Savers are using the pensions freedom rules to dip into their retirement funds at an alarming rate, says David Prosser.
Be careful with your pensions freedom
Pensions are changing. Old-style defined-benefits pensions are disappearing. State coffers are running dry. And the government is constantly fiddling with the pensions rules. A comfortable retirement is by no means guaranteed.
So now more than ever it’s vital that you build up a healthy pot of money that you can draw on to fund your retirement. At MoneyWeek, we can help you do that. Not only accumulating your pension pot throughout your working years, but also making sure it produces the income you need to enjoy your retirement.
Your 3 pension options in 3 minutes from QR on Vimeo.
Latest articles on pensions
A curate’s egg for pensions
Good news and bad for pension savers. The size of the average pension fund in the UK has risen considerably, but many people will be disappointed by the income that their pot can secure.
Pensions cold-calling ban back on the table
The government is to ban all unsolicited calls, text messages and emails relating to pensions under new laws that aim to stem the rising tide of pension frauds and scams.
Get your child a pension
When it comes to saving for retirement, you can never start too early, says David Prosser.
Can you trust your trustee?
Trustees are the front line of defence for defined-benefit (DB) pensions-scheme beneficiaries. But can you trust them, asks David Prosser.
Pensions advice site could land savers in the red
Pension Wise, the government’s pension-advice website, which has so far seen five million visits, could land savers with a shock tax bill because key information is poorly presented
Elderly divorcees could end up much poorer in retirement
With couples who get split often ending up worse off in retirement, pensions have become an increasingly important element of divorce settlements, especially for older couples who may have less time to build up new savings.
The state pension drifts further away
Millions of Britons born between 1970 and 1978 will have to wait up to a year longer than expected to claim their state pension benefits.
Pensions victory for same-sex couples
A Supreme Court victory for a retired businessman who argued that the UK’s pensions legislation discriminated against same-sex couples paves the way for thousands of gay couples to claim improved retirement benefits.
Savers opt for pensions freedom
Almost a third of savers using income-drawdown plans to access their pension take no financial advice before doing so, according to the Financial Conduct Authority.
Will you be forced to pay for pension advice?
Thousands of pension savers will avoid having to pay for mandatory financial advice following a government initiative aimed at those on small pots of retirement cash.