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 [...]
Vickie Sheriff, Which? Director of Campaigns and Communications: “Which? has long called for greater protection for consumers who want to take advantage of the pension freedoms by using income drawdown products. Annuity holders are already completely protected, so it’s right the regulator is looking to extend the safety net for other retirees.”
Vickie Sheriff, Which? Director of Campaigns and Communications, said: “Pension scams are a worrying problem and are costing savers millions of pounds. Should the Chancellor announce plans to crackdown on pensions cold calling it would be a victory against criminals who will always find ways to try to target even the savviest people. “No legitimate [...]
New Which? research finds that high charges and hidden costs are eroding pension pots by as much as a third of their value. At a time when auto-enrolment means many people are becoming pension investors for the first time, Which? has found expensive fund charges and hidden costs that are not being disclosed by pension [...]
Vickie Sheriff, Director of Campaigns and Communications, Which? said: “The decision to cancel these plans will be disappointing for those who wanted to take advantage of the new pension freedoms. However Which? raised concerns that some people may not get a good deal, so it would have been wrong to move forward without assurances that [...]
As research shows fraudsters targeting people under-55 and encouraging them to access their pension early is on the increase, Which? investigates some of the causes. City of London Police figures show that in the 12 months to February 2016, £13.2 million was lost to pensions liberation scams – an increase of 26% on the previous [...]
Alex Neill, Which? Director of Policy and Campaigns, said: “It’s right that the FCA is bringing in this cap on pension exit fees. People shouldn’t be unfairly penalised for accessing their money. This announcement is a good first step and the regulator must now turn its attention to other charges people face when trying to [...]
Which? executive director Richard Lloyd said: “The Financial Conduct Authority is right to review the retirement income market. Last year’s radical pension reforms and the complexity of financial decision making in retirement make it critical that the regulator does all it can to ensure this market works well for consumers. The FCA should address concerns [...]
New research from Which? reveals that many of those approaching retirement are still in the dark about aspects of the new state pension. From next Wednesday, a new state pension system will take effect. The new system aims to simplify how much people will receive and when they are eligible to claim the state pension. [...]