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Will the planned defaults for those retiring be in their best interest?
As a result of the new Pensions Bill, announced in the King’s speech, it will be interesting to hear more of the plans for trust-based schemes to be legally required to offer retirement income solutions to members, including default investment options.
40% concerned about not having enough savings for unexpected costs
According to WEALTH at work’s latest research of over 2,000 workers, the biggest financial concerns for the year include not having enough savings for unexpected costs (40%), not being able to save enough for the future (38%),
Increasing number of workers fear they will never be able to afford to retire.
The number of people in full-time employment who believe they will never be able to afford to retire because of the impact of the rising cost of living is on the rise, with two fifths (39%) of workers claiming they will never be able to afford to stop working, up from one in three (33%) twelve months ago.
National Insurance saving could be used to boost workplace pension.
As announced in The Spring Budget, National Insurance (NI) is reducing from 10% to 8% from April 2024.
Individuals should act fast to make the most of their ISA allowance.
With the end of the tax year fast approaching, there is still time for individuals to take full advantage of their £20,000 ISA allowance.
Top 10 tips for managing your money this festive season.
Managing your money during the festive season can be challenging, but some careful planning could mean you are able to enjoy the holidays without getting into debt.
How to track down lost pensions and guidance on pension consolidation.
The total value of lost pension pots has grown from £19.4 billion in 2018 to £26.6 billion in 2022. There are 2.8 million lost pension pots sitting unclaimed because they’ve been simply lost or forgotten about.
How BT supports employees to build financial resilience and prepare for retirement.
Research by WEALTH at work found that 83% of employees are concerned that the cost of-living crisis will mean they will have to work longer before retiring and 33% think they won’t ever be able to afford to retire at all.
The cost of money worries.
New research from WEALTH at work has revealed that many full-time workers admit that money worries are impacting their work, with 23% struggling to concentrate and 15% saying their productivity has decreased.