Wealth Knowledge

Over-50s are open to a transitional retirement Almost half of UK workers over the age of 50 would prefer to make a gradual transition towards retirement, research claims. Opinium polled 1,007 over-50s, all of whom earn more than £20,000 a year, and found that 49% would prefer to adjust the amount of time they work

Wealth Knowledge – January 2019 1 in 4 do not know their state pension age Almost a quarter of people aged between 50 and 64 do not know when they will be able to receive the state pension, research from Age UK finds. YouGov polled 1,040 adults approaching retirement on behalf of the charity, with

A quarter of over-55s unaware of pension tax More than a quarter of people approaching retirement are unaware of the tax charge they will face if they withdraw their pension savings as cash. According to a survey of more than 2,000 over-55s by Legal & General, 27% believe they can access their pension pot tax-free,

Auto-enrolment contributions fall 5.5% in five years The average amount saved by employees in workplace pensions slumped 5.5% in the five years following the introduction of auto-enrolment. Figures from the Office for National Statistics (ONS) show the typical employee/employer contribution fell from a high of 9.7% in 2012 to just 3.4% in 2017. This is

10 million savers use state pension forecast More than 10 million savers have used the Government’s state pension forecast facility, following its launch in 2016. The online Check Your State Pension service enables retirement savers to find out how much they could get from the state pension, and when they are due to receive it.

MPs call for the Lifetime ISA to be abolished MPs have rounded on the Lifetime ISA (LISA), calling for the savings product to be withdrawn less than 18 months after it was introduced. The LISA was introduced in April 2017, and encourages people aged 18 to 40 to open an account to either save towards

Cashing-in pension pot could cost savers Savers could be losing out on retirement income by withdrawing cash from their pension pots, a regulator has warned. A report by the Financial Conduct Authority (FCA) found that some customers in drawdown could receive 37% more retirement income every year by investing in a mix of assets rather

One in three underestimate wait for inheritance More than a third of people underestimate the time it might take to receive their inheritance, according to research from Co-op Legal Services. In a survey of 2,000 UK adults, 37% said they expect to wait between four and six months to receive their inheritance following the death

1 in 3 retirees enter drawdown as novice investors Almost a third of people using drawdown to fund their retirement have no investment experience, research shows. YouGov polled 742 retirees on behalf of Zurich and found that 32% have never invested in the stock market before, while 41% of those using drawdown received no prior

Retirees display false confidence in pension products Many retirees have misconceptions about their options to provide a retirement income, a report of around 13,000 people has claimed. A study from the Financial Conduct Authority (FCA) discovered that 80% of those who accessed their pension pots in the last two years felt they understood their retirement