Pension news and articles written by actuaries for actuaries - read the latest research pieces, today's news and latest articles in the Pension's market.

Can we afford TEE?

By Dale Critchley, Technical Reform Manager, Corporate Benefits - Friends Life, part of the Aviva Group
The current bill for pension tax relief is unaffordable according to the Chancellor, but can we collectively afford TEE?

One of the major stumbling blocks for this review is that the current system isn’t understood. A recent survey by Aviva showed that 65% of people didn’t know that government paid 20% into their pension through tax relief, but then 59% didn’t know how an ISA was taxed either. This low level financial literacy represents a barrier to incentivising any saving.

The force of the ISA brand is clearly strong as 41% of respondents said they would prefer a pension ISA, but this fell to 23% when told they would pay more in tax. This is something many people fail to appreciate. Tables produced showing that net in and gross out amounts to the same as gross in and net out lead commentators to conclude that this means TEE is fine as it costs the same.

However, if we look at what happens when we include employer contributions in these calculations it looks a lot more complicated.
Under TEE employees would be taxed and pay national insurance on employer contributions up front rather just tax in retirement. Employer contributions won...Read More

Millennials pension ambitions out of this world

By Angela Seymour Jackson – Managing Director, Workplace Solutions, Aegon UK
This would require a savings pot of over £1.5million, a sum above the pension lifetime allowance (£1.25m), and well above what the lifetime allowance is set to come down to on 6 April 2016 (£1m).To achieve a pot of this size, a person aged 20 who is aiming to retire at age 68, would need to save £500 a month, assuming a 5% net return on their investments. 
When we consider target retirement age, the demands become even greater on this age group, with our research showing 16 to 24 year olds a...Read More

Are the same mistakes being made after Pension Freedoms?

By Lee ColesHead of life after work, Jelf Employee Benefits
There is a palpable need for education, yet the same old familiar mistakes which were present prior to Pension Freedom are being repeated now.
So where are employers going wrong?
The ostrich approach
Not providing any form of financial education is a path chosen by many employers, either because the subject has been considered and discounted, or simply ignored. The principal reasons for rejection are time and cost, which assumes financial education doesn’t save a business time or...Read More

Grumpy Old Pension Men: 26 April 2013

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The Luddite

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Travelling Actuary

This month's Travelling Actuary takes us to the iconic Boston to experience New England at it’s very best.

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