The issue of lost pensions in the UK is escalating rapidly. Research reveals that the total value of unclaimed pension pots has surged from £19.4 billion in 2018 to £31.1 billion in 2024. Currently, there are 3.3 million pension pots classified as lost.
Individuals are being urged to prepare for significant changes to the way pensions are to be treated under Inheritance Tax (IHT).
The UK pensions landscape is entering a period of major reform, with new legislation and regulatory initiatives aimed at improving outcomes for savers.
Between the 22nd and 28th of September is UK Savings Week.
New research launched today amongst 223 companies representing 1.3 million employees has revealed that more than half of employers (51%) plan to make changes to their financial wellbeing offerings in the next two years.
43% working-age people (equivalent to 14.6 million) are under-saving for retirement, according to a recent report by the Department for Work and Pensions. In addition, research from WEALTH at work found that in the last year, almost a quarter of UK employees (23%) have had to borrow money from family and friends because of money worries, and almost a fifth have taken on debt (18%).
The journey to retirement, once a relatively straightforward path, has become increasingly complex, particularly since the advent of pension freedoms in 2015. While these freedoms offer unprecedented flexibility, they also introduce challenges, especially concerning how individuals manage their accumulated savings at the point of retirement.
The number of working people who believe they will never be able to afford to retire is on the rise according to research by WEALTH at work.
The beginning of 2025 has brought a sense of uncertainty for many. At the same time, ongoing global conflicts continue to contribute to wider concerns about the future. However, there are steps people can take to improve their financial situation.
Recent market turbulence has been unsettling for many, especially those considering investing. However, it’s important to remember that investing is a long-term commitment and resisting reactive decisions is crucial.