A lot is due to happen in 2019 – not least the PPI claims deadline on August 29th – covering everything from how much tax you’re charged, what you’re paid in benefits and how to switch mobile phone providers.
Blog Category: Pensions
Pensioner Mr L.B knew he had taken out several loans and credit cards in the past, but he had no idea whether or not PPI was attached to any of them.
“To be honest, I’d never even thought about making any sort of claim and then I saw the Gladstone Brookes advert and thought I would give it a try and then I could be sure.”
A new bill will protect hundreds of thousands of pensioners from losing everything if their auto-enrolment scheme collapses.
Earlier this year, a BBC investigation found dozens of so-called master trusts could be too small to survive, putting the savings of anyone enrolled in them in danger.Read More
Before we get into the detail about the best way to prepare for those twilight years, think about this question: would you accept a pay rise on which you had to pay no tax? Read on…
MPs have warned the government’s pension reforms could ‘trigger mass mis-selling’ and accuse the government and regulator of not doing enough to protect the public.
The House Of Commons Public Accounts Committee say there is a ‘substantial risk’ of another mis-selling scandal like PPI.Read More
New research claims that 10 misconduct scandals have cost the UK’s banks £53 billion in fines and other penalties since the turn of the century.
Think tank New City Agenda says the biggest of the lot has been the cost of mis-selling PPI for which the banks have set aside a total of £37.3 billion to pay out past and future successful claims – more than four times the cost of staging the London 2012 Olympics.
MPs claim too many people don’t understand the new old age pension because ministers haven’t explained the changes properly.
The Works and Pensions Select Committee said: “Failures of communication will mean the too few people don’t understand it.”Read More
A new report, two years in the making, suggests workers should double their pension contributions if they want a decent income when they retire.
The pension review was conducted for the Labour Party by the Independent Review of Retirement Income (IRRI) and their report suggests workers in occupational pension schemes should boost their contributions to 15% of their pensionable salary – a considerably higher level than previously suggested.Read More
The Financial Conduct Authority (FCA) has assured MPs that pension reforms won’t be the next PPI.
Interim chief executive Tracey McDermott told the House of Commons Pubic Accounts Committee that lessons have been learned from the way PPI was handled.Read More
Will pensions become the next big UK mis-selling scandal?
It is a situation which could actually develop into two scandals – the mis-selling of annuities, currently under investigation by the FCA, and ‘rip-offs and high fees’ being charged to people cashing in their pension pot under the new freedoms legislation.Read More