Personal finance
If you're one of the millions of employees or self-employed individuals without access to a company pension scheme, consider investing in a personal pension plan to build a tax-efficient retirement fund. Since their introduction in July 1988, some 5 million employees have taken out personal pensions, but their
Personal finance
A decision over whether to opt out of the state earnings-related pensions scheme (Serps) using a personal pension plan depends on factors such as income, age, and the scheme's charges. Those earning less than £8,500 a year will receive a small National Insurance contribution rebate, making it
Personal finance
The Department for Education is poised to put the Teachers' Pension Scheme, which covers over 1.1 million teachers, out to tender to the private sector. This move, revealed in documents seen by The Sunday Times, could mark a significant shift in the management of occupational pension schemes in
Personal finance
Debbie Harrison's article highlights the critical need for understanding pension planning in the face of scandals and uncertainty. The basic building blocks of state schemes, occupational pensions, and individual private plans are as follows: almost 10 million people receive a state pension, 11 million employees rely on occupational
Personal finance
Many people investing in personal pensions are unaware of hidden charges that can significantly reduce their retirement savings, according to a new survey by actuarial firm Bacon & Woodrow. These charges, which include stockbrokers' commission, trusteeship fees, custody fees, and stamp duty, are often not included in the annual
Personal finance
Women in Canada are increasingly facing poverty in their old age due to inadequate pension savings, according to experts. The current pension system and benefits are not providing enough support for women, who have historically had limited opportunities to earn retirement benefits. The situation is likely to worsen as more
Personal finance
A lengthy investigation by Allied Dunbar into the activities of one of its top salesmen, David Ascough, has revealed that he teamed up with a former police inspector, Colin Milner, to allegedly mis-sell pensions and other investment plans to as many as 500 people. The duo, which included Ascough, a
Personal finance
Pension planning has taken a hit in recent years, following high-profile scandals in personal pension plans and employers' schemes. However, for the average person, a pension should be a top investment priority. With property no longer considered an investment, some argue that pension planning should have equal, if not
Pensions
Margaret Hicks, a supply teacher from South Africa, was twice advised by a Legal & General salesman to buy a personal pension instead of joining the teachers' pension scheme. As a result, she is now thousands of pounds worse off. Hicks assumed that she was not eligible for the
Pensions
The Association of Teachers and Lecturers (ATL) has warned victims of the pension transfer scandal that compensation proposals involving top-ups into personal pensions are inadequate. On the eve of a report by the Securities and Investments Board (SIB) into the pensions scandal, ATL general secretary Peter Smith stated that reinstatement
Personal finance
Thousands of former servicemen and women are believed to be missing out on millions of pounds in war pensions, with some losing up to £100 a week. The Royal British Legion has launched a campaign to raise awareness of the benefits and encourage them to apply. Anyone who was injured
Personal finance
The government has been championing personal responsibility for pension savings, but the reality for millions of people in company pension schemes is far more complicated. With nearly 11 million people relying on company pension schemes compared to about 4 million personal pension holders, the role of Additional Voluntary Contributions (AVCs)
