Thinktank the Centre for Policy Studies has highlighted the need to shield savers from financial risks in later life through the idea of “auto-protection”, with the introduction of auto-drawdown, followed by auto-annuitisation at age 80.
With the world of pensions constantly changing, employers and trustees are investing more time, effort and resources into liaising with members, but face-to-face communication has been deemed particularly effective when it comes to bad news.
The number of women retiring without a pension has dropped, new research shows, but nearly 14 per cent of people have not made provisions for their retirement, highlighting the significance of the state pension for savers.
Refocusing the industry on the purpose of finance could deliver huge benefits to UK pensions, a new academic paper has suggested, as calls were lodged for the resurrection of collective defined contribution.
Fewer than half of people view workplace pensions as the most secure form of retirement savings, but experts have said attitudes towards saving for the future could change, driven by the current housing shortage, auto-enrolment developments and the demise of defined benefit pension funds.
Philip Hammond has cancelled plans to increase class 4 national insurance contributions for the self-employed, creating a £2bn shortfall in the nation’s accounts between 2018 and 2022, which many fear will be plugged by changes to pension tax relief.
Scotland's first minister Nicola Sturgeon will seek a second referendum on Scottish independence, to be held by spring of 2019, triggering concerns about the challenges a Yes vote would pose to UK pensions.
PLSA Investment Conference 2017: The Financial Conduct Authority’s director of strategy and competition Christopher Woolard has said he does not want to be bound by industry initiatives in making new rules for asset managers.
PLSA Investment Conference 2017: With the Department for Work and Pensions’ review of auto-enrolment underway, advisory groups are seeking views on engagement, contributions and coverage, but questions remain over the necessity of engagement and the pensions reality in other countries.
The chancellor’s focus on the self-employed could pave the way for bringing the group into the pension system, some experts have said, as the spring Budget brings no significant news on pensions.