Reforms designed to get more people saving for retirement have been pushed back so many times that the latest delay scarcely made the news. It will now be October 2018 before minimum employer contributions to workplace pensions are fully phased in. Previously, this was supposed to happen by October 2017 – and before that by 2016, and before that by 2015.
Picking the right balance of assets for your portfolio depends upon your own risk profile. One way to protect your portfolio is to spread your risk by diversifying across several different types of investment funds and classes of securities and localities in order to distribute and control risk.
The Chancellor of the Exchequer, George Osborne, presented his third Budget speech to Parliament on 21 March 2012. It maintained the government’s strategy to reduce the deficit, contained far-reaching tax reforms and support for growth and reward for work. The Chancellor set out the actions the government will take in three areas – creating a stable economy, a fairer, more efficient and simpler tax system and further reforms to support growth.
Pension legislation is always on the move and keeping up to date with the latest changes could open up new opportunities for you in retirement. In April 2011, some of the most significant changes in pension legislation for five years were announced.
Most of us don’t like to think about how we would manage if we were ill and unable to work. But it’s important to sit down and think about the future in this way, if only to give both you and your loved ones peace of mind.
Retirement is something we all look forward to and, even if it seems a long way off, the crucial question is ‘Do you have enough saved for a comfortable retirement?’
Most people, during their career, accumulate a number of different pension plans. Keeping your pension savings in a number of different plans may result in lost investment opportunities and unnecessary exposure to risk.
If you’ve lost the details of a pension the Pension Tracing Service may be able to help by providing your pension scheme’s address. You can then contact the scheme and find your entitlement.
The annuity market is very competitive and rates differ between annuity providers. You can substantially increase your pension income by purchasing your annuity from the company which pays the most income. This is called ‘exercising the Open Market Option.’
Why your annuity will have to last you for longer
An annuity is an investment which will pay you an income for the rest of your life, no matter how long you live. This is achieved by handing over your pension fund to an insurance company in return for an annuity when you retire. The insurer then guarantees to pay you an income for the rest of your life via the annuity.