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Latest News

July 2017

Glen Callow

21 Jul 2017

Longer wait for state pension

Six million people now aged between 39 and 47 will have to wait a year longer to get their state pension, says the BBC. The government announced that the rise in state pension age from 67 to 68 will be brought forward six years to 2037-39. The government said the new rules would save taxpayers £74bn by 2045/46..
Glen Callow

20 Jul 2017

Warning on pension freedoms

Many of the one in three people who have taken cash from their pensions since the rules changed in 2015 did so without taking advice, says the Telegraph. It cited warnings from the regulator that it might have to step in, and advisers said many of those who hadn't taken advice would probably have paid too much tax already or would do so in future. In particular, taking money out of a pension, paying tax on the withdrawal and then putting the cash into an ISA would result in them getting much lower returns on their money.
Glen Callow

19 Jul 2017

Save 18 per cent for a pension

To provide for a comfortable retirement, today's new employees need to save 18 per cent of their earnings to supplement the flat-rate state pension, according to a think-tank report, says the Financial Times. The actual rates used in auto-enrolment pension savings schemes are far below that level. So people entering the workforce today face a “monumental savings challenge”, the International Longevity Centre-UK said in its report.
Glen Callow

18 Jul 2017

Worry over slowdown in life expectancy gains

A report commissioned by the government has confirmed there has been a sharp slowdown in gains in life expectancy, says the Financial Times. Up till 2010, a woman gained on average an extra year of life expectancy every five years (for men it was an extra year every 3.5 years), but since then the gains have halved to one year for an extra ten years for women and six for men. The report's author pointed to a decline in the rate of increase in annual healthcare spending from 3.8 per cent a year up to 2010 to 1.1 per cent a year since then.
Glen Callow

17 Jul 2017

Don't rush to pay off their debt

Financial Times columnist Merryn Somerset Webb returns to the subject of student debt as the interest rate on student loans has risen to 6.1 per cent. She points to flaws in the system: all British universities charge pretty much the same regardless of how much their graduates will earn, and graduates repay too little from low salaries and too much from high ones. But the key for parents is that any unpaid debt is written off after 30 years (a recent report says 77 per cent of graduates won't repay the debt in full and write-offs will cost the government £5.9 billion a year). So let them take on the loans, she says, and wait to see if they get a high-paying job: only in that case does it make sense to pay off the debt.

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