Craig McConnon

There are thousands of ex-steelworkers in Teesside that need to now their options before the vote takes place which could see them losing even more in their pension pots moving forward. British Steel Pension Scheme members are currently being asked to make a decision between two options when it comes to their pensions. This has happened after Tata Steel managed to separate itself from the scheme successfully only weeks ago. The Facebook Support Group for British Steel Pension Scheme members has grown to more than four thousand and their concern is that they could see a major drop in their pensions, with Tata and Corus workers losing more than they may think being completely unaware of the risks involved in their decision. Pensions Frozen to 40% Cut in Lifetime Income Those who retired prior to 1997 are going to be the hardest hit and their pensions will basically be frozen and pensions who are aged sixty will see a cut of approximately forty percent of the...

It has been revealed that more people are taking advantage of the pension freedoms being offered in the United Kingdom as Britain's annuity market faces certain death. This is based on experts who have used official figures released on 8 September 2017 as sales continue to drop. Pension Shackles It has been more than two years since George Osborne released pension shackles and the number of people who are accessing lump sums is on a steady rise. The Financial Conduct Authority (FCA) recently released a six month data report revealing the new trend. There was a nine percent increase in the number of pension pots being accessed for the very first time and the new draw down arrangements were increased by four percent. The concern is that annuity sales have dropped dramatically by a staggering sixteen percent in six months, which is a sign of concern. Investors Not Taking Advantage of Guaranteed Outcomes The data showed that draw down demands are outstripping ...