Pensions - Articles

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Minimise women's pension penalties

Susan Hope, Scottish Widows Retirement Expert, commented: “Saving into a spouse’s pension, also known as third party contributions, is a helpful, but often overlooked, financial planning tool. Not only can it maximise tax relief for those who have used up their allowance, but it can also provide a helping hand to your spouse if they haven’t been able to build up their own retirement savings.
Posted on Wednesday Sep 17

How do people out of employment fare when SPA rises

Catherine Foot, Director of the Standard Life Centre for the Future of Retirement, commenting on the IFS’s report How do people already out of employment fare when the state pension age rises
Posted on Wednesday Sep 17

Do not make panic withdrawals ahead of the Budget

Millions of people saving in Defined Contribution (DC) pension schemes can usually take 25% of the their pension pot as a tax-free lump sum once they reach 55 (57 from April 2028). The most that can be taken is £268,275.
Posted on Wednesday Sep 17

Charities see improving DB pensions funding in 2025

The combined reserves of the largest 40 charities in England & Wales that sponsor DB pensions schemes now sits at £49bn in 2025, according to Hymans Robertson’s annual report on DB pension funding in the charitable sector. The analysis also shows a 5% rise in average funding level of the DB schemes since 2024.
Posted on Wednesday Sep 17

Professional trustee market matures but growth slows

LCP’s latest and fifth annual survey on the Professional Trustee and Sole Trustee market – LCP Sole Mates highlights that while growth has slowed in the market, concentration continues apace with 80% (£800bn) of the £1.1 trillion scheme assets that Professional Trustee (PT) firms are responsible for managed by just 4 firms.
Posted on Wednesday Sep 17

Lack retirement confidence as cost of living bites

New research from PensionBee reveals that September is a pinch point for household budgets, with rising bills leading many to reconsider their long-term savings. A nationally representative survey of 1,000 UK adults found that utilities and energy bills (26%) and food (20%) top the list of September money worries, followed by back-to-school costs (16%) and rent or mortgage payments (15%).
Posted on Wednesday Sep 17

Over £70 billion withdrawn from pensions 2024/25

Pension savers withdrew over £70 billion from their retirement pots in 2024/25, an increase of 36% compared with the previous year, according to new data from the FCA
Posted on Tuesday Sep 16

Tax free cash withdrawals rise 63% to £18.3 bn in 2024/25

Withdrawals of tax-free cash pensions have more than doubled in the last two years, new figures from the Financial Conduct Authority reveal. £18.3 billion of tax-free cash was withdrawn in 2024/25, a 63% rise on the £11.3 billion recorded in 2023/24 and more than double the £8bn withdrawn 2022/23.
Posted on Tuesday Sep 16

DB to DC transfers continue to fall in 2024/25

The retirement income market data 2024/25 from the FCA shows that the number of Defined Benefit (DB) to Defined Contribution (DC) pension transfers continues to decrease.
Posted on Tuesday Sep 16

State pension set to rise by at least £561.60 from April

Standard Life and Broadstone comment as average earnings likely to determine next April's state pension uplift under the triple lock. Pensioners will welcome the uplift, but questions on tax and long-term sustainability remain
Posted on Tuesday Sep 16

Latest earnings figures set minimum for state pension rise

Office for National Statistics announces year on year earnings growth for May to July as 4.7%. This is one of the three possible figures that will determine next year’s state pension triple lock. As already higher than the 2.5% minimum, pensioners now await September’s inflation figure, due mid-October.
Posted on Tuesday Sep 16

A third of people relying on inheritance to fund retirement

32% of people said they thought they would need an inheritance to have enough income to live on in retirement. 44% said they wouldn’t need one and a further 24% said they were unsure. Younger people were more likely to think they would need an inheritance, with 39% of those aged 18-54 saying so. This compares to one in five (21%) of those aged over 55. It can be challenging relying on an inheritance to fund retirement as people’s plans and wishes may change.
Posted on Monday Sep 15

New inheritance tax on pensions legislation

The Society of Pension Professionals (SPP) have responded to the HMRC consultation on draft legislation relating to inheritance tax on pensions.
Posted on Monday Sep 15

Party like its 1998

Fed set to cut rates for the first time this year after 10 months, fuelling global stock market highs. AI optimism and strong earnings are powering a rally from Asia to the US. UK and Europe face hurdles as sticky inflation and fiscal pressures complicate the path for rate cuts outside the US.
Posted on Monday Sep 15

Insights from emerging LGPS valuation results

There have been funding level improvements between 2022 and 2025 according to Hymans Robertson’s initial valuation results for 35 English & Welsh (E&W) LGPS funds. The analysis shows, however, that changes in funding levels within the LGPS will be varied at the 2025 valuation.
Posted on Monday Sep 15

Invisible workers left behind

With millions across the UK facing a pension crisis, PensionBee is sounding the alarm on Pension Awareness Day, urging the government and the freshly relaunched Pensions Commission to protect the nation's 'invisible workforce'.
Posted on Monday Sep 15

Only 4 in 10 working Boomers feel prepared for retirement

Only 41% of the 3 million+ working people aged 60-69 agreed they feel prepared for retirement. Almost the same proportion - 36% - said they do not feel prepared. Figures raise concerns about take-up of pre-retirement support, says Just Group
Posted on Monday Sep 15

Over half admit to doing little to no research on retirement

Pension Awareness Day (Monday 15th September 2025) is a key reminder for people to take action and review their retirement savings to get a realistic sense of their pension options.
Posted on Monday Sep 15

Trustees play key role in pension scams crackdown

Trustees play key role in pension scams crackdown as £48,000 lost every day to fraud and lump sum withdrawals rise 60%
Posted on Thursday Sep 11

Gen X signals a shift in work life priorities

Twice as many UK workers want a sabbatical than have taken one – with Gen X (44-59) showing the biggest gap between desire and reality. Health and wellbeing are the top motivators: among those who would consider a sabbatical, 57% say they’d use the time to recharge and reflect. Financial and structural barriers persist, with 45% citing affordability and 22% pointing to lack of employer support as key obstacles.
Posted on Thursday Sep 11

Misuse of scam warning flags unnecessarily delays transfers

Thousands of pension transfers are being held up unnecessarily by providers who are raising flags for transfers that have no real scam risks, according to new analysis.
Posted on Thursday Sep 11

A third have voluntarily increased pension contributions

31% of UK adults have increased their monthly pension contributions beyond the minimum, and 10% have made one-off lump sum payments. Standard Life analysis finds boosting monthly contributions by just 2% could result in £52,000 more in retirement. Making one-off payments of £1,000 every five years could add £21,000 to your pension pot
Posted on Wednesday Sep 10

Projected losses from poorly informed transfers hits GBP500m

Projected losses from poorly informed pension transfer decisions have increased by half a billion pounds in just 18 months, according to new analysis from People’s Pension
Posted on Wednesday Sep 10

Pension Landscape 2025

PensionBee has released its annual Pension Landscape for 2025. Based on analysis of more than 285,000 PensionBee customers as at June 2025, it reveals the substantial differences in average pension pot sizes, depending on a saver’s age, gender and location.
Posted on Wednesday Sep 10

SPP helps to bring abolition of administration levy closer

Various amendments to the Pension Schemes Bill have been tabled in Parliament this month, including an amendment on the Administration Levy drafted by the Society of Pension Professionals (SPP).
Posted on Wednesday Sep 10