Pensions

A massive pensions reform coming into place this year will have a huge impact on just about anyone working for a company, large or small.

Auto-enrolment will see eligible staff working for companies in the UK automatically enrolled into a pension scheme by their employers.

It has been introduced to try and counter the shortfall between the contributions we’re all making – and the longer lives we’re living. Too many people are not saving for retirement at all, and those who are saving don’t put enough away before they receive their gold watch.

Auto-enrolment simply means automatically enrolling people onto a pension scheme, into which both workers and employers contribute.

The world of personal and business finance is changing all the time – and there are a few changes coming in 2012 that we recommend you watch out for.

Self assessment deadline – January 31

The deadline for paper returns has long gone, and if you are filling out your tax return online, your deadline both for filling it in and paying any outstanding tax for the 2010-11tax year is January 31. If your tax return is still outstanding now is the time to get on with it – especially if you’ve still got to get your paperwork together and your records up to date. HMRC has lots of help available for self-assessment online.

Work-based pensions are being reformed to encourage more people to save for their retirement. As an employer, you are likely to be affected by the reforms. To find out more, read on.

The credit crunch has shattered many people's retirement dreams. In this episode of Moneywise TV, Rebecca Atkinson explains how getting a pension forecast can help.

The question of consolidating your pension is a difficult one: on one hand it makes life a lot easier but you could forfeit valuable benefits. Moneywise TV looks at the different things to consider.

When it comes to choosing an annuity, picking the right one could see you thousands of pounds better off each year. Johanna Gornitzki explains how you can find the best deal for you.

Recent negotiations have reversed the plan for existing teachers to work until the age of 65, but all new teachers, and some others, will still have to do so. Peter Curran hosts a discussion with two key players and old adversaries: Paul Bleasdale, head of pensions at the DfES, and Barry Fawcett, head of the NUT's salaries department.

OECD pensions expert Edward Whitehouse talks about the impact of the crisis on pensions and what governments need to do.

When you retire your company or personal pension will normally provide you with a tax free lump sum payment. The balance can then be used to secure an income for your retirement and there are a number of options open to you, such as an unsecured pension or phased retirement. However the most common solution is to purchase an annuity.

At is simplest; a lifetime annuity converts part of your pension into an income for the rest of your life, however long you live. The level of income you receive depends on a number of factors including: