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Latest News

Lack of understanding 'to blame for women's attitude to retirement plans'
Women 'to be more reliant on state pension'
Retirees 'want more than basic state pension'
People urged to 'wake up' to pensions

State Pension Help is Wrong

The pension reform minister has admitted that information given to some women has been wrong.

Many women who do not get a state pension could be eligible if they were to pay unpaid National Insurance contributions but were told this was not possible.

Stating that mistakes had been made the pension reform minister said that he could not say that mistakes would never be made again but they were doing all they could to ensure that there was less chance of this happening again.

It is also being considered if there are any ways to make it easier for those women with an interrupted work record could pay contributions and improve their pension.

Government pensions estimates 'unrealistic'

The Association of British Insurers (ABI) has claimed that the government needs to be "more realistic" in predicting the costs of a National Pensions Savings Scheme (NPSS).

A spokesperson for the organisation, Jonathan French, said that although their cost assumptions were correct, the government had not placed enough emphasis on other factors to do with the detail and design of personal accounts.

His comments came after evidence given by ABI director general Stephen Haddrill to the Work and Pensions Select Committee claimed that running the national pensions scheme through the state, rather than the private sector, could cost as much as 20 per person for enrolment rather than the 5 mooted in the Turner Report.

Mr French said that the ABI had undertaken "detailed research" into the issue after the Pensions Commission's second report in November 2005, adding that scheme participation rate was one aspect that had not received enough emphasis when costs were being calculated.

He said: "One of the things is participation things like lapses. Even if people start a pension they may well end it prematurely or just stop paying into it.

"I think the plan under auto-enrolment is that they will be asked if they want to opt in on an annual basis. And of course someone could choose to opt out of it at the very beginning so that is a potential problem. This is where it all stems from."

Spanish retirees warned to think about pensions

Older Britons heading off to retire in Spain have been advised to get their pensions in order before they go.

Bank of Scotland International said that more than one million Britons are currently receiving their pension abroad and this is set to triple to 3.3 million by 2050. Around 75,000 are receiving their pension in Spain at the moment.

British expats are only permitted to collect a state pension abroad, however, if they have paid the requisite National Insurance contributions over the years, and pension benefits people are entitled to in the UK may be affected by a move to Spain, the bank advised.

Tony Wilcox, managing director of Bank of Scotland International, said that for many people, moving abroad was a very exciting time, but that it was important to have adequate financial planning in place.

He added: "Ensuring that you have made arrangements regarding your pension before leaving the UK can avoid a considerable amount of hassle at a later date."

Halifax also recently reminded people buying property in Spain that a change in the law means that Britons must get their Numero de Identificacion de Extranjero identity number before they can buy a property.

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