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at least one element of retirement income maintains its value, and unless it is continues there is an increased risk that future pensioners will not achieve adequate retirement incomes. People currently ... nearly a tenth of households aged 55-64 had wealth of more than £1.3 million, a tenth were facing retirement with total assets (including personal possessions and private pension savings) of less than £27
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pension; interaction of pensions with debt and benefits; on-going management of retirement savings; mortgage lending in retirement, and how to repay an unpaid interest-only mortgage; advice on dealing with ... overlap, and are difficult to carve up into neat categories. For example, someone with a lump sum on retirement may well be faced with a decision on whether to use it to pay off a mortgage, save it in cash against
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build up an adequate retirement income. 2. The single-tier State Pension 2.1 Clause 1 creates ‘a benefit called State Pension’. Age UK welcomes the change from the term ‘retirement pension’ which does ... to build up private provision, it must also enable those with higher earnings to have a decent retirement income. A flat-rate pension will provide a simpler platform for savings but the level is important
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world of pensions must be a key priority given the extent of change and impact on people throughout retirement. We support the intention to facilitate affordable advice models, however we remain of the view ... products and services provide good outcomes for consumers not just at the point of retirement but also throughout retirement including into later older age. It is important that the Advice Unit consider how
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the largest households 19 Cluster 4 comprises working women with modest means 20 Cluster 5, all retired, forms the largest cluster 21 Cluster 6 faces an uncertain future 22 Cluster 7 is highly vulnerable ... lifestyle they found it difficult to change. Cluster 5, comprising both men and women, were all retired. There was a wider range of views across this cluster, some feeling very settled for the future
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prosperous by paying more of its citizens to be idle is clearly nonsensical. On that reasoning, if the retirement age came down to 25 we would all be as rich as Croesus.’i The view that there is a fixed amount ... Scheme was introduced in 1977, aiming to incentivise women aged 59 and men aged 64 to take early retirement, and therefore – so the logic went – free up jobs for registered unemployed young people. It ran
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We are concerned that people with pension pots below £10,000 may no longer receive the full retirement risk warnings. Many people with savings at this level will depend upon their pension savings, and ... making inappropriate investments. The FCA should continue to protect all consumers with the full retirement risk warnings. If it does allow a less intensive regime for small pots, we think a threshold of
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if you can pay for an item in instalments but only if you are working, this would disadvantage retired people. Harassment This is when you experience behaviour that makes you feel intimidated, humiliated
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National Employment Savings Trust (NEST) to expand its remit to offer products to consumers in the retirement income marketplace. At present NEST operates only as a pensions saving scheme, and its members ... the most suitable options. 1. Introduction The Freedom and Choice reforms have shaken up the retirement income product marketplace, creating a ‘brave new world’ for pension decumulation. Many savers
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of our ageing population; making housing more affordable and incentivising change.2 Specialist retirement housing, including sheltered accommodation and extra-care housing, can offer basic support for ... hospitals, and can provide community living and associated benefits to quality of life. All forms of retirement housing need to be built within age friendly communities, to ensure that residents have full access
