it was reversing a planned change that would have allowed people to sell their pension annuity after retirement. This came amid warnings from the industry that the scheme could be “the next big mis-selling timebomb” and would “put consumers at risk”. The Guardian reports – ‘The plans were originally announced…

A new potential pension mis-selling scandal is on the horizon, linked to pension annuity products sold between 2008 and 2015. A report from the FCA says that many people who had poor health were incorrectly told that they could not shop round for an Enhanced Annuity, which gives higher payments to people who are not…

Two former pensions ministers have expressed their “regret” that women were not given more notice about changes in the retirement age. Baroness Ros Altmann and Steve Webb both feel that women should have been given clearer information earlier. The BBC explains – ‘Under the 1995 Pensions Act, the government decided that the pension ages of…

Many British pensions are still “on life support” as their combined deficit grows to £419.7 billion. The Pension Protection Fund‘s 7800 Index of 5,945 pension funds has a combined deficit that has actually shrunk slightly, from £459.4 billion at the end of August. But experts are still worried. The head of UK Strategic Clients at…

Government ministers are considering introducing a new “two-tier” pension system, which could mean that university graduates would have to wait years longer for their state pensions. The former students would have to work for at least 45 years, until they are almost 70, before receiving the benefits. The Daily Mail reports – “Last night critics…

The Chancellor’s Autumn Statement could include a major overhaul of the system of tax-relief on pensions. His parliamentary private secretary, John Glen, has told reporters that the Treasury will be considering changes before year-end. At the Conservative Party Conference, he said, “Given the emphasis that the new prime minister has placed on assisting working people…

A 51-year old Multiple Sclerosis sufferer battled for 18 months to access her pension early… until a popular website contacted her pension company. Her requests to her pension company, to find out if she could withdraw money early because of her illness,  were repeatedly ignored. This is Money reports – “A 51-year-old saver diagnosed with…

Financial experts are asking the Government to ban telephone “cold calls” about pensions and other investments. A new online petition calls for those telesales calls to be made illegal, in order to reduce the number of “free pension review” scams. They say that these kind of calls usually lead to people being urged to transfer…