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Short-term pension boost to follow reforms

The majority of new pensioners will gain from the “flat-rate” state pension in the early years after it is launched in April, government figures suggest.

However, people retiring in decades to come are more likely to lose out financially from the reformed system.

The new UK state pension, aimed at simplifying the system, will see a bigger payment of £155 a week made...


Pension information given to millions ‘is wrong’

Millions of people may be planning their retirement based on wrong information thanks to government “bungling” MPs have warned.

The Commons Work and Pensions Committee said details sent out about when people will get state pensions and how much they are worth were “inadequate” and “confusing”.

It warns this particularly applies to women, whose...


UK pensions two decades behind on liabilities

UK pension funds face a two-decade wait before they have enough cash to meet their liabilities and the assets needed to pay the pension requirements of their members.

The funding level of so-called defined benefit pension schemes, where the employer promises to pay a pension typically based on a proportion of final salary, is worse now than in 2006, according to Redington, the pension...


Firefighters to receive pension payouts after government concedes case

Some firefighters are in line for payouts running into thousands of pounds after the government effectively conceded they had been short-changed on their pensions.

The “significant legal victory” announced by the Fire Brigades Union (FBU) relates to a controversial policy that meant many of its members had to pay in for up to 32 years in order to receive a 30-year pension.



UK state pension ‘one of the world’s lowest’, says OECD

Pensioners in the UK receive much less state pension than they would in many other countries around the world, according to the latest figures from the Organisation for Economic Cooperation and Development (OECD).

At present the full basic state pension equates to just 16% of the nation’s average earnings. That is really low when compared to other countries – the OECD believes...


State pension: public sector workers may get inflation-linked benefits after all

The Government could ride to the rescue of millions of civil servants who stand to lose inflation-linked pension increases under the new state pension rules applying from April. Private sector pensioners in the same quandary are unlikely to be helped.

Under the new pension regime, around seven million people employed across both the public and private sector will see some reduction in...


UK state pension amongst least generous, says OECD

The UK’s state pension is one of the least generous in the world, according to a report from an international think tank.

The Organisation for Economic Co-operation and Development (OECD) said that only two OECD countries pay poorer pensions.

Those countries are Mexico and Chile.

Meanwhile countries like Turkey, Russia and Greece pay significantly bigger retirement...


UK Pensions: A third of workers left red-faced at the thought of discussing their finances, and half feel financial advice is too expensive

Saving our blushes might be costing us dearly, as just less than one in three (29 per cent) working Brits admits to being too embarrassed to discuss their financial details.

In a study shown exclusively to City A.M. by online pension adviser, or robo‐adviser, Wealth Wizards, just less than half (43 per cent) of workers would prefer to seek out pensions advice online than face-to-face,...


Autumn Statement 2015: what it could mean for your pension

This week George Osborne, the Chancellor, will deliver his Autumn Statement to the nation – and there could be changes that affect your pension.

Here we run through the possibilities:

Cuts to pension taxation

Mr Osborne has already indicated that tax reliefs on pension contributions could be subject to further change. The details were originally expected in the...


Basic state pension set to rise to £119.30 a week

The basic state pension is set for its biggest rise in real terms since 2001, the Treasury has said.

Chancellor George Osborne will confirm the increase to £119.30 a week from April 2016 in next week’s Spending Review.

The 2.9% rise will be worth an extra £174.20 a year to someone on a full basic state pension.

Pensions minister Ros Altmann said pensioners had...