UK pensions: When can you afford to retire? Never or at least not until your 70s if you want to be comfortable, according to a report out today February 15, 2016 Today's workers will need to keep plugging away well into their golden years if they want to afford the same standard of retirement as their parents, a report out today has found. The study by pensions company Royal London discovered that people on average earnings would need to continue to work until they are 77 [...]
New personal savings allowance, which allows people to earn up to £1,000 in interest tax free and is due to be introduced in April 2016, is too complex, warn tax experts February 14, 2016 Changes to the way savings are taxed, which are due to come into force this April, will be helpful for the majority of people but may prove tricky for some to get their heads around, tax experts have warned. The Low Incomes Tax Reform Group (LITRG) of the Chartered Institute of Taxation (CIOT) cautioned late last week [...]
UK pensions: Shift to a flat rate of pension tax relief would cause a retirement crisis for millions in the squeezed middle February 14, 2016 A move to a flat rate of pensions tax relief would adversely affect savers in the squeezed middle who are paying at the higher rate tax bracket, causing a retirement crisis by discouraging them from saving, a pensions consultancy has today warned. "A move to a flat rate of tax relief redistributes tax relief away from additional rate taxpayers, [...]
Don’t dump upfront pensions tax relief: Why a Pensions Isa won’t drive people to save February 12, 2016 A pensions revolution may truly be upon us. Hats off then to City PM whose reporting has led the way in publicising the Treasury’s activities in advance of potential changes to how Britain incentivises pension saving. The lurid comparison with Gordon Brown and his 1997 abolition of dividend tax credits made by former pensions minister Steve [...]
Millienials want to invest for good – but what is impact investing and how do you get involved? February 11, 2016 Impact investing is moving into the mainstream. The companies on the Social Stock Exchange – the UK’s main market for impact investing – have a total combined market value of £2bn and last year raised in excess of £400m. We also saw the first LSE Main Market and Social Stock Exchange dual listing with Menhaden [...]
Why P2P lending is getting ever more robust – and why Adair Turner is wrong about the industry February 11, 2016 Former Financial Services Authority chairman Adair Turner took a potshot at the P2P lending industry yesterday, stating that “the losses which will emerge from peer-to-peer lending over the next five to 10 years will make the bankers look like lending geniuses”. More specifically, he expressed his concern at the credit checking P2P and debt-base crowdfunding platforms [...]
Royal London results: New business and funds under management increase, while group chief executive Phil Loney voices dislike of pension Isas February 10, 2016 The boss of one of the UK's most well-known pensions companies has slammed the idea of a pension Isa this morning. When Royal London announced its results for the 12 months ended December 2015 today, group chief executive Phil Loney also took the opportunity to sound a warning to George Osborne not to introduce a pensions [...]
To fuel the pensions revolution, we need to put passion into pensions – and that means opening them up to social investing February 9, 2016 The humble nudge has worked. With around six million people now automatically enrolled into their first pension, we have reason to be hopeful that the UK is now saving for its future. However, it’s much too early to declare mission accomplished. We’re still waiting for the large number of smaller companies to enrol their employees into schemes, and they [...]
Seven facts about Kickstarter as it successfully funds its 100,000th campaign February 9, 2016 Crowdfunding site Kickstarter has just funded its 100,000th successful campaign. Crowdfunding has quickly grown into a force to be reckoned with, and Kickstarter has had some massive success stories. The biggest, of course, is Oculus Rift, the wildly hyped virtual reality headset snapped up by Facebook for $2bn. The most recent, the 100,000 milestone, was [...]
Don’t overhaul private pensions for the sake of saving money, chancellor February 9, 2016 George Osborne has been a radical on private pensions. The 2014 Budget decision to allow individuals to opt-out of purchasing an annuity was a true liberalising measure, enabling people to access their pension pots and use their own savings as they see fit. Yet now it is rumoured that the chancellor might announce a complete [...]
