Future pensioners could face “substantial financial difficulties”.
IFS launches pensions review
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Savings
Nearly one in four over 40s have no pension
Figures show 16% of people aged 40 to 75 haven’t saved for retirement.
£5,000 penalty for failure to register trusts
Most trust arrangements need to be registered by September.
Scope of trust registration service extended by HMRC
New legislation aims to provide more transparency.
Savers say £22,500 is ideal retirement income
Ideal income equates to a moderate living standard.
Auto-enrolment threshold frozen for 2022/23
Freeze expected to bring 17,000 more employees onto the scheme.
4 in 10 workers ‘to work past state pension age’
6% of workers doubt they will ever retire.
BoE raises interest rates to 0.25%
Rates rise for the first time in more than three years.
Warning for savers as inflation hits decade-high
Prices rise at fastest rate since September 2011.
New rules to protect pension pots below £100
Proposal designed to help people with multiple pots.
Bank of England resists pressure to raise interest rates
Interest rates maintained at 0.1%.
Salary sacrifices ‘may mitigate the NICs rise’
Employees could benefit in the short-term.
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