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Swallowing the bitter pill of debt in retirement

Swallowing the bitter pill of debt in retirement

A house becomes a home when we become emotionally attached. Everyone wants to be comfortable in their surroundings, and the family home is surely the bedrock of most people’s lives. However, more than ever before, the home is becoming inextricably linked to our financial well-being, but societal norms and opinions have been slow to catch up, leading to many, especially those in retirement, suffering undue stress and shame. Even in 2017, we still have a society where borrowing money in later life, no matter how big or small the amount, is almost always seen as completely negative.

21 Jul 2017

18% of earnings need to be saved for adequate retirement: ILC-UK

18% of earnings need to be saved for adequate retirement: ILC-UK

A report by the International Longevity Centre – UK has deemed the UK pension system "sustainable but inadequate", warning that young people face a "monumental savings challenge" to ensure a decent retirement income.

21 Jul 2017

Scottish Widows launches adviser retirement planning guide

Scottish Widows launches adviser retirement planning guide

Scottish Widows has launched a new guide for advisers who feel their service would benefit from more support when planning retirement income for their clients.

20 Jul 2017

Rise in State Pension age brought forward by seven years

Rise in State Pension age brought forward by seven years

The government has announced that the rise in the pension age to 68 will now happen by 2039 - seven years earlier than initially proposed.

19 Jul 2017

Two-thirds of advisers concerned about DB scheme viability

Two-thirds of advisers concerned about DB scheme viability

Client concerns about the future solvency of their Defined Benefit pensions schemes is adding to the demand for transfers into SIPPs, according to Momentum Pensions research.

18 Jul 2017

Are 'insistent clients' piling on the DB transfer pressure?

Are 'insistent clients' piling on the DB transfer pressure?

More than two out of five of advisers (44%) have seen a rise in the number of insistent clients wanting to push ahead with defined benefit pension transfers despite recommendations not to, according to Prudential research.

14 Jul 2017

FCA fines compliance officer £75,000 for pension transfer failings

FCA fines compliance officer £75,000 for pension transfer failings

The FCA has fined David Watters £75,000 for "failing to exercise due skill, care and diligence" in his role as a compliance oversight officer at at FGS McClure Watters and Lanyon Astor Buller.

14 Jul 2017

CII to launch new pension transfers qualification

CII to launch new pension transfers qualification

The Chartered Insurance Institute is preparing to launch a new pension transfers qualification following the FCA's proposals to tighten advice requirements for the transfer of safeguarded benefits.

14 Jul 2017

L&G appoints Head of IFA Sales for lifetime mortgages

L&G appoints Head of IFA Sales for lifetime mortgages

Legal & General has announced the appointment of Rob Miles to the role of Head of IFA Sales of its lifetime mortgage business.

14 Jul 2017

Over half to work past State Pension Age: Prudential

Over half to work past State Pension Age: Prudential

For a fifth year in a row, more than half of people planning to retire this year will consider working past their State Pension age.

14 Jul 2017

 

Government reintroduces MPAA cuts

Government reintroduces MPAA cuts

Treasury Minister Mel Stride has confirmed that the government plans to reintroduce Budget cuts to pensions tax relief with effect from April 2017.

13 Jul 2017

Retired homeowners release £1.25bn of equity in H1

Retired homeowners release £1.25bn of equity in H1

Retired homeowners cashed in £1.25 billion of property wealth in the first half of 2017 at a rate of £6.9 million a day, according to Key Retirement research.

13 Jul 2017

Graduates face 24 year wait before pensions outgrow student loans

Graduates face 24 year wait before pensions outgrow student loans

New graduates face almost a quarter of a century working before their pension wealth fully offsets their student loan debt, according to analysis from evestor.

12 Jul 2017

Les Pick joins Retirement Advantage

Les Pick joins Retirement Advantage

Retirement Advantage has appointed Les Pick as Head of Sales for its equity release arm.

12 Jul 2017

Accessing pension pots early is ‘the new norm’: FCA

Accessing pension pots early is ‘the new norm’: FCA

The FCA's Retirement Outcomes Review has concluded that accessing pension pots early has become ‘the new norm’.

12 Jul 2017

Retirees gain £4,000 by switching annuity provider

Retirees gain £4,000 by switching annuity provider

Retirees can gain an average of £4,000 more over the course of their retirement by switching annuity provider, according to LV= research.

12 Jul 2017

Making suitable recommendations

Making suitable recommendations

The FCA has published its long awaited consultation on pension transfer advice. The key objective of the consultation is that advisers should make a personal recommendation whether or not to transfer instead of working to the FCA guidance that advisers should begin with the supposition that a transfer of a Defined Benefit pension to a Defined Contribution pension is unlikely to be in the customer’s interest.

11 Jul 2017

Use of equity release for home improvements up 10%

Use of equity release for home improvements up 10%

Home improvement has been the main reason people choose to withdraw the equity in their property since 2012 and this has increased by 10% over the period, according to research by the Saga Equity Release Advice Service.

11 Jul 2017

Royal London to help advisers meet FCA obligations with new service

Royal London to help advisers meet FCA obligations with new service

Royal London has announced the launch of its new Review Service, developed with advisers to provide them with more support in meeting their FCA obligations.

07 Jul 2017

Fidelity offers up to £1,500 cashback for pension investors

Fidelity offers up to £1,500 cashback for pension investors

Fidelity International has introduced a new cashback offer for pension investors who want to bring together their pension savings from other providers into one place.

06 Jul 2017

Selectapension suspends new pension transfers on SBS service

Selectapension suspends new pension transfers on SBS service

Selectapension has announced that it is unable to accept new pension transfer analysis cases for a temporary period as it implements changes following an FCA review.

06 Jul 2017

Just Retirement Solutions merges with The Open Market Annuity Service

Just Retirement Solutions merges with The Open Market Annuity Service

Just Group is merging two of its existing businesses, Just Retirement Solutions and The Open Market Annuity Service, to create HUB Financial Solutions - a new business providing services to UK corporates, pension scheme trustees and to their customers and pension scheme members.

05 Jul 2017

Pensions Secretary signals period of stability for tax relief

Pensions Secretary signals period of stability for tax relief

New Secretary of State for Work and Pensions, David Gauke, says he "wouldn’t see any fundamental changes in the near future" to pension tax relief.

05 Jul 2017

40% of over-65s on interest-only mortgages

40% of over-65s on interest-only mortgages

41% of over 65 year olds with a mortgage are on an interest-only product, according to research from more 2 life.

05 Jul 2017

Aviva and Royal London launch self-employed pensions recommendation

Aviva and Royal London launch self-employed pensions recommendation

Aviva and Royal London have joined forces to produce a recommendation of how to extend auto enrolment to the self-employed, after data shows that just 1 in 7 contributed to a pension in 2014/15.

05 Jul 2017

L&G appoints MD for Individual Annuities

L&G appoints MD for Individual Annuities

Legal & General’s Retail Retirement division has appointed Emma Byron as Managing Director for Individual Annuities.

04 Jul 2017

Falling equity release rates generate £32,000 average savings

Falling equity release rates generate £32,000 average savings

An equity release customer taking out a fixed rate lifetime mortgage could save around £32,000 when compared to a customer who took out a similar product a year ago, according to Moneyfacts data.

04 Jul 2017

Equity release market soars 72% in 2017

Equity release market soars 72% in 2017

The number of people releasing equity from their homes is up 72% so far this year, compared to the same period last year, as homeowners need to "cover pension shortfalls, prop up savings accounts hit by low interest rates and pay off mortgages", according to Responsible Equity Release research.

29 Jun 2017

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