We Love Pensions!

You will probably gather that ‘We Love Pensions’! 

Here are some news snippets that have caught our eye.

UK pensioners get a worse deal than Colombians 

Pensioners in the UK languish way down the table when it comes to the quality of pension provision offered to the poorest and the self-employed. They’re worse off than counterparts in countries like Colombia, Chile, Australia and Germany*. However, they do enjoy better benefits than those available in France, Italy, Spain and the US.

Pensioners finally get legal protection from cold callers

The long-awaited measures to curb cold calling are now to take effect. Documents released as part of the Budget include draft rules to ban pensions-related cold calling, which the Government will put before Parliament and bring into force “as soon as possible thereafter”.

The Government’s new rules make it illegal for companies to call people out of the blue and discuss their pension plans. Unsolicited calls are banned, and only companies authorised by the Financial Conduct Authority, who have your prior permission, or a trustee of your workplace scheme, will be allowed to call about your pension.

HMRC returns £38m to pensioners 

Last autumn there was some good news for those withdrawing pension cash. HMRC paid back £38m it had wrongly charged pensioners because their system fails to recognise one-off payments and assumes that the amount will be paid regularly. If you have been affected, visit www.gov.uk to find out how to claim a refund.

If you have a question about your pension or investments, feel free to get in touch.

* Mercer, Global Pension Index, Oct 2018