moneypensions

Savers struggling in coronavirus crisis warned against pension scams

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Savers who are under financial pressure or have lost jobs should beware scammers tempting them to tap pension pots early or switch them into dodgy investments. Taking money from pensions before you are 55 is especially hazardous, because the taxman slaps a heavy penalty on early withdrawals and the rest of your pot may then … Read more

How do I protect my pension in falling markets? Steve Webb replies

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I’m desperate not to lose my £480k pension pot, but it’s down thousands – what can I do? Steve Webb replies By Steve Webb for This Is Money Published: 07:31 GMT, 26 March 2020 | Updated: 07:31 GMT, 26 March 2020 I have a Self-Invested Personal Pension worth £480,000. The majority of this was from … Read more

My firm deducts my pension contribution then sits on it for three weeks

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I work for a global company which has a group pension scheme organised via a major pension firm. We are paid at the end of each month. The company contributes to our pension and will match our own contributions from our basic pay up to a level of 8 per cent. The combined pension contribution … Read more

Government stand-off with BBC over free TV licences costs it extra £600m

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A rush of over-75s claiming pension credit to keep their free TV licences is set to cost the Government £600million a year, This is Money can reveal.  An estimated 300,000 more people have successfully applied for the traditionally underclaimed benefit since the BBC announced it was axing the licence fee perk for all but the … Read more

How do your protect pension investments in a market storm?

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The global stock crash will have horrified many savers who are living on income from their pension investments in retirement. The coronavirus crisis wiped nearly 8 per cent off the FTSE 100 in a single day on Monday, after Italy locked down its population and the oil price plummeted. Today, president Donald Trump’s ban on … Read more

Budget 2020: High earners get pension tax relief boost to help doctors

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High earners get pension tax relief boost in the Budget to fight NHS crisis stopping doctors working Most doctors will no longer be hit by tax bills due to the hated ‘taper’ Changes to pension tax rules will benefit other high earners But those on £300k plus will see tax relief slashed further to £4k … Read more

Would I lose my pension if my investing platform goes bust?

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Could you clarify the risks workers are exposed to if their pension provider or platform company fails. I have a self-invested personal pension with a large online investing platform. The value is over £1million and a separate pensions management company suggested to me it was at risk if the platform company goes bust. Whilst I … Read more

When will age you can access pension cash rise from 55 to 57?

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Pension freedoms have given savers full access to their retirement savings from age 55 – but many people aged in their 40s now will have to wait an extra two years. On the Government’s current timetable, the age when you can start tapping your private savings will rise to 57 in 2028, though it has … Read more

Richest retirees have an income 17 TIMES bigger than poorest

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Richest retirees have an income 17 TIMES bigger than poorest – and gap has almost doubled since 2010 Poorest retirees’ private pensions pay £2,260 a year, and richest get £38,940  Pension incomes rose 54% for poorest since 2010, while richest saw a 74% rise Gap has widened from £20,950 in 2010-11 to £36,680 in 2018-19  … Read more