What is the Triple Lock and How Much Will the State Pension Rise By? By Tanya Jefferies for Thisismoney.co.uk Updated: 11:41 BST, 12 September 2023 The triple lock pledge ensures that the state pension increases each year by the highest of three factors: inflation, average earnings growth, or 2.5 percent. Due to the current high …
Halve Your Pension – and Risk Losing £270,000 By Adele Cooke Updated: 11:44 BST, 10 September 2023 New research suggests that savers who reduce their pension contributions in response to the cost-of-living crisis could end up £270,000 worse off when they retire. According to a survey by global investment manager M&G Wealth, a fifth of …
One in five individuals have made the decision to reduce or completely stop their pension contributions, putting their retirement funds at risk. This is particularly prevalent among men, younger individuals, and those with higher incomes. The current state of inflation means that people need to save even more for their pensions in order to ensure …
The Financial Ombudsman Service has recently ruled in my favor regarding the inadequate advice given by my financial adviser to withdraw my funds from the company pension scheme. Now, the financial service I utilized needs to calculate the compensation based on the formula provided by the FOS. However, they are requesting my product provider and …
Susan Ryan expressed her frustration at the lack of receipt or acknowledgment after paying £824 for state pension top-ups. Many others who have made significant payments to boost their state pension are facing the same issue and are unable to get answers from HMRC or the Department for Work and Pensions. Opposition politicians have criticized …
The State Pension is a topic that garners a wide range of opinions and sparks passionate debates. People have strong views on the cost of providing the pension, the effectiveness of the triple lock guarantee, and government interference. In my previous article, I discussed the sustainability of the triple lock and received an overwhelming response …
HTML tags safety or risk? The debate between using HTML tags for various purposes continues, and it is essential to consider the potential benefits and drawbacks before implementing them. For individuals planning for retirement, the recent volatility in stock markets and bond crashes can be a nightmare. With pension funds invested and bearing the brunt …
As I approach retirement and prepare to receive a full state pension at age 66, I am considering my income strategy. I currently have a defined contribution pension pot worth approximately £100,000 and an old defined benefit pension that will pay out about £4,000 a year from age 66. To maximize my income, I plan …
I am a 74-year-old married woman who receives a reduced state pension due to a short work history. Between 1978 and 1985, I stayed at home to take care of my three children, all under the age of 16. I received credit towards my state pension for four of those years, but the years 1978 …
Aging Workers Concerned About Retirement Expenses By Toby Walne Updated: 08:41 BST, 27 August 2023 According to recent research, older workers are less confident about retiring comfortably compared to their younger counterparts. Only 10% of workers aged over 55 believe their pension will adequately support them in old age, while 30% of workers aged 16-24 …