The High Court has dismissed a challenge against the government’s handling of the rise in women’s state pension age. The State pension age rose to 65 for women between 2010 and 2018, in line with men, and is due to rise to 66 by 2020. The Claimants were women born in the 1950s who have been affected by the legislation equalising the state pension age. They argued that the changes left them with inadequate time to prepare for their retirement and discriminated on the grounds of age and/or sex. They also sought judicial review of the government’s alleged failure to inform them of the changes.
Nationwide's Chief Economist, Robert Gardner, shares his views on the outlook for the UK economy, housing and mortgage market and interest rates, in this latest economic update video.
The government has announced that annual state pension increases will only be guaranteed for the next three years to British pensioners living in Europe. Nearly half a million people living in the EU will be affected in the event of a no-deal Brexit. Under current rules, British pensioners in certain countries such as Australia, Canada and South Africa have their state pension frozen each year, but British pensioners in the EU get annual increases in line with pensioners living in the UK. The UK state pension is uprated by either 2.5%, average wage growth or by prices growth as measured by the Consumer Price Index – whichever is highest. The DWP announced that annual increases will only be guaranteed for the next three years, after which the Government ‘plans to negotiate a new agreement’.
Five million pension savers could be susceptible to the common tactics used by scammers to steal retirement savings, research suggests. Two-fifths (42%) of 45 to 65-year-olds with a pension could end up putting themselves at risk, according to a survey released by the Financial Conduct Authority (FCA) and the Pensions Regulator (TPR). Presented with six scam scenarios, they said they would act in one or more ways which could potentially leave them exposed to fraud. This could equate to five million people being susceptible to pension scams if the survey findings were projected across the UK.
FCA has outlined a ban on contingent charging for pension transfer advice as part of a new package of proposals. The regulator says the ban will help to "protect customers from the conflicts of interest which arise where a financial adviser only gets paid if a transfer goes