Private pension age – on the rise
The government has confirmed the age at which individuals can access their private pension will increase from 55 to 57 in 2028. The move means those retiring in the future will have to wait longer to access their pension. The government had indicated six years ago that they intended to do this, finally providing confirmation of their plans on 3 September.
£40.6bn spent on lockdown entertainment
Research shows that the UK population spent £40.6bn, or a staggering £771.34 each, on dispensable items to alleviate lockdown boredom1. Popular purchases included takeaways (24%), summer clothes (19%), garden plants and flowers (16%). Not every purchase was so conventional. Topping the list of the peculiar items procured by lockdown consumers were an antique diving suit, an inflatable pub, a piece of the moon and a penny farthing bicycle! Interestingly, the majority of customers were content with their lockdown purchases, with just 6% regretting their expenditure.
Lockdown savers squirrel away the cash
Over a third (37%) of the UK population managed to put away more money during lockdown as daily expenditure on commuting and leisure activities dramatically decreased. It seems Britain’s growing army of savers are here to stay, with 36% stating they aim to keep cutting costs post-lockdown2.
1Barclaycard Payments, 2020
A pension is a long-term investment. The fund value may fluctuate and can go down. Your eventual income may depend on the size of the fund at retirement, future interest rates and tax legislation.