Retire At 70

Tom McPhail of Hargreaves Lansdown has said that, wealthy footballers and celebs aside, in 10 years’ time 70 will be the normal retirement age.

This should hardly come as a surprise, given that people are living longer and that pensions (both state and private) cannot keep pace with the increase in longevity.

However, the Times quotes a report from Scottish Widows that says that households are prioritising living expenses, paying off debts and mortgage repayments over saving for retirement in the current uncertain economic climate.

At this point I would ask exactly what it is that Scottish Widows expect people to do?

Defaulting on mortgage payments or increasing debts (in order to save for the future) will simply add to the financial burden of people in later years as they grow older.

Pension Payments To British Expats In Cyprus Suspended

The Telegraph reports that Greg Clark, a Treasury minister, has said pension payments to expats in Cyprus due today had been frozen to ensure that money from the Government reached its intended recipient.

However, recipients of these payments are able to switch the bank account into which payments are made with immediate effect by contacting the International Pension Centre.

International Pension Centre
Online enquiry form
Telephone: +44 (0)191 218 7777
Textphone: +44 (0)191 218 7280
Monday to Friday, 8am to 8pm

You can also write to the following address.
International Pension Centre
Tyneview Park
Newcastle Upon Tyne
NE98 1BA
United Kingdom

Pensioners To Work For Pensions

In an admission as to how parlous the finances of the UK are, especially wrt funding pensions, Lord Bichard a former benefits chief has suggested that retired people should be encouraged to do community work such as caring for the "very old" or face losing some of their pension.

He is right to prompt a discussion about how pensions can be funded. However, I am not so sure that this is a viable solution.

Aside from the obvious political difficulties of "selling" it to the public, a good many fit retired people play an active role in their local communities already. As such, it is unlikely that even if this idea ever came to fruition it would achieve any measurable financial benefits.

Greece Mortgages Its Future and Shafts Its Pensioners

Approximately Euro19BN in Greek government bonds, managed by the Greek central bank on behalf of pension funds and other state organisations, will be included in Greece's debt swap plan.

Thus shafting the pension of Greek public sector workers.