The changes to public sector pensions planned by the government have been roundly criticised by trade unions who claim that they will knock thousands of pounds off the incomes of workers. The TUC is an organisation that represents a total of 58 unions and are outraged at the fact that the government decided to switch
Nick Clegg claims that the current public sector scheme has to be cut because it is grossly unfair and overly expensive The deputy prime minister, Nick Clegg, said that public sector schemes are far too costly and they look certain to cut in the emergency budget. The Office for Public Responsibility (OBR) showed figures which
The National Employment Savings Trust (NEST) is a new low-cost pension scheme backed by the Government, which is meant to be introduced in 2017. The NEST used to be known as the Personal Account. NEST is part of the Government’s plans to improved occupational pensions. The other main component of the reforms is auto-enrolment, which
Post 2006 pension reform most pensions now allow a tax free lump sum of 25% of the value of the fund on retirement. Minimum retirement age for pensions is now 55 after April 2016. This cash free lump sum is a benefit which makes pensions a more tax efficient vehicle than the alternatives. Although, ISA
The pension landscape in the UK is facing a crisis people are living longer, but too many people are not saving adequately for their retirement. In particular, individuals on low-to-moderate incomes are not putting enough money aside for their retirement years. To encourage more of us to save for retirement the Government is changing
Past performance is not a guide to future returns and the value of investments and income can go down as well as up.