Tag Archives: Retirement

Retirement

Financial, Financial Management, Financial Services, Financial Solutions, Insurance, Insurance Services, Personal Finance, Retirement

Prudential Research Reveals UK Pension Contributions Have Plummeted As The Current Economic Downturn Forces UK Workers To Make Cut Backs

Independent research conducted by Prudential reveals that 18% of UK workers say they have reduced the amount they save for an occupational or private pension as a result of the credit crunch. Of these people, 36% do not anticipate they will be able to increase the amount they save into a pension in the future.

The research shows that voluntary pension contributions to private and company schemes have plummeted by 53% in just 18 months as the current economic downturn forces UK adults to cut monthly pension savings from an average £279.38 a month in March 2007 to just £129.35 a month now.

The findings also reveal that UK workers are on average saving just £1,552.20 a year into pension funds with women saving even less, around £74.95 per month or £899.40 a year.

In addition, more than half of all UK workers (55%) do not contribute to a company pension or private pension, leaving them completely reliant on the State pension or other savings.

The results compared to previous Prudential studies, the last of these conducted in March 2008, indicate that pension contributions have fallen by half from their March 2007 level of £279.38 a month to an average of just £144.57 a month, and the latest figures demonstrate that contributions have continued to fall still further from March to September 2008.

Martyn Bogira, Defined Contributions Director, Prudential stated: “It is staggering to see how much UK pension contributions are being scaled back as people look to reduce their outgoings but while a pension scheme may seem a relatively pain free way to increase disposable income today, the impact of this in retirement will be significant.

“We would urge people to think carefully before cutting pension contributions as it is vital that they build a strong savings pot to ensure they are in the best position possible to enable them to enjoy a comfortable retirement.”

The information contained in Prudential UK’s press releases is intended solely for journalists and should not be used by consumers to make financial decisions. Full consumer product information can be found at www.pru.co.uk.

About Prudential
“Prudential” is a trading name of The Prudential Assurance Company Limited, which is registered in England and Wales. This name is also used by other companies within the Prudential Group, which between them provide a range of financial products including life assurance, pensions, savings and investment products. Registered Office at Laurence Pountney Hill, London EC4R 0HH. Registered number 15454. Authorised and regulated by the Financial Services Authority.

Via EPR Network
More Financial press releases

Checking & Savings, Financial, Financial Services, Insurance, Mortgage, Personal Finance, Retirement

Barclays Financial Planning Offers An Effective Retirement Planning Solution As An Alternative To Stakeholder Pensions

Barclays Financial Planning has launched two new pensions products, designed to offer an effective retirement planning solution as an alternative to stakeholder pensions.

Both of the new offerings combine the traditional elements of a personal pension, with the addition of considerable investment flexibility, making them bespoke to individual clients’ needs. Clients can choose either a basic investment solution, comparable with a stakeholder pension, or the choice to diversify their pension assets, including the option of a ‘Select Choice’ fund proposition.

David Stuart, Director of Investment Advice and Products at Barclays Financial Planning said: “We have launched our new pensions to offer the everyday pensions investor something much more flexible than a stakeholder plan, but without the more complicated structure or cost implications of a full Self-Invested Personal Pension (SIPP). We offer the structure of a stakeholder pension with the option to place pensions assets in something more than a basic UK fund. In current market conditions retirement planning is still as important as ever, and we have seen clients wanting to look at alternative investments which would not be available in a basic stakeholder pension. This new product gives them that option.”

Barclays Financial Planning provides access to fully qualified financial planners in any branch of Barclays Bank, who can advise individuals on the pension solution most suitable for their circumstances. As well as pensions advice, Barclays Financial Planning can give advice on all areas of financial services.

About Barclays Financial Planning

Barclays Financial Planning (BFP) provides tailored financial advice on life, pensions and investment products across a carefully selected range of products from a range of product providers according to customer needs. Barclays Financial Planning is one of the largest financial advisers in the UK, with over 700 advisers. A no obligation financial planning consultation is available to personal, business and corporate clients, and Barclays Financial Planning advisors have a range of solutions available for businesses wishing to discuss succession planning.

Customers can contact Barclays Financial Planning through any branch of Barclays Bank, or by calling 0800 587 2024.

Via EPR Network
More Financial press releases

Financial, Financial Services, Insurance, Insurance Services, Mortgage, Personal Finance, Retirement

Prudential Research Has Revealed The Importance Of The Family Home With Millions Of Childhood Bedrooms Preserved

New research conducted for Prudential shows that more than 4.6 million UK adults have their former bedrooms preserved by parents who cannot quite let go of earlier memories of their children.

A staggering 42% of UK adults (around 4.6 million people) whose parents still live in the family home say their former bedroom is still decorated as it was when they were a child, with 44% sleeping in their childhood bedroom when they return to see their parents.

It is not just the parents who hang onto those childhood memories, almost half (46%) of UK adults whose parents still live in the family home say they still regard their childhood bedroom as their room despite moving out.

However, much more than just the decoration remains unchanged. A third (33%) of UK adults whose parents still live in the family home say they sleep surrounded by childhood photographs, 27% with old school books and folders and 20% with their childhood toys when they visit their parents.

The research from Prudential also showed that a further 10% face the dubious retro-pleasure of childhood posters and 22% say their former childhood bedroom still contains trophies, awards and certificates from their formative years.

Keith Haggart, director of Prudential Lifetime Mortgage said: “The connection with the family home remains strong throughout our lives and our research has shown that around a third of UK adults say the home they grew up in is still lived in by their parents, so it is understandable that many people are loathe to sell the family home even if it means having to struggle to make ends meet, especially in retirement.

“But there are other options available and equity release can provide a good way for people to get hold of the money they have tied up in property equity without having to sell their family homes and downsize.”

In addition to preserving their childhood bedroom, 60% of UK adults whose parents still live in the family home say their parents store a range of belongings for them, with eight per cent having left letters from former boyfriends or girlfriends at their parents home, four per cent having left animals and pets with their parents and eight per cent using their parents house to store bicycles.

The most popular items to store at parental homes were school books and folders (left by 34% of UK adults), with photographs (32%), books (31%) and clothes (20%) all scoring highly.

The information contained in Prudential UK’s press releases is intended solely for journalists and should not be used by consumers to make financial decisions. Full consumer product information can be found at www.pru.co.uk.

All figures, unless otherwise stated, are from Research Plus. Total sample size was 1033 adults. Fieldwork was undertaken between 15th and 21st July 2008. The survey was carried out online. The figures have been weighted and are representative of all UK adults (aged 18+).

About Prudential
Established in 1848, today Prudential plc is an international financial services company with a product range which extends from personal banking, insurance, pensions and retail investments, to institutional fund management and property investments.

In the UK Prudential is a leading life and pensions provider with around seven million customers.

Via EPR Network
More Financial press releases

Checking & Savings, Financial, Financial Management, Financial Services, Insurance, Insurance Services, Money, Profits, Retirement

LV= Strengthens Its Enhanced Annuity Offering Meaning People With Minor Medical Conditions Could Be Entitled To Higher Levels Of Income

Flexible retirement solutions provider LV= has improved its enhanced annuity product by increasing the number of medical conditions accepted for enhanced terms under its conventional and with-profits annuities.

In addition to the medical conditions already accepted, customers who have a combination of milder conditions, such as high blood pressure and high cholesterol, and disclose them at application, may now be eligible for an enhanced annuity rate and an increased income in retirement.

Customers suffering from two or more mild medical or lifestyle conditions may now be able to qualify for enhanced annuity rates offering up to 7.5% more income than a standard annuity from the market leading provider. The new qualifying conditions include high blood pressure, being overweight, high cholesterol, smoking cigars, and smoking less than 10 cigarettes each day.

Matt Trott, Head of Annuities at LV= commented: “We hope the improvements to our enhanced annuity will encourage more people to apply and potentially receive a higher income in retirement. Many conditions that people may think are trivial and won’t enable them to qualify for an improved annuity, such as high blood pressure, may in fact open the door to enhanced annuity terms.

“It is therefore even more important that customers are open and honest about their health and medical conditions with their financial adviser. Even relatively minor conditions could increase the income they receive in retirement for the rest of their life.”

Examples of potential income increases, with the improved LV= product, compared with a standard annuity from the market leading provider:

– A 65-year-old male smoker could receive an extra £147 in income each year, equivalent to an increase of 3.2%, having disclosed he is receiving treatment for high blood pressure and high cholesterol, as well as being obese.

– A 65-year-old male smoker who is overweight who purchases a joint life annuity that will provide a 50% dependant benefit to his 62-year-old wife, will receive an extra £167 in income each year, equivalent to an increase of 4.8%, having disclosed he is receiving treatment for both high blood pressure and high cholesterol.

About LV
LV= is a registered trade mark of Liverpool Victoria Friendly Society Limited (LVFS) and a trading style of the Liverpool Victoria group of companies. The new LV= brand identity was launched in March 2007.

LV= employs over 3,500 people, serves more than 2.5 million customers and members, and manages around £8 billion on their behalf. We are also the UK’s largest friendly society (Association of Friendly Societies Key Statistics 2008. Total net assets) and a leading mutual financial services provider.

LVFS is authorised and regulated by the Financial Services Authority register number 110035. LVFS is a member of the ABI, AMI, AFS and ILAG. Registered address: County Gates, Bournemouth BH1 2NF.

Via EPR Network
More Financial press releases

Business, Escrow, Financial, Financial Services, Financial Solutions, Investment, IRA, Money, Personal Finance, Retirement

Sunwest Trust, which manages retirement funds for self-directed IRA investors, has continued to expand despite the uncertainty on Wall Street

Sunwest Trust, Inc. the New Mexico Company that acts as an escrow agent and self-directed IRA custodian, claims the self directed IRA funds placed with their firm are FDIC insured through local banks. Sunwest Trust further claims that it is financially sound and is not directly affected by the day-to-day volatility of the stock market. Since Sunwest Trust’s clients are self-directed, their investments are under each client’s direct control and are diversified in non-traditional assets, which are not directly indexed to the ups and downs of the stock market.

“With the current economic scenario being what it is, clients are naturally concerned about the security of their retirement money,” says Terry White, CEO of Sunwest Trust. “Large financial institutions including banks and lending agencies failing at regular intervals make headlines in the print and electronic media quite often, thus creating a suspicion in the mind of the clients about the security of their investments,” White adds.

Sunwest Trust deposits the IRA funds received from its clients into FDIC-insured banks. Although Sunwest Trust, Inc. only requires a minimum account balance of $400, “with the recent passage of the Financial Rescue Legislation this month, Individual Retirement Accounts (IRAs) are now insured by the FDIC up to $250,000 until December 2009,” says White, CEO of Sunwest Trust, Inc., as he attempted to avert growing suspicion among customers on the fate of their deposits.

Sunwest Trust is currently serving 14,000 individuals and companies and covering assets to the tune of $1 billion. “In August, the company had a record-breaking month, in terms of opening new accounts, and September is not far behind. The achievements during both these months were higher than the previous record, which was set in April, 2007,” states Terry, projecting an attractive picture of the company’s achievements.

Company management has very high expectations for making the current year the greatest in its 21 years. The company also claims to have achieved a growth rate of 15% annually and to have provided high-quality services to its customers.

In the world of finance, fortunes are often made in down markets. One only needs to use foresight and fortitude to make the right decisions in time. Retirement plans can succeed with diversification plans. “The self directed IRA could well be one of the best ways to achieve success with post retirement investments,” adds White.

Although the stock market may fluctuate and credit may tighten, it doesn’t mean that the avenues for lucrative investments are all closed. Diversification continues to be paramount to a successful retirement plan, and having a self-directed IRA may be central in achieving this. For example, with real estate property values nearing all-time lows this may be an excellent time to purchase property as part of one’s IRA.

About Sunwest Trust, Inc.
Sunwest Trust is an independently owned private company which offers self-directed IRA custodian and escrow services. The company offers a huge range of financial services providing post retirement benefits, private mortgages, real estate contacts and other related fields for its clients. FDIC insured banks back the self directed IRA funds of their clients.

Via EPR Network
More Financial press releases

Business, Financial, Financial Services, Financial Solutions, Insurance, Investment, Personal Finance, Retirement

Highway Insurance Group Acquired by LV

LV=, the UK based insurance, investment and pensions group, has announced its acquisition of the Highway Insurance Group, which includes Highway Insurance and Hero Insurance Services, further expanding the fast growing general insurance division of LV=.

The initial offer of 73.35p per share, which was recommended by the Highway Board, was made in August. Highway shareholders also received their interim dividend of 1.65p, payable at the start of October 2008. This gives an overall value of the entire issued share capital of Highway of £150m.

Fenchurch Advisory Partners acted as exclusive financial adviser to LV while Shore Capital Stockbrokers acted as corporate broker to LV=.

Mike Rogers, Group Chief Executive of LV= said: “We are pleased to have completed this deal quickly and we look forward to welcoming Highway into the LV= Group. This acquisition makes sound strategic sense and will assist us in our stated ambition to become a top five insurer in our chosen markets by 2012.”

He continued, “Highway is highly complementary to our existing general insurance operations and will provide a strong platform for growth. Putting the strengths of LV= and Highway together will enable us to compete even more effectively in the insurance broker market.”

Highway Insurance will become part of the LV= General Insurance business which is led by Managing Director John O’Roarke, who formerly headed up the Churchill and RBS Insurance businesses.

Andrew Gibson, Chief Executive of Highway, will be staying on in an advisory capacity until the end of the year, when he will be leaving to explore opportunities outside the LV= Group.

As LV= is a mutual organisation, owned by its members, Highway Insurance will be de-listed from the London Stock Exchange in due course.

About LV=:

LV= is a trademark of Liverpool Victoria Friendly Society Limited (LVFS) and LV= is a trading style of the Liverpool Victoria group of companies. LV= employs over 2,700 people, serves more than 2.5 million customers and members, and manages more than £7.7 billion on their behalf. LV= is the UK’s largest friendly society and a leading mutual financial services provider, providing home insurance and car insurance well as travel and pet insurance direct to consumers. It also offers insurance products exclusively to brokers via the Highway and ABC Insurance brands.


Via EPR Network
More Financial press releases

Banks, Checking & Savings, Financial, Financial Management, Financial Services, Financial Solutions, Insurance, Investment, Money, Personal Finance, Retirement

New research from Prudential reveals working-age adults have lost sleep worrying about their pensions

According to new research from Prudential, more than one in three working-age adults have lost sleep worrying about their inability to save enough for retirement*, and the pressure on retirement saving is being increased by a combination of the housing market slowdown and rising household costs.

The Prudential research focusing on working adults provides a snapshot of ‘Burned Out Britain’ as concerns about being unable to save enough for a comfortable retirement drives people to work longer hours and increases stress levels. Around one in five working-age adults have worked longer hours or taken an extra job to increase their pension savings.

Prudential’s research shows just 27% of adults believe they are saving enough to maintain their current standard of living in retirement while 38% want to contribute more to pensions with half of them keen to contribute a lot more.

However financial pressures are making it difficult for them to put their money where their ambitions are – 51% blame higher costs of living while 18% of them don’t want to reduce their disposable income to ensure a more comfortable retirement.

The struggle to match pension ambitions with reality is also increasing the stress levels for these people with three-quarters expressing they were feeling increasingly anxious, and the current economic climate is piling on the pressure.

Julie Mulvanny, Prudential’s Head of Business Development for Pensions said: “The pensions crisis is becoming extremely personal when people are losing sleep over being unable to save enough for retirement.”

She continued, “When the pressures of the current short-term economic climate are added to the mix it is almost surprising that more of us are not lying awake at night worrying. It is clear however that many of us are waking up to the idea that we have to take responsibility for our own retirements and that is a long-term commitment.”

Around 9% said they have cut the amount they save into their pension due to rising living costs.

Up to one in 20 say the housing market slide has knocked their confidence in property as a pension while eight per cent are concentrating on building up short-term savings to tide them over in the event of any problems caused by the current economic climate.

Julie Mulvanny concluded, “It is encouraging that this message is getting through and there is plenty that we can all do to ensure we get the retirement we want and deserve. The UK needs a new approach to retirement income and planning for retirement. That should involve more than simply saving into a pension but should also involve looking at all sources of income.”

Disclaimer:
The information contained in Prudential UK‘s press releases is intended solely for journalists and should not be used by consumers to make financial decisions. Full consumer product information can be found at www.pru.co.uk.

 

About Prudential:
Established in 1848, today Prudential plc is an international financial services company with a product range which extends from personal banking, insurance, pensions and retail investments, to institutional fund management and property investments.

In the UK Prudential is a leading life and pensions provider with around seven million customers.

Via EPR Network
More Financial press releases

Business, Checking & Savings, Escrow, Financial, Financial Services, Financial Solutions, Investment, IRA, Money, Retirement

Sunwest Trust introduced a new portal dedicated on Self Directed IRA And Escrow Clients

Sunwest Trust, Inc. added another dimension in its profile in order to provide better services for prospective customers as well as existing client base in New Mexico. Albuquerque based Sunwest Trust Inc. re-launches sunwesttrust.com along with Best Online Results jointly. The new website has been introduced to strengthen the web presence of Sunwest Trust Inc. It is destined to suite the purpose in the role of a destination or a hub.

Sunwest Trust Inc. is known for its diversified business interests. These include self-directed IRAs that allow clients to invest their IRA in anything that the IRS will allow such as Real Estate, Mortgages, Limited Liability Companies and Private Stock. In addition, Sunwest Trust will act as escrow agent for most any transaction involving the exchange of money.

Sunwest Trust, Inc. is known in the pertinent industry for its excellence in providing an alternate option for IRA investors, especially those who are in search of an apposite process to make their retirement portfolio with a self directed IRA more diverse. The alternative procedure is such that it enables the IRA holders to make investments in affluent sectors of real estate, oil and gas, discounted notes and other alternative assets.

Speaking on this and terming the entire approach as an exceptional move for the Sunwest Trust Joshua Geary, Managing Member, Best Online Results, LLC and Senior Marketing Consultant for Sunwest Trust, Inc. says, “It is our sincere hope to see Sunwest Trust transition beyond the traditional Dot Com barrier held my most sites in this market space and become what they are capable of becoming, which is a Dot Community for their great brands and a resource for investors and for their thousands of satisfied clients who need Self Directed IRA and Escrow services. We feel this is an important step to making this vision a reality.”

Simultaneously, Terry White, Chief Executive Officer, Sunwest Trust, Inc. terms it as an exemplary approach that will make it easier for the clientele to cope with transitioning from a traditional “in the box approach” to growing a retirement account to a self directed IRA mentality. He said while commenting on this, “In the next few short years many baby boomers will be looking for alternative means to stretch and grow their retirement dollars as they recognize their need to truly diversify and view their retirement beyond just a safety net, but as a living breathing asset, which if used smartly can be used as a wealth builder. We needed a hub or new platform to do so.”

“Our new platform will not only allow our clients to check their accounts in close to real time, but also will have a new blog chalked full of resources for those who are curious and are looking at transitioning their investment portfolio into alternative assets like real estate. We are in the process of revamping our blog system to the latest technology so we may interact with our clients and put out information pertinent to account holders who need quick access to administrative tips as well,” he added.

Sunwest Trust offers neutral third-party accounting services to ensure accuracy and reliability for a nominal service fee. It also offers customer friendly services that are available by phone that helps customers get answers of their questions about payments, payoffs, disbursements, and other contract details.

About Best Online Results
Best Online Results is a renowned company that specializes in web optimization and Internet PR and as a result excels in its respective sphere of operation. The company was commenced with the intention of witnessing the growth of businesses on the Internet. From the very beginning, therefore, the company has been proceeding with poise to care the businesses of others and also to observe their successes.

Best Online Results located at BestOnlineResults.com, truly excels in receiving the traffic of any particular website that helps the website owner immensely. The association with Sunwest Trust, Inc. is destined to achieve new heights in industry.

About Sunwest Trust
Sunwest Trust, Inc. was formed under the auspices of the owners of Sunwest Escrow, LC for the sake of providing more extensive range of financial products. For this reason, Sunwest Trust, Inc., apart from providing its conventional concept of escrow service to the customers, nowadays is also active in the role of custodian for self-directed retirement plans that includes IRAs, SEPs and Simples.

From a small escrow company operating within the confines of the local Albuquerque market, Sunwest Trust grew through means of integrity and transparency to become a nationwide Trust company, which specializes in facilitating investors who wish to diversify their retirement through self-directed IRAs.

Via EPR Network
More Financial press releases