Natalie McNicholas, a mother of three from Bournemouth, received the demand a year after a court ordered that she receive half of her husbands pension pot in their divorce settlement. But in 2011 the insurer wrote to Natalie telling her that it had got its sums wrong, and wanted the outstanding £97,626.39. ...read
Pension tracker
Are you saving enough for retirement? Try our 2 minute health check calculator
GOInheritance planning
Get advice on all aspects of estate planning, including inheritance tax and wills
GOAnnuities
Get advice on all aspects of annuities and pension drawdown
GOFind an adviser
Find an independent financial adviser
Thousands of pensioners will struggle with debts of up to £100,000 that need to be paid off in retirement
Research from retirement firm MGM Advantage claims that potentially more than 250,000 Britons are seeing out their retirement with credit card, personal loan or overdraft debts of between £25,000 and £100,000. They are among the four million (34 per cent) of retirees with personal debts, not to mention 1.5 million or so who enter retirement with money still owing on their mortgages.
Landmark retirement reforms bringing £144-a-week flat-rate state pension confirmed in Queen's Speech
'We are trapped': The life-long school friends split by the £44k state pension divide
For almost half a century, many of the girls in the Ilkley Grammar School hockey team, main picture, have stayed close. Despite their lives going separate ways the bond from those happy times in Yorkshire has always remained. But now Denise MacGregor, bottom right, will get a poorer pension than Linda Hull, top right, simply because she's five months older. ...read
Latest from Pensions
- What happens to the money in pension pots if nobody claims them? And should you worry about losing one?
- Victory for mother hounded by Scottish Widows for £100,000 at a fortnight's notice - after it got its own pension sums wrong
- Squeeze on pensioners sees the number of over 65s still in work grow by almost 100,000 in two years
- Thousands of pensioners will struggle with debts 'of up to £100,000' to pay off in retirement
- How to make the most of a smaller pension pot: Don't stand by as your nest egg is eaten up by low rates and inflation
- Landmark retirement reforms bringing £144-a-week flat-rate state pension confirmed in Queen's Speech
- 'It was a no-brainer to take the pension rather than the cash': Why lump sums don't add up for many with final salary pensions
- The end of £66-a-week married person's pension: Who - and how many - will it affect?
- 'We are trapped': The life-long school friends split by the £44,000 state pension divide
- Ban on pensions middlemen whose rip-off fees wipe out retirement savings
- MPs call for lifeline for women who stand to lose out when £66-a-week married person's state pension is scrapped
MUST READ FROM PENSIONS
- Thousands of pensioners will struggle with debts 'of up to £100,000' to pay off in retirement Alarming figures from retirement firm MGM Advantage
- Can I take my entire small pension pot as a tax free lump sum and leave my final salary scheme untouched? An expert answers
- The end of £66-a-week married person's pension: Who - and how many - will it affect?
- How to make the most of a smaller pension pot: Don't stand by as your nest egg is eaten up by low rates and inflation
- Auto-enrolment guide for small businesses This is Money has compiled a checklist so small employers can make a smooth transition into auto-enrolment.
- Should wealthy retirees pay back their extra benefits? Winter fuel payments, free bus passes and free TV licences under scrutiny.
- Financial MOTs for all 50-year-olds 'should be paid for by the taxpayer' The radical suggestion has been put forward in a paper on equity release by The Smith Institute.
- 'Google has become nation's financial adviser' Workers turning to search engine to decipher confusing pension jargon
- The Bank of Gran and Granddad Two in five retiring this year will support their kids to the tune of £240-a-month
- Cheddar cheese to be used by Dairy Crest to solve its £84m pensions pickle Pasteurised pension protection for former milkmen
HOW TO RETIRE IN RICHES
Pensions - guide gallery
Whether retirement is 40 years away or just round the corner, follow our comprehensive guide to retire in riches
YOUR PENSION: ESSENTIAL READING
Flat-rate state pension explained: Who are the winners and losers?
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. Who are the winners and losers - and what will the changes mean for you? ...read
Skip your daily latte. Ditch the TV channels you never watch: 10 steps to become a pension millionaire
It's never too late to save for a pension. But it can seem like there is no spare cash to put aside. Here, we’ll show you how to find some. And by cutting your bills, quitting expensive habits, and using your salary wisely, you could build a much healthier pension pot. Start early enough and it could even hit £1 million. ...read
Cheddar cheese to be used by Dairy Crest to solve its £84m pensions pickle
The dairy giant has agreed to offer £60million worth - 20 million kilogrammes - of its maturing cheese stock as security for its pension fund as it battles to fill the holes in its final salary scheme. It will also pump an extra £40million into the fund, which has an £84million deficit, using proceeds from the £341million sale of its French spreads business St Hubert. ...read
ASK A PENSIONS EXPERT
Can I take my entire small pension pot as a tax free lump sum and leave my final salary scheme untouched?
I have both a final salary pension and a money purchase pension into which I am still contributing. Ideally I would like to take all my final salary pension as an income rather than a reduced pension and cash. Is there any way I could use my money purchase pension to cover the cash element I could have taken from the final salary pension? ...read
Can I pay extra into the second state pension so I get more than £144-a-week flat rate in 2016?
I have paid enough National Insurance to qualify for the full basic state pension, but is there anything I can do now to boost my state pension above the new £144-a-week flat-rate that will come into force in 2016?
New state pension age: Find out when you will be able to retire with our guide
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
Premium Bonds winners
Prize value | Winning bond No. | Area |
---|---|---|
£1,000,000 | 115NG869546 | Cumbria |
£100,000 | 19DE565681 | Preston |
£100,000 | 13GA272814 | Overseas |
£100,000 | 119AK187065 | Kent |
£100,000 | 55PM363212 | Birmingham |
£100,000 | 180AW369428 | Kirklees |
£50,000 | 28FZ404108 | South Yorkshire |
£50,000 | 56BL067688 | Reading |
£50,000 | 160AL560239 | Merseyside |
£50,000 | 112FF430914 | Leicestershire |
£50,000 | 190GK818526 | Kent |
£50,000 | 115GQ321214 | Staffordshire |
£50,000 | 175YF740080 | Brighton and Hove |
£50,000 | 199LD622418 | Cleveland |
£50,000 | 144NX146695 | Hereford and Worcester |
More gems from Pensions...
- 'The end of annuities' As retirees face miserly returns on their pensions we ask...are annuities still up to the job?
- 'Want to move closer to your family in old age? Then pay us £20,000 to get out of your equity-release loan' A family's shock.
- Two in five over 45s expect to sell their home to fund long-term care ..despite Government attempt to limit costs.
- Hargreaves Lansdown online tool to find best retirement income from annuities under fire for hefty charges Commission charge of up to 3.5 per cent.
- 10 steps to become a pension millionaire We’ll show you how to find some spare cash to squirrel away for retirement.
- What you need to know about annuities and how to make the most of your pension pot This is Money guide
- Will pension providers finally help their customers get the best value annuity? Guide to new rules for annuity providers.
- What next for annuity rates? We round-up the latest on annuity rates, and take a look at where they're headed next.
- The pension MOT: How can I make the most of my workplace pension? Use This is Money's checklist to see whether your employer is providing a decent pension plan.
- 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?
- 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.
Latest from Pensions
- What happens to the money in pension pots if nobody claims them? And should you worry about losing one?
- Victory for mother hounded by Scottish Widows for £100,000 at a fortnight's notice - after it got its own pension sums wrong
- Squeeze on pensioners sees the number of over 65s still in work grow by almost 100,000 in two years
- Thousands of pensioners will struggle with debts 'of up to £100,000' to pay off in retirement
- How to make the most of a smaller pension pot: Don't stand by as your nest egg is eaten up by low rates and inflation
- Landmark retirement reforms bringing £144-a-week flat-rate state pension confirmed in Queen's Speech
- 'It was a no-brainer to take the pension rather than the cash': Why lump sums don't add up for many with final salary pensions
- The end of £66-a-week married person's pension: Who - and how many - will it affect?
- 'We are trapped': The life-long school friends split by the £44,000 state pension divide
- Ban on pensions middlemen whose rip-off fees wipe out retirement savings
- MPs call for lifeline for women who stand to lose out when £66-a-week married person's state pension is scrapped
- Over 65s have lost £4.6bn-a-year in banking crisis aftermath due to poor investment returns
- Women and young workers remain ignorant of generous tax relief on pension savings
- 10 steps to consider before equity release: Could releasing money from your home help your retirement?
- Beware the easy pension option: Lifestyle investments far 'riskier' amid fears the bond bubble could burst
Pension tracker
Are you saving enough for retirement? Try our 2 minute health check calculator
GOInheritance planning
Get advice on all aspects of estate planning, including inheritance tax and wills
GOAnnuities
Get advice on all aspects of annuities and pension drawdown
GOFind an adviser
Find an independent financial adviser