Triple lock changes for 2022–23

Matthew Barrand Pensions

After much speculation, in September, the Secretary of State for Work and Pensions, confirmed suspension of the average earnings component of the pension triple lock to avoid a disproportionate rise of the State Pension following the pandemic. For the 2022-23 tax year only, the new and basic State Pension will increase by the higher of either 2.5% or the consumer …

Amendment to minimum pension age rules

Matthew Barrand Pensions

On the 4th November, the government published the Finance Bill 2021/22 which includes an amendment to the normal minimum pension age rules that apply in advance of the change from 55 to 57 in 2028. The minimum age at which people can access their pension will increase from 55 to 57 from 6 April 2028, except for those with a …

Get to know your pension ages

Get to know your pension age(s)

Matthew Barrand Pensions

Did you know that the phased increases to State Pension age (SPA) reached 66 for both men and women in October 2020 and it’s set to rise further? The minimum age for taking funds from a personal pension is also set to rise in 2028. Getting to know your pension ages, and what you can expect to receive, is vital …

Pension pots

Number of old pension pots unknown for one in eight

Matthew Barrand Pensions

One in eight people do not know how many old workplace pension pots they have, according to a poll carried out by Interactive Investor. With an average age of 55, 13% of customers of the investment platform said they did not know how many old workplace pensions they have. The poll, which was recently conducted on the Interactive Investor platform …

If you are self-employed

Self-employed? Be pension proud

Matthew Barrand Pensions

Last year was challenging, with job losses and pay cuts causing many to tighten their budgets. It was particularly difficult for the self-employed, with many freelancers losing income as companies cut costs and stopped using contractors. Despite government grants being available, many self-employed workers have found they are not eligible. Almost five million people in the UK are self-employed, or …

Pensions

Tackling the growing number of small pension pots

Matthew Barrand Blog, Pensions

The Pensions Policy Institute (PPI) has published a report examining the growing problem of small deferred pension pots and how the issue might be addressed. The number of deferred pension pots in the UK is likely to rise from 8m in 2020 to around 27m in 2035. Member charges often erode small, deferred member pots over time and small pots …

Private pensions age rise is confirmed

Matthew Barrand Pensions

In September, the government confirmed the private pension age will increase from 55 to 57 in 2028, meaning those retiring in the future will have to wait longer to access their pension.

Access Pension Info Online

Pensions Dashboards Programme- progress update report

Matthew Barrand Pensions

The vision of the Pensions Dashboards Programme could not be simpler. Its aim is to enable individuals to access all their pension information online, securely and all in one place, thereby supporting better planning for retirement and growing financial wellbeing. However, the delivery challenges underlying this vision are significant even more so in the current circumstances. Delivering this valuable service …

Pension Withdrawals

Pension Withdrawals hit record in Q4 2018

Matthew Barrand Pensions

Payments made under the pension reforms of 2015 have steadily climbed and hit 628,000 in the final quarter of last year, up from the  121,000 in the second quarter of 2015 when the reforms took effect. Interestingly, the average withdrawal dropped to a record low of £7,197 in Q4, down from £7,597 in the  previous quarter. This could be a …

Colombians

UK pensioners get a worse deal than Colombians

Matthew Barrand Blog, Pensions, Retirement

Pensioners in the UK languish way down the table when it comes to the quality of pension  provision offered to the poorest and the self-employed. They’re worse off than counterparts in countries like Colombia, Chile, Australia and Germany. However, they do enjoy better benefits than those available in France, Italy, Spain and the US.  This article was featured in a …