Pensions and Retirement

Future needs and costs of social care for OAPs in Wales are being discussed with citizens according to The Independent Commission on Social Services. Costs for the country's social care currently sit at around £1.2 billion, which is spend on caring for over 150,000 people. Professor Geoffrey Pearson, chairman ... read more

More than 40 per cent of older workers plan to carry on working into their late 60s and 70s, according to new research.The Department for Work and Pensions (DWP) said that 25 per cent plan on working for a few years beyond being able to claim the state pension.DWP figures, ... read more

Pensioners in Nottingham are to be faced with increased costs for services to elderly people next year.Nottingham City Council has entered a consultation period on its budget for 2010 which includes recommendations on how to save £18.8 million, the Nottingham Evening Post reported.Included in the proposals are plans to increase ... read more

The Christmas bonus received by UK pensioners from the government has been criticized for being too low.Liberal Democrat spokesman for work and pensions Steve Webb called the £10 payment a "slap in the face for pensioners".The £10 bonus is the same amount issued when the payment was introduced nearly 40 ... read more

British Airways may be unable to shut its pension scheme, one financial expert has claimed.Independent policy adviser Dr Ros Altmann has said the airline's staff may be protected by a 1948 redeployment agreement, which is not widely known.Pension commentators have been puzzled by BA's refusal to close its pensions to ... read more

The proposed merger between British Airways (BA) and Iberia could be halted by BA's soaring pension deficit.BA revealed earlier this week that its pension deficit now satnds at £3.7 billion.Under the terms of the agreement, Iberia can walk away from the deal when the gap is anywhere above £3 billion.A ... read more

Three additional schemes have transferred into the Pension Protection Fund (PPF), highlighting the vulnerability of pensions in the current economic climate.Butler Pension Scheme, Clark & Co (Engineers Grimsby) Pension Scheme, and Clark & Co (Womersley Road) Pension Scheme, which have 275 members between them, have now been taken in.The PPF ... read more

The Pensions Regulator has issued a warning for workers who are currently saving into a final salary scheme.According to a report from the organisation, some employers are using financial inducements to tempt employees out of the schemes and other, less expensive, pension plans.However, final salary schemes tend to offer stronger ... read more

Guidance on pension planning for workers worried about their retirement savings has been collated by Unbiased.co.uk.The financial advice website canvassed professional opinion on the issue following the release of data from the National Association of Pension Funds, showing that only 23 per cent of private sector final salary schemes are ... read more

Recent changes to a pensions code of practice have been enforced.The Trustee Knowledge and Understanding (TKU) code from the Pensions Regulator requires scheme trustees to follow pre-set guidelines on their responsibilities.For example, they are now required to have knowledge of the "essential elements" of certain documentation relating to their scheme.Trustees ... read more