Results for Pensions tag

Two-person households need an average annual income of £26,000 for a comfortable retirement, Which?’s latest research has found.  With the past year altering many people’s spending habits or potentially accelerating their plans for retirement, finding out how much money is needed to finance a reasonable standard of living in later life has taken on an […]

Gareth Shaw, Head of Money at Which? said: “Pension scams are becoming increasingly sophisticated and can have devastating consequences, leaving savers at risk of seeing their entire retirement income disappearing in an instant. “It’s right that the government is looking to set more stringent expectations on pension schemes to detect potential scams and to act […]

Three in 10 people are overestimating their future state pension payments, some by as much as £50,000 over the course of retirement, as a lack of clear and easily accessible information contributes to worrying gaps in the nation’s pensions knowledge, Which? has found. The consumer champion quizzed thousands of members of the public on their […]

Savers are being put off switching drawdown providers when they retire because of a dizzying array of charges and difficulties comparing costs, but those who do switch could save up to £12,300 over their retirement, according to new Which? Money research. The consumer champion analysed hundreds of different fees across 28 providers to find what […]

Gareth Shaw, Head of Money at Which?, said: “The financial impact of the coronavirus crisis on savings including pensions is a huge concern for consumers, and the uncertainty has created the perfect environment for fraudsters to thrive. “In the last few weeks, there has been a rise in scams and dodgy get-rich-quick investments, so it […]

Jenni Allen, Managing Director, Which? Money said: “The Government is right to recognise that pensions dashboards must work for consumers – so we welcome today’s steps towards achieving what could be a game-changing improvement to the way people manage their pensions “Every dashboard must display all the important information consumers need in a clear and […]

Gareth Shaw, Which? Money expert said: “That such a high number of people in middle-age have not properly considered how they will manage in retirement should be cause for concern. “The current complex pensions system is leading to disengagement, leaving consumers vulnerable through the real lack of information, support and tools needed to empower consumers […]

Gareth Shaw, Which? Money Expert said: “The Government quickly needs to set out how it will introduce the pensions dashboard so that it genuinely helps consumers to see all information they need on all their pensions in one place. “It should be compulsory for all pension schemes to feed information to the dashboard so there is a comprehensive and easy-to-use system for people […]

Which? reveals that if you’re looking to secure an annual household income of £26,000 in retirement you need to be saving £131 a month from the age of 20 and as much as £633 per month if you leave your retirement saving till your 50th birthday. At a time when auto-enrolment means that many more […]

As more retirees consider self-invested personal pensions (Sipps), which offer a pension with wide investment choice and the flexibility to take income, new Which? research finds charges can vary hugely and cost retirees thousands of pounds. In the wake of pension freedoms, Sipps are shifting toward the mainstream and are used by more savers who […]