New research reveals that five million mid-lifers, aged 40–54, face a difficult retirement.(1) The retirement landscape in the UK has changed significantly over the last 50 years: In 1978, the State pension moved from what was largely a flat rate benefit to a combination of flat rate and, for employees only, earnings-related State pensions. Over the years, the earnings-related element underwent a variety of changes, mostly benefits (and government costs) until in 2016 it was

Just how much is tax disincentivising you? The latest Economic and Fiscal Outlook from the Office for Budget Responsibility (OBR) had some disconcerting words to share. Published alongside the Chancellor’s Spring Forecast in early March, the OBR provided a sober projection of gross domestic product (GDP): “The tax-to-GDP ratio is forecast to increase to a post-war high of 38.5 per cent of GDP in 2030/31. And many marginal tax rates – of relevance to incentives to work, save a

Investment markets reacted sharply to Donald Trump’s Iran ‘excursion’ in March, but over the quarter there was not as much change as the headlines might have made you believe. (1) 2025 was generally a good year for investment markets with the UK putting in a notably good performance – the FTSE 100 was up more than a fifth over the year, beating both Europe and the US in local currency terms.2 2026 started off in a similar pattern, with expectations that interest rates would c

New research from the Office for National Statistics casts a different light on life expectancy. (1) Source: ONS (2) “How long am I going to live?’ is one of those questions that we tend to pay more attention to, the older we are. One quick way to find an answer is to use the Office for National Statistics (ONS) life expectancy calculator. That will tell you that if you are a baby boy aged 1, your life expectancy is 87 years, 4 years less than your twin sister. If you are 65,

A House of Lords committee has been highly critical of the government’s proposals on inheritance tax (IHT) and pensions.(1) Cynics might expect members of the House of Lords to have more than a passing interest in the Chancellor’s plans to bring unused pension funds within the scope of IHT. Whether or not that view is fair, a House of Lords Economic Affairs sub-committee has been examining the relevant legislation contained in the current Finance Bill. Their Lordships were no

As a means of drawing income in retirement, annuities have made a comeback, and for good reasons. Source: ABI (1) In 2014, the then Chancellor (and now podcaster), George Osborne, pulled a rabbit out of the Budget hat that nobody had seen coming. He announced the ending of the effective requirement for personal pension plans to be converted into an annuity in retirement.(2) Osborne’s ‘pension freedoms’ came as a shock to pension providers and a near-death experience to insura