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The state pension is about to get its biggest facelift in a century. Instead of the current confusing system which gives a weekly payout of £107.45, anyone retiring in 2017 will get a flat rate of £155 a week. Money Mail reveals who will be better off — and those who face a poorer old age. Stay-at-home mother Kate Wilkinson (pictured) is in line to benefit from the state pension shake-up. ...read
Pension firms have been enthusiastic about the reforms. It is, after all, in their interests to have us all putting more aside. But if they are to encourage us all to save more, they must be more transparent.
A new flat rate state pension worth £144 a week in today's money is being introduced from 2017, while complicated and unfair old rules are being swept away. What will the changes mean for you?
Millions of lower earners will benefit from a new flat-rate state pension - but higher earners on final salary schemes, who it is thought will pay more in national insurance due to the changes, may actually be able to claim that money back. Around 1.4million private sector staff and 5million public sector employees who are signed up to so-called 'gold-plated' final salary schemes would potentially lose out. ...read
The flat-rate pension will be paid only to new pensioners reaching state pension age from 6 April 2017, the government is expected to announce.
Prudential's research found that people retiring this year expect an annual income of £15,300, a drop from £15,500 last year and fall of 18 per cent below the £18,700 achieved in 2008.
The Office for National Statistics today confirmed that it has rejected proposed changes to the retail prices index, which would have lowered returns on annuities, and index-linked National Savings certificates.
A worrying 3.6million are counting on lottery luck to see them through, despite the odds of winning standing at more than 14 million to one.
The Pensions Regulator has revealed a new set of standards containings 31 quality features that workplace pension schemes should have to give members a better chance of a decent retirement income.
Aviva's latest Real Retirement Report has found that almost a quarter of 65 to 74-year-olds in the UK are still earning a wage; while average savings have fallen from £15,262 to £14,544 in the last two years.
Vibrant campaigns are at the heart of Financial Mail’s coverage of personal finance issues. Financial Mail highlights at the campaigning successes of the past 12 months and looks ahead to the key areas where we will carry on fighting in 2013. ...read
With the introduction of auto-enrolment, 2012 has been a momentous year for pensions, and by the looks of things 2013 will be no different.
The Department for Work and Pensions (DWP) plans to increase the amount you have to be earning before being automatically enrolled into a workplace pension from £8,105 to £9,440.
Workers enrolled automatically onto pension schemes for the first time may cut spending as a result of a percentage of their income being diverted into a retirement pot, says Investec.
Workers baffled by constant changes to the state pension can ask for a personal estimate of when they will retire and how much they’ll receive.
'I won't be punished for being a mum':
The winners and losers in the great state pension shake-up
JAMES CONEY: Make saving for retirement fairer
If pensions firms are to encourage us all to save more, they must be more transparent
New state pension age: when will you retire?
Find out when you will be allowed to retire
Flat-rate state pension explained:
Who are the winners and losers?
Around 6m better-off workers face paying higher tax on flat-rate pensions
But may be able to recoup money through credits
Retiring this year? Then you'll be £3,400 worse off
People retiring expect an annual income of £15.3k, a fall from £18.7k achieved in 2008
NEW PENSION RULES:
New rules to force pension schemes to show employees are getting good deal
Pensioners spared 'stealth attack' on their income
ONS confirms it has rejected proposed changes to the retail prices index
A landmark year for pensions in 2012, so what will 2013 bring?
2012 has been a momentous year for pensions, and by the looks of things 2013 will be no different
Whether retirement is 40 years away or just round the corner, follow our comprehensive guide to retire in riches
How big will my retirement income be if my pension pot is at the soon-to-be-introduced tax-free lifetime allowance limit of £1.25 million? We crunch the numbers and explain just what you could get with a million pound-plus pension - prepare to be disappointed if you don't have a final salary scheme. ...read
People now work for about 11 employers over the course of their working lives - how do you find those you lost touch with and claim your pension?
Castle Trust claims that 63 per cent of financial advisers believe access to residential property investment would help investors with pension planning. But is it a good idea?
I know I will get a state pension and I have paid into three different employer schemes over the years. But I am completely in the dark over whether I will end up comfortably off or poverty-stricken in old age. How do I find out? ...read
Adele Collinson, pictured, owns an arts and crafts busines and worries the new cap on tax-free pension contributions will hit her retirement plans.
Income drawdown enables people, usually with sizeable pension pots, to take an income while leaving their pension fund invested. But it is a flawed product that is symptomatic of the nanny state.
A 'triple lock' commitment was made in 2010, when the state pension rises were controversially switched from the retail prices index (RPI) to CPI, which has historically risen at a slower pace.
The changes will come into force in 2014/15 and are expected to bring thousands more well-off savers into tax on their pension contributions, generating an extra £1 billion in tax by 2016/17.
Thousands of people on the brink of retirement, including dentist Roy Morris (pictured), are losing out because their right to the income boost is buried away in the small print of their pension plan. In some instances the annuities, guaranteed when they first took out their plans, are double those available on the open market, but they are often on offer only for a limited time. ...read
The Pensions Regulator chairman says defined contribution pension schemes provided to workers should be low-charging and large scale.
Chancellor says those in drawdown plans can take an extra 20 per cent income from their pension pots, in a major victory for a Financial Mail and This is Money campaign.
Mr Burnett put money away for his retirement. But though he did everything he should have done, he gets a much smaller pension than he deserves. And by the strict letter of the rules, no one is to blame.
To achieve a £30,000 a year pension income goal, a worker needs to accumulate a pension pot of £600,000 - but only 12% are saving into a scheme. For many young workers like Rizwana Issa, saving for a property takes precedence over a pension.
A suggestion to encourage more companies to re-introduce defined benefit pensions has prompted unease that it could stop workers seeking new jobs.
Savers are losing millions in secret kickback payments to greedy pension salesmen, a Money Mail investigation has found.
Britain's leading economic forecaster has raised the alarm about a generation of workers who would need to increase their pension pot by nearly 80 per cent to retire with the income they want.
The contribution is up by the equivalent of an estimated £2billion this year, with unpaid work including caring for grandchildren, parents and other family members.
More than 100,000 people over the age of 65 are still paying off their mortgages, according to research from a firm that aims to get round the trap of equity release eating a property's value. Meanwhile, a separate report has warned of rising pensioner debts that means the average borrower seeking loans to get them out of the red owes £14,500.
...read
Pension income for women could increase by anything up to 11.4 per cent under the new 'gender equal' pricing plan released by Prudential.
Michael Duncum bagged higher retirement income thanks to a medical condition that he never thought would count for an enhanced annuity.
If you’re in the market for a personal pension, there does seem to be a bewildering amount of different plans to choose from and weighing up cost and complexity against potential returns can be tricky. Here, we take a look at the pros and cons of simple stakeholder pension schemes and more complex Self Invested Personal Pensions (SIPPs). ...read
Providers will have to provide graphs illustrating what proportion of an employee's pension contributions will go on management fees and charges, rather than hiding them away in the small print.
Maurice Bruno rented his first flat 20 years ago and now has four buy-to-let properties as a pension plan.
The FSA says rate reduction will avoid consumers taking out personal pensions being given a 'false impression' of the return they might receive upon retiring.
Wake up your Wealth last week launched its ‘Pension Wizard’, which will offer ‘low cost, automated online financial planning services’.
An unhappy woman's dilemma as she weighs up the financial ramifications of leaving her husband before he dies. This is Money and solicitors Linder Myers explain whether she would be entitled to a portion of his NHS pension should she up-sticks prior to his death.
I'm still many years off retirement, but I'm thinking about the future and want to do something sensible with my extra money.
When I was living off my Prison Service pension, I was paying around £60 tax. But when I began receiving my state pension the income tax on my prison pension went up. What is the explanation for this?
Savers are cheated out of £1billion in retirement income every year because they don't realise they can get a better deal. Some like John Benfield could see a significant boost.
I wondered if it was worth setting up a private pension because I heard that if you had a small pot you could take the lot without buying an annuity.
Phoenix told my brother that it could not pay out his small pension as a lump sum as he had already received more than £18,000 from a private pension scheme. HM Revenue & Customs has told me that the rules have changed. Who is correct?
By 2020, all Britons will have to wait until they're 66 before they can retire. The new rules apply to both men and women. In the meantime, a confusing schedule could hit your plans. We explain the upcoming rule changes to the state pension age. Find out when you will be allowed to retire ...read
Combining pension pots built up in different jobs could make real financial sense
A guide to finding the cheapest Self-Invested Personal Pension (Sipp): Questions you need to ask and a list of low-cost providers
| Prize value | Winning bond No. | Area |
|---|---|---|
| £1,000,000 | 91CW799066 | London |
| £100,000 | 199CY534995 | Surrey |
| £100,000 | 182BA912836 | Cheshire |
| £100,000 | 144XA086544 | Nottingham |
| £100,000 | 186FR209189 | Gloucestershire |
| £100,000 | 10DQ879163 | Northumberland |
| £50,000 | 161DA782860 | Greater Manchester |
| £50,000 | 84XR929122 | Glasgow |
| £50,000 | 181PM915528 | West Sussex |
| £50,000 | 146AQ994652 | Essex |
| £50,000 | 35AM472778 | Berkshire |
| £50,000 | 74PQ732220 | West Sussex |
| £50,000 | 29FS902566 | Outer London |
| £50,000 | 75PD126224 | Hampshire |
| £50,000 | 198ZS524308 | Avon |
New earnings trigger will exclude 400,000 workers from auto-enrolment pensions
Starting point for auto-enrolment to rise from £8,105 to £9,440.
Pension providers to play it safe with low-risk investments for auto-enrolled workers
More 'risk averse' strategies likely to be adopted.
Should you stake your pension on house prices?
Property funds tempt investors, but experts warn of risks
Working for longer, cutting spending and dipping into savings:
...the life of a pensioner in winter 2012
Wealthy savers expected to bolster pension pots
...as they prepare for £40k tax relief cap to be introduced.
Victory on drawdown throws pensioners suffering income plunge a lifeline
Payouts for those using income drawdown will be boosted by a fifth following chancellor's U-turn.
Victory - how Chancellor bowed to pension income campaign
Financial Mail played a ‘pivotal’ role in relaxing of income drawdown rules.
Pensions victory on drawdown rules
Chancellor says those in drawdown plans can take an extra 20 per cent income from their pension pots, in a major victory for a Financial Mail and This is Money campaign.
Why did the tax on my private pension increase?
When I began receiving my state pension the income tax on my prison pension went up. Why?
What next for annuity rates?
*Updated August 2012* Your guide to getting the most from your pension pot
Last chance to reclaim unfairly paid care home fees
Solicitors are warning that thousands could miss out as deadline for reclaiming looms
How the City lost touch with its ultimate owners - savers and pensioners
John Kay's alarming stock market study
Equity release can provide a lifeline, but beware the traps
Many are tapping into wealth built up in their homes as a solution to pensioner poverty
What happens to your pension when you retire?
Our guide to what you can expect from your pension savings.
Will writing guide: How to make a will
It's not a pleasant task, but writing a will can save a lot of future difficulties for loved ones
Are you saving enough for retirement? Try our 2 minute health check calculator
GOGet advice on all aspects of estate planning, including inheritance tax and wills
GOGet advice on all aspects of annuities and pension drawdown
GOFind an independent financial adviser
This is Money is part of the Daily Mail, The Mail on Sunday & Metro Media Group
© Associated Newspapers Limited 2011
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