A new study conducted by the Financial Services Compensation Scheme (FSCS) suggests the UK’s prolonged low-interest environment is encouraging retirees to consider riskier pensions and investment products, which could ultimately result in them losing significant sums of money.

Taking a risk

The FSCS poll of 2,000 retirees aged 55 to 75, found that one in five had been

From 1 February 2021, pension companies must offer ‘investment pathways’ to customers who don’t have a financial adviser acting on their behalf. This is an attempt by the financial regulator to make it easier for those approaching retirement to do the right thing.

Why is this necessary?

Since 2015 and the introduction of “Pensions Freedoms” consumers have a lot more

Last year was challenging, with job losses and pay cuts causing many to tighten their budgets. It was particularly difficult for the self-employed, with many freelancers losing income as companies cut costs and stopped using contractors. Despite government grants being available, many self-employed workers have found they are not eligible.

Almost five million people in

Recent data* on flexible payments from pensions shows that in Q1 2020, almost £2.5bn was withdrawn from pensions – a 19% increase on Q1 2019 withdrawals, and the highest recorded Q1 of any year since pensions freedoms began. Although the average amount withdrawn per person was £7,100 (down 3% from Q1 2019 £7,300), the total value of flexible withdrawals from pensions since

The COVID-19 pandemic is having a widespread impact on all aspects of our finances, including retirement planning. However, while recent stock market volatility undoubtedly poses a challenge, particularly for those close to retirement, it is important not to allow the outbreak to derail your plans.

A resilient retirement plan

One thing the pandemic has vividly

Your financial freedom awaits but when is YOUR financial freedom day?

Clearly thousands of people are looking on Google for the answer. Many people assume they will retire at state pension age, or the age which has been defined by a scheme to which they or their company have paid in.

Shouldn’t that day be defined by YOU?

Some people can’t wait for freedom. To others

In the wake of the pension transfer scandal at Tata Steel, where some FCA regulated advisers gave poor advice to steelworkers, the damage to the profession has been frustrating for firms like FMB who abide by an ethical code which puts clients first. The Personal Finance Society (the financial advice arm of the Chartered Insurance Institute) has been working with its

The date we retire has become very significant for a number of reasons. We are all living longer, so our finances need to provide for us for longer too. At some point we will pick that date where we'll leave full-time employment and be reliant on our pensions and other investments to support us and help us enjoy our chosen lifestyle in retirement. Not many people can find