View more on these topics

Happy retirement is a moving target

MARK CLINTON, DIRECTOR, MD PENSION SOLUTIONS

MARK_CLINTON.jpg

It pains me to say this but in the past decade most pensions have not proved to be as good an investment as consumers believed they would be.

Inevitably, this has led to individuals having to work longer to supplement or delay their pensions to achieve their retirement goals.

In fact, the UK’s impending pensions crisis has prompted the Equality and Human Rights Commission to launch a set of proposals for fundamental changes to employment policies.

These would allow millions of older people to lengthen their working lives by scrapping the compulsory retirement age of 65.

The economy is being cited as the potential big winner from the EHRC’s policy, with the National Institute of Economic and Social Research saying that extending working lives by 18 months would inject £15bn into the economy.

The proposals, which aim to open up more work opportunities for older Brits, also include extending the right to request flexible working to all and improved training.

And they coincide with research which shows that 24% of men and 64% of women plan to continue working beyond the state pension age – currently 60 for women and 65 for men. It will rise to 65 for women by 2020.

As with all financial matters consumers must take some responsibility but it’s also fair to say that the government and the pensions industry must do better in terms of education to help older workers reach their retirement goals.

Recommended

I won’t be wasting any more money on taking out cover

On October 2 2009 I went into hospital to have an operation on my kneecap but it was found that my knee was badly affected with arthritis so the surgeon took the decision to give me a total knee replacement instead. On October 30 I was made redundant. I had been suffering from stress at […]

JOHN CUPIS, A BALANCE IS REQUIRED

Industry comes together to rescue fast-trackdeals

Sesame Bankhall Group, Santander and the Association of Mortgage Intermediaries have all put their weight behind a campaign to get theFinancial Services Authority to re-think its proposal to effectively ban fast-track mortgages. When the regulator published its Mortgage Market Review discussion paper in October it proposed a ban on self-cert and imposing in come verification […]

1

MPLC may get back into lending

Former specialist lender Mortgages PLC is believed to have outsourced more than £3bn of its mortgage book to HML, prompting rumours it could return to the lending market. As part of the deal, Mortgage Strategy understands that MPLC has transferred up to 25 staff to HML. Merrill Lynch took over MPLC in 2004, but was […]

Sesame members get debt calculation facility

Sesame members using TrigoldCrystal’s Prospector system now have access to a debt calculator which shows how debts can be consolidated by remortgaging.

Insurance - thumbnail

The lucky ones

By Denise Wond, Marketing Relationship Manager, Royal London Do you consider yourself lucky? I don’t; I never seem to win a prize in the raffle, if there’s a cancelled train it’s usually the one I’m meant to be on and don’t start me on last year’s holiday. On the other hand, when I think about […]

Newsletter

News and expert analysis straight to your inbox

Sign up