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As pension withdrawal rates increase, members need to be aware of the pitfalls of early pension access.
9th February 2021
Latest figures from HMRC have revealed that 360,000 people withdrew from their defined contribution pensions throughout October, November and December 2020 which is a 10% increase on the same period last year.
Pension scams rife almost one year on from when Covid-19 first struck.
4th February 2021
These uncertain times are often seen as a window of opportunity for scammers looking to prey on vulnerable individuals, with a recent report by Action Fraud finding that pension scams had become one of the most common types of fraud to occur last year. In fact, the FCA opened 24% more pension scam cases last year than in 2019.
How to help members avoid the pension pitfalls in 2021.
3rd February 2021
2020 was certainly one of the most turbulent years on record and led to many more scheme members accessing their pension for the first time than perhaps would have in normal times.
Pension withdrawals continue to rise during the pandemic.
1st February 2021
New figures from HMRC show 360,000 people withdrew from their defined contribution (DC) pensions throughout October, November and December 2020. This is a 10% increase on the same period last year from 327,000, and a 4% rise compared to the previous three months.
New Year financial resolutions for uncertain times.
1st February 2021
The New Year is a great time to take control of your finances. Unfortunately, the income of many households across the UK has been seriously impacted by the pandemic, with many people having been made redundant and others having to manage on a reduced income.
Employees facing redundancy need support to make the most of their finances.
28th January 2021
Latest reports from The Office for National Statistics have indicated that Covid-19 is continuing to drive job losses across the UK. It found that for September to November 2020 the estimated UK unemployment rate for all people rose to 5%.
New rules at retirement mean employees need to look closely at what their pension provider is offering.
18th January 2021
New pension rules will come into force from the 1st February for those approaching retirement under FCA (Financial Conduct Authority) regulation. These new regulations are designed to protect consumers who do not take regulated financial advice...
Top 10 tips for employees retiring in 2021.
6th January 2021
Retirement plans for 2021 have changed for many due to the pandemic. Whilst some have decided to put their retirement on hold due to their savings taking a hit because of Covid-19, others are deciding to retire early after being discouraged about finding employment again when faced with redundancy.
What Trustees need to do to protect members from pension scams.
15th December 2020
Unfortunately scammers often see turbulent times like these, when people are concerned and vulnerable, as an opportunity.
Supporting employees with their retirement savings in uncertain times.
8th December 2020
This year’s Employee Benefits Pensions Research 2020 is interesting, not least to see if employers have a different view as to the issues present due to COVID-19.
Employees need support to make the most of their redundancy pay.
30th November 2020
It is an inevitable and unfortunate fact that more redundancies are likely. WEALTH at work have put together an overview of some of the key areas covered in its workplace redundancy seminars, to help employees understand some of the options available to them.
Are your employees facing a reduced household income?
30th November 2020
WEALTH at work has outlined some ideas covered in their financial education online seminars on how employees can manage their finances should they be facing a reduced income through redundancy or a change in their salary or because their overall household income has fallen due to a partner suffering lost income.
Make your financial wellbeing strategy count in tough times.
30th November 2020
Covid-19 has brought on many money worries which has had a direct effect on employee financial wellbeing, with many feeling greater levels of anxiety.
5 things employees should consider before accessing their pension early.
24th November 2020
There are significant risks involved when taking money from a pension and there may be better options available, so it is crucial that employees understand the implications first.
WEALTH at work listed as one of the ‘1000 companies to Inspire Britain’ 2020.
18th November 2020
WEALTH at work has once again been acknowledged as one of the 1000 Companies to Inspire Britain by the London Stock Exchange Group.