Over time, pension schemes close, merge or become renamed
Changed job? Moved house? It’s not always easy to keep track of a pension, especially if you’ve been in more than one scheme or have changed employers throughout your career. Over time, pension schemes close, merge or become renamed. So even if you remember the name of your scheme, it could now be called something else.
Change is the only constant in life. It inevitably involves twists and turns, with some that are expected while others may be entirely unplanned. When this happens, it’s important to feel secure with the knowledge that you have the right contingency plan in place.
The coronavirus (COVID-19) pandemic has impacted on every aspect of our lives, affecting individuals’ financial situation and for many, their plans for retirement. If you are approaching retirement in the next 12 months, your plans should be under continuous review.
Older homeowners received a £1.94 billion property wealth boost in the first half of 2021, data shows[1]. More than half of the proceeds of equity release (52%) were used to clear mortgages (45%) and manage unsecured debts (7%) while 23% was used to help family and friends – notably for help with house deposits as buyers rushed to beat the end of the Stamp Duty holiday.
The staggering impact of the gender pension gap has been revealed in research which shows that women have lower pension pot sizes in every age bracket, with the situation significantly deteriorating as they approach retirement[1].
Gen Xers expected to face significant challenges in retirement
With many ‘Gen Xers’ (those born between 1965 and 1980) having entered the job market too late to benefit from final salary pensions, yet too early to benefit from schemes such as auto-enrolment, this group is expected to face significant challenges in retirement, if policymakers fail to respond urgently.
COVID-19 increases desire for sustainable investing for half of UK adults
The coronavirus (COVID-19) pandemic has prompted a desire to move into ethical and sustainable investing for more than half (51%) of advised UK adults, according to a new report[1]. And while the trend is common across the generations, it’s Millennials who are leading the charge.
Pandemic threatens pushing over 50s into pension poverty
More than half (53%) of people in their 50s fear running out of money in retirement, as they have been the most likely to face job and income losses of any age group during the coronavirus (COVID-19) pandemic (23%), according to a new report[1].
Providing an income or nest egg for your loved ones to enjoy, long after you are gone
The way that you decide to take your pension will affect what you can do with it when you pass away. While it’s not always easy to talk about, the way you eventually pass on your pension has the biggest impact on other people, so it will help talking to your spouse, children – or other people close to you, when you’re deciding how you take your pension savings.
It’s been nearly two years since the first novel coronavirus (COVID-19) case was detected. The economic impact of the pandemic has not been equally distributed amongst all adults and where inequalities existed before the pandemic these may have been widened or closed.
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