Age UK welcomes help for savers unveiled in today’s Budget statement, but at the same time highlights that the poorest pensioners won’t benefit from the changes announced. {DynamicContent:Social… continue reading Powered by WPeMatico
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The latest budget from George Osborne could be good news for older motorists and bingo players alike, experts suggest. Chancellor George Osborne has already suggested he is not prepared to stray fr… continue reading Powered by WPeMatico
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In its tone and delivery the Budget speech sounded good news for pensioners, and there is much to applaud in the Government's proposals. But before getting carried away with enthusiasm it is important to take a cool look at what … Continue reading →
Age UK welcomes help for savers unveiled in today's Budget statement, but at the same time highlights that the poorest pensioners won't benefit from the changes announced. {DynamicContent:Social...
The UK labour market continues to improve for people aged 50+ with another record high for the number of people aged 50-64 in employment. The number in work has risen by 318,000 over the past year and the employment rate for 50-64 year olds has risen faster (+1.3 per cent ) than for any other age group over the period. Two-thirds (69.3 per cent) of the total rise in UK employment over the past year has been amongst those aged 50+. But how many in this age group classified as ‘employed’ are in fact self employed is not known nor how much work…
Commenting on today's Budget, Age Cymru's Head of Policy and Public Affairs Graeme Francis says: "The UK's rigid pensions system has become increasingly out of step with the reality of contemporary...
A welcome help for savers but no gains for the poorest pensioners says Caroline Abrahams, Charity Director, Age UK.
Our rigid pensions system has become increasingly out of step with the reality of contemporary working lives so we hope that the more flexible approach announced today will revitalise pension saving, giving younger age groups more hope of future security in retirement.
We particularly applaud the immediate changes announced today that will allow the millions with several small pension pots to draw their money in cash – it's a move Age UK has been campaigning for over many years.
We are also very pleased that guidelines are to be introduced to offer pensioners and those approaching pension age impartial face to face financial advice. Giving people a real choice about how and when to use their pension savings is the right approach, but it must be an informed choice so the advice available to them when they make this crucial decision needs to be first rate. Making this a reality will be central to the success of the reforms and we look forward to working with the Government and the financial services industry to make sure this happens.
Radical as these changes are, it's important to recognise that they are not a panacea. If you are one of the 1.6 million pensioners living in poverty in England, this budget will have done nothing to help you cope with rising living costs. Nor will it do anything to reduce the crisis in social care that has seen the number of older people receiving support falling by more than a quarter since 2005
Furthermore, we know that people regularly underestimate how long they will live and people retiring now often have immediate calls on their savings such as interest-only mortgages and debts to pay off. Work needs to start now to ensure these people will have assets to support them in very old age, that free financial advice is of a consistently high standard, and that the industry develops some good value financial options so people get the certainty they need for security in later life.
If you are have questions about your own finances or just need a friendly ear, phone us at the Silver Line Scotland on 0800 4 70 80 90
Linda Robinson, Age NI Acting Chief Executive, commented, 'Age NI is shocked, but not surprised, by the recent media reports about the appalling, inhumane and poor treatment of older people while ...
The latest budget from George Osborne could be good news for older motorists and bingo players alike, experts suggest. Chancellor George Osborne has already suggested he is not prepared to stray fr...
