FCA overdraft rules: What they mean and which banks have hiked fees December 18, 2019 Millions of people may see changes to their available bank balances today as new overdraft rules from the financial watchdog covering how overdrafts are displayed come into effect. The Financial Conduct Authority (FCA) has ordered UK banks to stop including overdrafts in funds marked as “available” to customers, in a move designed to make it [...]
Pension funds are putting more money into property debt December 17, 2019 When the Alternative Credit Council recently predicted that the global private debt market will be worth in excess of $1 trillion by the end of 2020, some might have called the claim a little audacious. Only seven years ago, less than £1 in every £10 lent in the UK came from an alternative lender. Today, [...]
Avoiding the mistakes of the British Steel pension scandal December 4, 2019 For those of us who haven’t been blessed with gold-plated pensions, the mere thought of sacrificing a guaranteed income in retirement might seem insane. So it may come as a surprise that around 210,000 people transferred out of defined benefit pension schemes in 2018/19, more than double compared to the previous year, according to figures [...]
The conflict of interest around pension transfers December 4, 2019 Going back 40 years, most employees were members of defined benefit pension schemes. Things have certainly changed. Access to defined benefit schemes has dropped significantly, while the proliferation and membership of defined contribution schemes has soared. In April 2015, the pension freedoms liberated funds by offering individuals easier access to their savings from age 55 [...]
Revealed: the global league table of pension worry November 27, 2019 | City Talk Where in the world are investors most concerned about their pension savings? Schroders surveyed over 25,000 investors to find out. Experts often warn of a growing crisis in retirement saving. A study by the World Economic Forum, for example, calculated that the total shortfall in some of the world’s largest pensions markets would grow from $70 [...]
Thousands could face ‘huge’ tax bills for failing to report pensions growth November 26, 2019 Thousands of pension scheme members could face large tax bills for failing to report pensions growth on their tax returns. HMRC said today it was aware some individuals have not reported exceeding the annual allowance for pensions contributions, which currently stands at £40,000. Read more: Exclusive: Pensions minister demands simpler workplace pension statements “This admission [...]
Through technology, crime is closer than you think November 21, 2019 Money laundering often gets a laugh: the laundrette at the end of the road that’s never open to launder clothes, a running joke about a dodgy colleague, or the time a friend inadvertently cleaned cash for a bloke they met in a pub when you were students. But the reality is that the pervasiveness of [...]
Changing the childcare system is the answer to closing the gender pension gap November 7, 2019 The average monthly cost of childcare in the UK is more than the cost of the average mortgage, which serves as a stark reminder of the financial burden facing many families. Childcare costs can be so enormous that it often makes financial sense for one parent to take a career break or work part-time to [...]
Exclusive: Pensions minister demands simpler workplace pension statements November 1, 2019 Long, confusing workplace pension statements could be a thing of the past if a government initiative, set to be unveiled today, comes to fruition. Pensions minister Guy Opperman wants pension providers to be clearer and more concise about savers’ pension prospects, and will today warn that he will legislate if he does not see change [...]
What problems do savers face when transferring their pensions? October 30, 2019 If you want to transfer your pension to another company, you could find it quicker to fly to Mars. That’s not an exaggeration – in some instances, it can take six months for your provider to process your request, so it’s hardly surprising that some people simply don’t bother trying to move their money at [...]
