Pensions UK
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New £268,275 cash alert for UK pension savers
New £268,275 cash alert for UK pension savers There are several widespread misconceptions about the rules for taking tax-free cash from pensions that could prompt savers to make the wrong decisions with their retirement savings Millions of employees could be making serious errors with one of the most valuable benefits of pension saving. Experts caution that confusion surrounding the regulations on pension tax-free cash is causing some savers to make hasty decisions that could leave them...
Exact amount you need to have a ‘comfortable’ retirement, pension experts reveal
Exact amount you need to have a ‘comfortable’ retirement, pension experts reveal The cost of a comfortable retirement is now thousands more each year The Retirement Living Standards report has revealed exactly how much people will need to have each year in retirement in order to live the lifestyle they want. But pension experts warn only 9% of people might have enough in their pension to afford a ‘comfortable’ retirement. The Pension UK report calculates how much a minimum, moderate and...
Workers given 5 per cent pension warning as you could be losing out
Workers given 5 per cent pension warning as you could be losing out Money Saving Expert has warned people not to opt out of their workplace pension or drop contributions below five per cent Workers have been issued a five per cent pension warning, as they risk "throwing away free cash". You could be missing out on vital funds without even realising it. In the UK, most people have access to two types of pension: the State Pension and a workplace pension.
DWP Minister shares update on nearly half a million Brits facing ‘frozen pensions’
DWP Minister shares update on nearly half a million Brits facing ‘frozen pensions’ Hundreds of thousands of people are affected by the policy State pension is increased each year thanks to the triple lock guarantee, adding extra cash into each payment to ensure it keeps up with inflation. However, nearly half a million British retirees are not eligible for this annual increase and some have been receiving the same rate for decades. This is known as ‘frozen pensions’, affecting people who...
New pensioner '£2,100' alert as 'you may need to put more aside'
New pensioner '£2,100' alert as 'you may need to put more aside' The retirement living standards are produced by academics at Loughborough University Brits aiming for a secure retirement now face even steeper costs, according to fresh data. Analysis highlighted by Which? Money revealed that a 'comfortable' retirement for a couple now requires £62,700 annually – up £2,100 from last year's £60,600 – as escalating food, household and transport expenses continue to strain pension pots.
People born before 1976 told 'make crucial check before it's too late'
People born before 1976 told 'make crucial check before it's too late' It could make all the difference in the years to come People in their 50s have been told it's time to make a crucial check. Financial advisers and money experts have responded to Pension UK's updated Retirement Living Standards (RLS) report, which shows that under a quarter of people are predicted to have a moderate standard of living in retirement. They say that, for anyone in their 50s who has not saved enough for their...
New Labour MP DWP state pension 'not enough' update
New Labour MP DWP state pension 'not enough' update Under the current system, the full new state pension is worth up to £241.30 weekly Brits nationwide have been cautioned that they may need to prepare more comprehensively for life after retirement. Millions of employees are being alerted they "cannot rely on the state pension" alone to finance their retirement as new research reveals the extent of Britain's impending pensions shortfall. The stark warning came from senior Labour MP Debbie...
DWP Winter Fuel Payment confirmed for Brits born before key date
DWP Winter Fuel Payment confirmed for Brits born before key date The Department for Work and Pensions (DWP) has confirmed the birth date cut-off for Winter Fuel Payment eligibility in 2026/27 The Winter Fuel payment is a benefit available to certain older Brits, covering nine million across the UK. The Department for Work and Pensions (DWP) has announced that elderly residents in England or Wales during the September qualifying week, born on or before June 27, 1960, will be entitled to a...
State pension rise to 67 in June for people born in these years
State pension rise to 67 in June for people born in these years The state pension age is the earliest date you can get your state pension but millions of people will now have to wait longer to claim The state pension age is rising to 67 - with millions of retirees being impacted. The state pension age is the earliest date you can claim your state pension.
Capita £370M bid 40% under UK.gov estimate for Oracle HR and finance system project, court case reveals
A new court filing has revealed the UK’s Department for Work and Pensions accepted a bid from Capita to run its new Oracle-based HR and finance system at £272 million less than its own cost modelling. In March, the UK outsourcing company won the contract for running shared services for £370 million over ten years. The central government department had earlier produced a "Should Cost Model" — designed to protect against a bias towards low bids — which provided a total price of £642 million,...