Could the State pension be replaced with a more flexible income scheme? A new report thinks it would be possible.(1) There are now 12.6 million people over State pension age (SPA), meaning that government expenditure on the State pension is about 5% of gross domestic product (GDP), second only in cost to the health service.(2) Work carried out by the Office for Budget Responsibility (OBR) projects that by 2070, the pension outlay will rise by over half, as pensioner numbers i

The new Pensions Commission has issued an important interim report that could signal a stark warning for pension planning.(1) The first Pensions Commission was established back in 2002 and over the following four years developed a range of proposals covering: The creation of a low-cost occupational pension scheme into which individuals would be automatically enrolled; Reforms to the State pension system to reduce means-testing; and Systematic increases to the State pension ag

New data from HMRC shows how much the government relies on just four taxes.1 Source: HMRC The Labour Party went into the 2024 general election with pledges on four major taxes in its manifesto:2 “Labour will not increase taxes on working people, which is why we will not increase National Insurance, the basic, higher, or additional rates of Income Tax, or VAT.” “Labour will cap corporation tax at the current level of 25 per cent, the lowest in the G7, for the entire parliament

The Office for National Statistics (ONS) has thought again about our life expectancy calculations. Life expectancy calculations matter, and not just to answer that perennial question. Any long-term economic projections, such as the scary ones that the Office for Budget Responsibility (OBR) produces each year, have life expectancy as a key component. However, life expectancy is only one of the demographic factors used, and others, such as the fertility rate (about 1.4 children

The Treasury has announced a new campaign aimed at reducing the number of unclaimed Child Trust Funds.(1) On 4 July 2026, the US government will officially launch Trump Accounts. While not another White House-linked cryptocurrency ‘investment’, these are new savings plans for children born between 1 January 2025 and 31 December 2028 – roughly covering Trump’s second term. The US government will be placing $1,000 (about £750) into each account. Parents and other contributors c

Do you have a rainy day fund? Think again, if you don’t – where you hold your cash matters. A common piece of basic financial advice is that you should have enough of a cash reserve to cover at least three months’ (and ideally up to six) of your essential regular outgoings. That means expenses like your mortgage or rent, food, council tax and utility bills: it does not include the nice-to-haves. Nevertheless, the sum involved can easily run to five figures, especially if you