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Wealth Management News

News in 2017
06 Dec 2017 Over-50s renters not saving enough to cover rent in retirement

Growing numbers of people are renting in retirement, but not everyone who is currently, or will be, living in rented accommodation is prepared for this extra cost in later life. Research from Scottish Widows shows that renters aged 50 plus need to save more than £6,000 extra each year,...

29 Nov 2017 Over-50s underestimate life expectancy by up to eight years

Eight out of ten people (78%) over the age of 50 are significantly underestimating how long they are likely to live, according to research by Retirement Advantage. The company warned that many people could be left without sufficient income if they underestimate their years in retirement...

15 Nov 2017 Two fifths of over-50s will seek professional advice for retirement planning

A growing number of over-50s in the UK plan to discuss their retirement finance options with a professional financial adviser. New research from Retirement Advantage revealed that two fifths (42%) plan to speak to a financial adviser, up from 38% last year. The internet is anoth...

08 Nov 2017 Divorced women missing out on pension savings

Women in the UK are losing out on £5bn every year because seven in 10 couples don´t consider pensions during divorce proceedings, according to new research from Scottish Widows. What´s more, even when pensions are discussed during a divorce settlement, women are still missi...

01 Nov 2017 Half of the over-50s plan to stay in work

New research has found that half of the over-50s in the UK plan to keep working after they reach state pension age. The survey for Retirement Advantage revealed that 49% want to continue working in some form after reaching retirement. Of these, 43% plan to switch to part-time work, whil...

25 Oct 2017 Millions don´t pay into a pension, FCA survey reveals

Millions of people in the UK are not saving enough for their retirement, according to the Financial Conduct Authority (FCA). For many people, the state pension will not be enough to maintain living standards. Yet the FCA´s Financial Lives Survey 2017 revealed that around 15 millio...

18 Oct 2017 Talk about inheritance with your children, says Saga Money

New research suggests that over-50s are cutting back on essential living costs so that they can build an inheritance pot for their loved ones. Saga Money has urged families to talk about inheritance after its survey found that while retired people want to save to pass on an inheritance,...

11 Oct 2017 Savers who transfer pensions often get unsuitable advice, FCA finds

Pension savers who seek financial advice on transferring out of a “final salary” scheme are often given unsuitable recommendations, according to an investigation by the Financial Conduct Authority (FCA). With growing numbers of people abandoning defined benefit (DB) schemes, the reg...

04 Oct 2017 Retirees willing to take financial risk, survey shows

The over-50s are increasingly prepared to take a degree of financial risk in order to grow their pension pot, according to new research by retirement specialists Retirement Advantage. A survey of 1,005 over-50s who are yet to retire, and who have private or defined contribution pensions...

27 Sep 2017 More people seeking advice over pension transfer options

Savers are increasingly looking for financial advice about pension transfers, following the introduction of pension freedoms in 2015. According to new research from Aegon, three quarters (76%) of financial advisers expect an increase in clients in the coming year, and more than half of ...

20 Sep 2017 Four in five expect to need residential social care

Four in five people expect to need residential social care in their old age, and they have a good idea about how much that would cost, according to new research from Aegon. Most people also have realistic expectations in terms of how long older people typically spend in residential care...

13 Sep 2017 FCA plans to bring back retirement interest-only mortgages

The Financial Conduct Authority (FCA) is considering relaxing the rules around mortgage lending to bring back retirement interest-only mortgages. In a consultation paper, the regulator explained: “Work for our forthcoming Occasional Paper on the Ageing Population has identified a regu...

06 Sep 2017 Cash Isas losing their appeal, with investments down £20bn

People are saving less money in cash Individual Savings Accounts (Isas), as low interest rates and tax changes make them a less attractive option. Figures from HMRC show that the amount saved has dropped by a third in just one year. In the 2015-16 financial year, cash Isa holder...

31 Aug 2017 UK adults lower their inheritance expectations

Working age adults in the UK are lowering their expectations around inheritance when planning their financial futures, according to new research. The survey included 1,000 adults aged under 45 and 1,000 adults of pensionable age (65+), revealing that 69% of working age adults are not co...

23 Aug 2017 Pension cold calling to be banned

A ban on all forms of pension cold calling, including emails and text messages, has been announced by the UK Government to help protect private pension savers from fraudsters. The move has been welcomed by Citizens Advice, whose own research found that as many as 10.9 million people rec...

16 Aug 2017 Private pensions boost retirement income by £10,000 a year

Pensioners´ incomes have risen dramatically over the past 40 years because growing numbers of people have been investing in private and workplace pensions. In 1977, only 45% of retired households received income from private pensions (including workplace pensions, individual perso...

09 Aug 2017 Self-selected funds in auto-enrolment outperform average default funds

People with an auto-enrolment pension who actively select funds are likely to end up with a bigger pension pot, new research suggests. Financial service company Hargreaves Lansdown found that the average performance of the top 10 funds chosen by savers outperformed the auto-enrolment de...

02 Aug 2017 Retirement income planning: no longer a one-off decision

People planning their retirement income are looking for flexibility, with differing levels of income for different stages of retirement, according to new research. A report from software company IRESS on the retirement income market, which draws on IRESS data and other sources from acro...

26 Jul 2017 Risk of pension benefits going to the wrong person when you die, warns Royal London

Who will get your pension benefits when you die? With recent figures from the Office for National Statistics (ONS) showing increased rates of divorce and marriage among over-65s, Royal London has warned of the growing risk that people´s pension benefits will go to the wrong person when th...

19 Jul 2017 Accessing pension pots early is ´new norm´

Withdrawing retirement savings early has become ‘the new norm´, and more than half of people who take their pension savings early withdraw the full amount, according to a major new study by the UK financial regulator. The Financial Conduct Authority (FCA) launched the Retirement...

12 Jul 2017 Equity release increasingly used for home improvements and to help younger generations

Older people are using equity release to future-proof their homes and improve the lifestyle of themselves and their families, according to research by the Saga Equity Release Advice Service. Market data from the Equity Release Council shows that growing numbers of people are freeing up ...

28 Jun 2017 FCA tightens up rules on pension transfer advice

The Financial Conduct Authority (FCA) has proposed new rules regarding the advice that is given to consumers considering transferring their pension. The proposals relate to advice on pension transfers where savers have safeguarded benefits, primarily for transfers from defined benefit t...

21 Jun 2017 Executors need longer period to pay inheritance tax bills, says Royal London

Royal London is calling for changes to inheritance tax rules so that people who act as executors to the estates of family and friends have more time to settle inheritance tax bills. The mutual life insurance and pensions company warned that executors currently face paying IHT bills out ...

14 Jun 2017 One in four plan to downsize or relocate in retirement

One in four over-50s in the UK plan to move house when they retire, according to new research. In a survey for retirement specialist Retirement Advantage, Censuswide questioned 1,013 UK adults over the age of 50 who are yet to retire. Of those who plan to move, almost two thirds (62%) i...

07 Jun 2017 Three pension associations join transfers group

A cross-industry group on improving transfers and re-registrations of pensions and investments has expanded to include workplace schemes. The group was formed in early 2016, when eight of the leading investment and pension trade associations, alongside nominees from member firms, joined...

01 Jun 2017 Delaying retirement until 70 can add £300 a month to your income, study claims

New research suggests that delaying retirement for a few years past state pension age could boost your pension pot by thousands of pounds. Life insurer Aegon said that a 65-year-old could gain an additional £314 per month in retirement income (£771 per month instead of £457) by conti...

24 May 2017 Business owners more prepared for generational wealth transfer

Business owners are better prepared to pass on their wealth, according to a global study by RBC Wealth Management. The research showed that almost two-fifths (39%) of high net worth business owners in the United States, Canada and the UK have a full wealth transfer plan in place compare...

17 May 2017 Retirement incomes hit highest level since 2014

Retirement incomes have reached a 33-month high, according to a report from personal finance website Moneyfacts. The latest Moneyfacts Personal Pension and Annuity Trends Treasury Report reveals a second consecutive quarter of growth, with the average retirement income (based on someone...

10 May 2017 Majority of the UK´s self-employed don´t have a retirement plan

The UK lags behind most of the world when it comes to retirement planning among the self-employed. New research carried out by insurer Aegon in 15 countries reveals that only 44% of self-employed people in the UK have a retirement plan, compared to 60% globally. And only one in ten have...

04 May 2017 Investors should avoid ´dash for cash´, says Royal London

New figures from HM Revenue and Customs show that investors continue to favour cash ISAs, despite the relatively low rate of return offered by these savings accounts over the long term. Aggregate figures for 2014/15 and 2015/16 reveal that around £120bn was deposited into cash ISAs ove...

26 Apr 2017 Record growth for equity release in first quarter

Growing numbers of people are taking advantage of equity release to boost their retirement finances, a new report reveals. Equity release allows older homeowners to unlock the wealth tied up in their property without having to sell it and move to another home. Depending on the plan chos...

20 Apr 2017 New dashboard will help savers track their pension pots

A new ‘pensions dashboard´ due to launch in 2019 will enable people to see all their pension savings in one place. It will bring together data from companies that run pension schemes, such as employers and insurance providers, as well as the Department for Work and Pensions. The...

12 Apr 2017 Venture capital investment in UK startups on the rise, despite Brexit fears

New figures suggest that Britain is shaking off concerns over the Brexit vote, as the economy is enjoying a rise in investment from venture capitalists, City A.M reports. According to KPMG´s quarterly Venture Pulse report, more than USD1bn (GBP804mn) was invested in British tech s...

05 Apr 2017 Ros Altmann: DIY pensions not cause for concern

Despite concerns about the rising popularity of self-invested personal pensions (Sipps), former pensions minister and Labour pensions spokesperson Ros Altmann says this may not be a bad thing, the FT Adviser reports. According to new research by fintech firm Origo, since the pension ref...

29 Mar 2017 Three strong UK shares for 2017 income investment

Writing for the What Investment website, Hargreaves Lansdown senior analyst Laith Khalif revealed the three best UK shares for income investors to put into their ISAs in 2017. In terms of the income investing outlook as a whole, Khalif noted that it has become “increasingly difficult ...

22 Mar 2017 One in seven will retire this year with no pension

New research claims that one in seven people retiring this year have not adequately prepared their finances for retirement, the FT Adviser writes. According to Prudential´s tenth annual retirement report, too many people nearing retirement have not saved enough - or any - money in...

15 Mar 2017 One in four families have just £95 in savings

New research has revealed that around one in four families in the UK have just £95 in their savings and investments accounts, as the gap between low and high earners widens, CityAM writes. According to a new study by Aviva, the savings gap between low- and high-income families in the U...

08 Mar 2017 Rate increases on fixed-rate bonds bring small hope to savers

Savers have finally received some positive news as newer banks increase their rates on fixed-rate bonds, This Is Money reports. While the increases are only small, they are higher than at any time during the past ten months, which is likely to come as welcome news. Atom Bank has...

01 Mar 2017 MPS: Keeping triple lock could push pension age above 70

A group of MPs has warned that continuing with the triple lock pension legislation could push the state pension age (SPA) above 70, meaning that some people may not even live long enough to start receiving it, City Wire has reported. According to a report released by the work and pensio...

22 Feb 2017 Cash ISA rates fall as savers look to use their allowance before tax year ends

As the end of the tax year approaches, ISA owners have just weeks left to use their allowance. This is Money shares some advice for would-be savers looking to cash in before the deadline. The current rules allow for individuals to put up to £15,240 into a cash ISA before April 6th in o...

15 Feb 2017 Common mistake could leave millions of pensions in peril

A new report published this week raises serious questions about the longevity of millions of people´s pensions, as it was revealed that a significant number of pensions ran the risk of running out all together before retirement, all due to people following an inaccurate rule. Aego...

08 Feb 2017 Pensions advice allowance increases to £1,500

The Government´s HM Treasury has significantly increased the amount of money people are able to access from their pension before retirement in order to fund financial advice, City Wire recently reported. Previously, the pension advice allowance was just £500; but following a cons...

01 Feb 2017 Survey exposes weakness in workplace pensions savings schemes

A new study has exposed significant weaknesses in the government´s pension auto-enrolment policy, which could affect millions of employees, Business Matter reports. According to the survey, conducted by the Association of Consulting Actuaries (ACA), around 12 million private secto...

25 Jan 2017 Understanding the new Lifetime ISA

With the government set to launch a new type of tax-free savings account - the Lifetime ISA - in a few months´ time, The Mirror recently offered a brief overview of what the account entails, and whether savers should open one. As the publication notes, the Lifetime ISA was announc...

18 Jan 2017 Industry concerns over government savings advice

Pensions industry experts have voiced their concerns about a new government leaflet offering savings advice, arguing that it promotes Isas while failing to mention pensions as a savings option, the Financial Times reports. The leaflet – ‘Ways to save in 2017´ – was published...

11 Jan 2017 Aviva and LinkedIn partner up to track down forgotten pensions

Insurance company Aviva wants to join forces with social network LinkedIn to help uncover the 2.5 million unaccounted-for pension funds, wired.co.uk reports. The initiative follows an Aviva report conducted last year, which found that 13% of the 10,000 p...

04 Jan 2017 Ask the experts: Personal finance New Year´s resolutions

With the start of the New Year, and 78% of Brits intending to save over the coming months - according to Masthaven - the City A.M. website recently offered some advice on personal finances. Below are some of the financial resolutions experts suggest you should make for 2017. Maximise yo...

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