Newsletter October 2020
Pension freedoms age rising to 57 in 2028 dashes early retirement hopes
The age at which retirement savers can access their private pensions will increase from 55 to 57 in 2028 confirmed.
Introduced in 2015, existing pension freedom rules offer more options to over-55s when it comes to accessing their pension before retirement.
Get in touch with Herts & Essex Financial Services Ltd to discuss pension freedoms.
Fears mount despite UK economy growing by 6.6% in July 2020
The UK economy bounced back by 6.6% in July, but remains far below pre-coronavirus levels witnessed at the start of the year.
Pubs, hairdressers and restaurants all reopened in July 2020 after being shut for four months to prevent the spread of COVID-19.
The Office for National Statistics (ONS) said July’s figure was the third consecutive month of economic growth.
Despite the positive economic news, UK GDP was 11.7% smaller than in February 2020 before lockdown measures were imposed.
Contact us to talk about your finances. http://www.handefs.co.uk/
Triple-lock pause ‘would save £15bn and boost retirees’ income’
Pausing the state pension triple-lock for one year from next April would save £15 billion and help protect senior citizens’ income, according to a report.
Earlier this year, the Government was considering scrapping the triple-lock from 2021/22 to recoup billions of pounds spent on COVID-19 support schemes.
The triple-lock system is what determines the annual increase in the state pension by whichever is the highest of average wage growth, price increases, or 2.5%.
Talk to us for pension planning advice. http://www.handefs.co.uk/our-services/pensions
Coronavirus prompts most workers to seek lifestyle change
More than half of UK workers plan to make changes to their careers in the next 12 months as a result of the coronavirus pandemic, a report claims.
Most workers have experienced disruption to their daily lives this year, with changes to employment hours and remote working becoming the new norm.
In some cases, people have been juggling home-schooling and childcare with efforts to work from home, while 9.6 million employees have been furloughed.
Speak to us at Herts & Essex Financial Services Ltd about protection policies. http://www.handefs.co.uk/our-services/life-assurance
Source: Practiceweb October 2020