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Savings

New tax year brings changes for savers

The start of the new tax year signals the arrival of a range of changes to taxation for businesses and individuals.

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New state pension commences

A new single-tier state pension will be introduced for those who reach their state pension age on or after 6 April 2016.

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Demand for cashing in pensions “settling down”

A year on from the introduction of pension freedoms in 2015, the demand for cashing in pensions pots has begun “settling down” according to data from the Association of British Insurers.

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Lifetime ISA may be unsuitable product for many

Chancellor George Osborne announced in his Budget statement a new lifetime ISA for people under the age of 40.

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Job costs add up to £91 billion a year

Workers spend a total of £91 billion a year on costs related to their jobs, according to research from Santander.

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Parents unaware of support available

50% of first-time mothers are unaware of the government’s childcare policies and the support available to them, according to a Social Mobility and Child Poverty Commission survey.

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Savers underestimating how much they need for retirement

8 out of 10 people are unaware of how much they need to save to achieve their target for retirement, according to research by Seven Investment Management.

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Investors expect dividend cuts

56% of personal investors are concerned that businesses may cut their dividends, according to research by The Share Centre.

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Retired household income remains steady

Retired household income was largely unaffected by the economic downturn, according to the Office for National Statistics.

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Pension ISA tax relief could lower savings

The potential pension ISA tax relief currently being considered by the government could lower savings by a sixth, according to research by the Association of British Insurers.

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