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State pension alert: Britons could get 'early access' to payments under DWP proposalState pension payments should be pai...
24/06/2025

State pension alert: Britons could get 'early access' to payments under DWP proposal
State pension payments should be paid "early" to certain claimants and a new benefit introduced to help older Britons at risk of poverty, according to a new retirement proposal.

Standard Life's "An intergenerational contract: Policy recommendations for the future of the state pension" report is calling for the Government to consider radical overhaul to the retirement benefit to ensure it remains viable for generations to come.

The report identified a lack of awareness among the British public as to how much the state pension provides and when it is eventually paid.

In order to ensure the state pension "supports those most in need", the firm suggested a series of policy recommendations to the Department for Work and Pensions (DWP).

Rachel Reeves urged to launch 'universal pension system' as one million workers unable to save for retirementChancellor ...
24/06/2025

Rachel Reeves urged to launch 'universal pension system' as one million workers unable to save for retirement
Chancellor Rachel Reeves is being called to launch a "universal pension" system as more than one million "invisible workers" are unable to save enough for retirement.

New research from PensionBee has found that 57 per cent of Britain's gig economy workers cannot afford to contribute to a pension pot.

The pension provider launched its Invisible Worker campaign on National Freelancers Day, highlighting how millions of non-traditional workers are excluded from automatic enrolment schemes.

This campaign aims to address the plight of freelancers, unpaid carers and zero-hours contract workers who currently fall outside the traditional pension framework, leaving them vulnerable to poverty in retirement.

Pension disaster as Britons MUST have £700k in retirement savings to enjoy comfortable lifestyleBritons need to have £70...
23/06/2025

Pension disaster as Britons MUST have £700k in retirement savings to enjoy comfortable lifestyle
Britons need to have £700,000 in pension savings as a starting point in their pot to enjoy a comfortable retirement, according to Fidelity International.

Rising retirement costs and longer life expectancies are prompting UK investors to reassess their financial futures, with new research revealing that 42 per cent plan to increase their retirement savings over the next 12 months.

The figure rises to 46 per cent among those aged 55 and over, Fidelity International's latest study has found. Meanwhile, early retirement aspirations remain strong amongst mid-life workers.

Research found that 22 per cent of those aged 35 to 54 are saving specifically to retire early or reduce their working hours; the highest proportion of any age group.

State pension shortfall looms as thousands of Britons could miss out on nearly £150k in 'lost income'British workers are...
23/06/2025

State pension shortfall looms as thousands of Britons could miss out on nearly £150k in 'lost income'
British workers are at risk of being slapped with a £150,000 state pension shortfall in retirement due to becoming sick, shocking new analysis has found.

Data from the Office for National Statistics (ONS) has found that health life expectancy in the UK for both men and women has dropped to around 62 years old in England; slipping to 60 in Wales.

Health life expectancy is a measure of the average number of years a person is projected to live in good health, without having to deal with limitations or disabilities.

With the state pension age sitting at 66, analysts are sounding the alarm that workers could find themselves too sick to keep working while falling short of being eligible to access payments.

Rachel Reeves tax raid triggers wage slump as Bank of England warns pay rises will fall short of what they would've been...
20/06/2025

Rachel Reeves tax raid triggers wage slump as Bank of England warns pay rises will fall short of what they would've been

Rachel Reeves' £25bn raid on employers' National Insurance Contributions is putting the brakes on wage growth across the UK, new research has shown.

Just as workers were beginning to see their pay packets recover from the cost of living crisis, the Chancellor's tax increase is causing employers to tighten their purse strings.

Mortgage warning: 900,000 could see payments jump by £2,861 after Bank of England base rate decision if they fail to act...
20/06/2025

Mortgage warning: 900,000 could see payments jump by £2,861 after Bank of England base rate decision if they fail to act
As many as 937,433 homeowners could face a significant increase in mortgage payments in 2025 unless they take immediate action.

If homeowners who secured two-year fixed-rate deals in 2023, fall onto their lender’s standard variable rate (SVR), their annual payments could increase by £2,861.

Cheapest UK supermarket named as food inflation hits highest level in a year – beating Tesco Clubcard pricesAldi has bee...
19/06/2025

Cheapest UK supermarket named as food inflation hits highest level in a year – beating Tesco Clubcard prices

Aldi has been crowned the UK's cheapest supermarket once again, as shoppers are being hit with the highest grocery price inflation in over a year, as new data shows.

Grocery inflation surged to 3.8 per cent in the four weeks to April 20, driven largely by a near 20 per cent spike in chocolate prices.

Interest rate cut may be off the table for now as Bank of England remains 'nimble' amid economic uncertaintyUK interest ...
19/06/2025

Interest rate cut may be off the table for now as Bank of England remains 'nimble' amid economic uncertainty

UK interest rates are expected to remain unchanged this week, as policymakers weigh up conflicting economic signals at home and abroad.

Economists suggest the Bank of England is likely to pause its rate-cutting cycle amid ongoing uncertainty.

Most forecasters believe the Bank’s Monetary Policy Committee (MPC) will hold interest rates at 4.25 per cent when it meets on Thursday.

The MPC has voted to reduce rates at alternating meetings since last August, when it began easing from a peak of 5.25 per cent.

Pension 'struggle' looms as British workers face £165k 'singles tax' ahead of retirementSingle workers are sleeping walk...
18/06/2025

Pension 'struggle' looms as British workers face £165k 'singles tax' ahead of retirement

Single workers are sleeping walking into a pensions crisis due to needing to set aside £290 every month from the age of 22 to secure a moderate standard of living in retirement, analysts claim.

This monthly contribution is nearly double what those in couples must save to achieve the same lifestyle, research from interactive investor found.

The stark disparity in retirement planning requirements means single people must accumulate a pension pot worth £330,000, while couples need only half that amount at £165,000 each.

These figures are based on the latest Pension and Lifetime Savings Association Retirement Living Standards (PLSA), which determined the minimum, moderate and comfortable standards.

State pensioners could lose up to £70,000 in retirement savings due to 'frozen' triple lock policyBritish pensioners who...
18/06/2025

State pensioners could lose up to £70,000 in retirement savings due to 'frozen' triple lock policy

British pensioners who choose to retire abroad could forfeit almost £70,000 in state pension payments over two decades if they relocate to countries where their entitlements become frozen, according to new analysis.

The calculations from interactive investor reveal that those moving to nations without uprating agreements with the UK face substantial financial losses.

Their state pensions remain fixed at the initial payment rate, missing out on annual increases. Over shorter periods, the financial impact remains considerable.

Pensioners could lose £37,477 over 15 years, £15,838 over a decade, or £3,666 over five years compared to those who remain in the UK.

State pension age row deepens as Waspi hits 'landmark moment' in legal battle for compensationWomen campaigning over sta...
17/06/2025

State pension age row deepens as Waspi hits 'landmark moment' in legal battle for compensation

Women campaigning over state pension age changes say they've cleared a major hurdle in their fight for justice.

The Waspi group described the development as a "landmark moment" in their long-running campaign.

Campaigners from the Women Against State Pension Inequality (Waspi) group are pushing for a High Court challenge after the Government rejected calls to compensate women born in the 1950s, who they say were not properly informed about the change in their retirement age.

Waspi said it has now received confirmation that its case is considered "arguable", meaning it can move forward toward a court hearing.

Pension alert: Cost of 'comfortable retirement' falls to £682k but Britons still need 'substantial' savingsThe cost of t...
17/06/2025

Pension alert: Cost of 'comfortable retirement' falls to £682k but Britons still need 'substantial' savings

The cost of the average Briton securing a comfortable retirement has dropped in win for future retirees, but analysts are sounding the alarm that pensioners will need to have a "substantial" amount in savings.

Analysis from wealth manager Quilter shows that a single person requires a pension pot of £682,000 to secure a comfortable retirement lifestyle, marking a decrease from the previous year's figure.

The reduction stems primarily from more favourable annuity rates currently available in the market, with data from Canada Life signaling rates have soared to a 16-year high.

These calculations draw on the Pensions and Lifetime Savings Association's Retirement Living Standards (PLSA), updated in June 2025 to incorporate changing retirement expectations, revised inflation projections and the new full state pension.

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