January 2013 Archive

FSA launch inquiry into annuity market

The FSA is investigating the UK annuity market

The Financial Services Authority has launched an inquiry into the annuity market to investigate whether customers are being encouraged to scour the market for the best deal.

MPs told history will judge QE as "a monumental mistake"

The NAPF reports that there has been a rise in the number of final-salary pension schemes closing

The National Association of Pension Funds says in its annual review that there has been a dramatic rise in the number of final-salary pension schemes closing their doors to new staff.

Public Accounts Committee slams HMRC customer service levels

HMRC has been criticised for the time it takes to answer calls

The tax office has again been criticised by MPs for the slow response in answering taxpayer calls. Its performance was described as "disappointing" and "unambitious."

Redundancy payments reach record high of £4.9 billion

Redundancy payments in the UK reached a record high of £4.9bn

Redundancy payments reached a record high of £4.9 billion in the 2011-12 tax year as the total paid out in redundancy since the financial crisis began has now topped £18 billion.

UK jobs number breaks new record at 29.7 million

The latest unemployment figures show a record number of people in work

The latest unemployment figures show a fall of 37,000 taking the unemployment total below 2.5 million and the nunber of people in work has reached a record high of 29.7 million.

Annuity rates fall by 11.7% in 12 months

Annuity rates have fallen by 11.7% in 12 months

New research by MGM shows that the decline in annuity rates is continuing and pension savers are being urged to consider all options to find a better return.

Prudential reports debts down for people entering retirement

Debt levels have fallen for people retiring in 2013

The Prudential's 'Class of 2013' retirement report shows that the average debt a person takes into retirement has fallen by 18 per cent in the last year.

ILO: Global unemployment to reach record high of 202m in 2013

Unemployment will rise in 2013, particularly for young people, a new report predicts

A new UN report by the International Labour Organization predicts that global unemployment will rise by fove million in 2013 to reach a new record high.

Will you be paid if you can't get to work because of snow?

What are your snow employment rights?

If you have been unable to get to work today because of the snow, what are your employment rights? will you be paid or will you have to take holiday or make the hours up?

OFT to probe new auto-enrolment company pension schemes

The OFT is to investigate defined contribution pension schemes

Auto-enrolment is gradually being introduced, increasing the number of people using company pension schemes, so the OFT is launching a study to protect savers.

Ten expert pension tips on how to plan for your retirement

The key to a comfortable retirement is financial planning

The New Year is a good time to review your pension provisions. Pensions experts McCarthy & Stone run through ten expert tips to help you take control of your future.

Can I withdraw money from a pension fund that is paying out to me?

Got a problem with your pension? Then Ask The Expert

A reader wants to know if they can access all of the funds invested in a pension fund that is already paying out some money to them

£130k annuity pot needed to get same income as new state pension

Pensions Minister Steve Webb is to outline reforms to the state pension

The government is set to introduce a new flat rate state pension in 2017 and pensioners would need a £130,000 annuity pot to get the same amount of money, according to research from Prudential.

UK taxpayers big losers as ONS makes no change to RPI

The ONS has decided that there will be no change to how the retail prices index is measured

Pensioners have received a boost as the retail prices index measure of inflation that dictates the increase of pensions has surprisingly been left unchanged.

Annuity rates drop by 11.5%, biggest annual drop since 1998

A comfortable retirement is more difficult to secure, says the Prudential

A new report by the Prudential shows that annuity rates have fallen by 18 per cent since 2008 and the impact is even worse when inflation is taken into account.

IDS: Benefit reforms ensure "it always pays to be in work"

IDS says welfare payment increases since 2008 have been almost double that of private sector salaries

Iain Duncan Smith wants to break the link between benefit increases and inflation and says the Universal Credit is being introduced to ensure "it always pays to be in work."

Iain Duncan Smith plans tax credit reforms to stop fraud

IDS: Tax credits "haemorrhaging money"

Iain Duncan Smith, Secretary of State for the Department of Work and Pensions says that Labour's tax credit system is open to fraud and has cost taxpayers £10 billion so far.

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