Latest news with #Pensions
Scottish Sun
01-08-2025
- Business
- Scottish Sun
All the one-off benefit payments due before the end of the year including families and people over State Pension age
Scroll to see how much extra you'll for Christmas CASHING IN All the one-off benefit payments due before the end of the year including families and people over State Pension age MILLIONS receiving benefits are in line for one-off boosts to help ease the pain on budgets at certain pressure points over the coming months. As long as you are claiming qualifying benefits, you could receive several cash injections before the end of the year, 1 Those receiving benefits can get get extra help over the coming months Credit: PA Here are all the one-off payments on the cards... Household Support Fund You can get help with the cost of living through the Household Support Fund. The pot is worth £421 million and distributed by local councils. Each authority has different qualifying criteria and gives support in different ways and for different amounts. It means that what you are able to apply for depends on where you live, as well as your financial situation. The money is usually given as cash transfer or through shopping or food vouchers. For example, in some parts of the country such as Portsmouth you can get as much as £1,000. Whereas households in other areas including Doncaster may be more likely to get up to £300 to support with gas, electricity and food costs. To find out, you'll need to look what your council offers and apply directly. DWP Christmas bonus Thousands of households on benefits receive a tax-free £10 cash boost from the Department for Work and Pensions (DWP). The tax-free £10 payment is paid to eligible households usually during the first full week of December. To qualify for the payment you must be present or "ordinarily resident" in the UK, Channel Islands, Isle of Man or Gibraltar. Households will also need to claim at least one of the 20 qualifying benefits within the same period. The bonus is for those who receive Universal Credit plus mone of the qualifying benefits. To claim your part of the Christmas cash, you'll need to be claiming at least one of the following DWP's benefits: Armed Forces Independence Payment Attendance Allowance Carer's Allowance Child Disability Payment Constant Attendance Allowance (paid under Industrial Injuries or War Pensions schemes) Contribution-based Employment and Support Allowance (once the main phase of the benefit is entered after the first 13 weeks of claim) Disability Living Allowance Incapacity Benefit at the long-term rate Industrial Death Benefit (for widows or widowers) Mobility Supplement Pension Credit - the guarantee element Personal Independence Payment (PIP) State Pension (including Graduated Retirement Benefit) Severe Disablement Allowance (transitionally protected) Unemployability Supplement or Allowance (paid under Industrial Injuries or War Pensions schemes) War Disablement Pension at State Pension age War Widow's Pension Widowed Mother's Allowance Widowed Parent's Allowance Widow's Pension If you're part of a married couple, in a civil partnership or live together, you'll both get the cash bonus - as long as you both are eligible. If you or your partner do not get one of the above qualifying benefits, then they could still get the bonus if they are over the state pension age by the end of the qualifying week. Winter Fuel payment The Winter Fuel Payment is made every year to help cover the cost of energy over the colder months. It has been changed in recent months so that fewer can claim. However, the cash boost, worth up to £300, is still valuable for those who quality - particularly those on Pension Credit. The cash is usually paid in November and December, with some made up until the end of January the following year. If you haven't got your payment by then, you need to call the office that pays your benefits. Households eligible for the payment are usually told via a letter sent in October or November each year. If you think you meet the criteria, but don't automatically get the winter fuel payment, you will have to apply on the government's website. The Child Winter Heating Assistance If you're based in Scotland, you could receive a child winter heating assistance payment of £255.80. You get child winter heating payment for a child or young person under 19 who lives in Scotland and who is entitled to: the highest rate of the care component of child disability payment (CDP) or disability living allowance (DLA), or the enhanced rate of the daily living component of adult disability payment (ADP) or personal independence payment (PIP). They must be entitled to the relevant disability benefit during the 'qualifying week', which is the week beginning on the third Monday in September (w/c Septmber 15 in 2025). You do not have to make a claim for the payment, but it should be paid by Social Security Scotland, usually in November. If you think you're entitled but have not received payment by the end of December, you should contact Social Security Scotland on 0800 182 2222. Warm Home Discount The Warm Home Discount is an automatic £150 discount off energy bills. As the money is a discount, there is no money paid to you, but you'll get the payment automatically if your electricity supplier is part of the scheme and you qualify. You'll have to be in receipt of one of the following benefits to qualify for one of the payments: If you don't claim any of the above benefits, you won't be eligible for the payment. Cold Weather payment Cold weather payments are dished out when temperatures are recorded as, or forecast to be, zero degrees or below, on average, for seven consecutive days between November 1 and March 31. Eligible Brits are then given extra money to help heat their homes. You get £25 for each seven-day period where the weather is below zero Celsius on average during this time frame. You can check if your area has had a cold weather payment by popping your postcode into the government's tool on its website. You'll need to be on certain benefits to qualify, which are: Pension credit Income support Income-based jobseeker's allowance Income-related employment and support allowance Universal Credit Support for mortgage interest Those in Scotland don't get cold weather payments but may be able to receive a winter heating payment instead. Student maintenance payments loans Student maintenance loans are paid to university students to help cover living costs such as rent. They are usually paid at the start of each new term, so you typically receive three payments a year. Maintenance Loans are paid straight into your student bank account in three (almost) equal instalments throughout the year. The amount you will receive depends on where in the UK you're from, whether you'll be living at home or not, your household income and how long you're studying for. The average Maintenance Loan is approximately £6,116 a year.
Reuters
30-07-2025
- Business
- Reuters
KKR raises $6.5 billion for asset-backed financing
July 30 (Reuters) - Investment giant KKR (KKR.N), opens new tab said on Wednesday it had raised $6.5 billion to provide asset-backed financing, as companies and investors seek out credit alternatives beyond traditional loans. Asset-backed financing refers to loans backed by assets such as mortgages or royalties that have predictable cash flows. Such loans do not rely solely on a borrower's creditworthiness. KKR said it had hauled in $5.6 billion for a fund, named KKR Asset-Based Finance Partners II, and about $1 billion from separate accounts focused on the same type of investments. These funds give borrowers access to loans they might not get from banks, as traditional lenders have been pulling back from riskier loans due to strict regulations. The funds also offer firms such as KKR exposure to investments with consistent returns. "The $6 trillion ABF market, expected to top $9 trillion by 2029, remains undercapitalized despite its rapid growth," KKR's Global Head of Private Credit, Daniel Pietrzak, said. The latest fund attracted commitments from a wide base of investors, including pensions, sovereign wealth funds, insurers, asset managers and family offices, the company said. KKR launched its ABF in 2016. It manages more than $74 billion in ABF assets under management.
Irish Independent
26-07-2025
- Business
- Irish Independent
Irish pensions will suffer without access to private markets, says Elkstone
Significant pension reforms in the US as well as UK initiatives to funnel funds to growth mean Ireland is now in danger of falling even further behind. Elkstone's Brian Merriman said he is relatively pessimistic of action in the coming Budget but argued long-term thinking is required – including leadership from Government – or future pension provision is going to fall significantly short in Ireland. He was commenting as the Trump administration is expected to sign an order that will allow the 401(k) pension plans used by millions of ordinary American workers access investment in private markets, including private equity, real estate, infrastructure schemes and higher return forms of lending. In Britain, Work and Pensions Secretary Liz Kendall announced this week that she is reviving a pension commission to tackle what she described as a coming 'tsunami of pensioner poverty' after her department found people due to retire from 2050 are on track to be poorer than those retiring today. Brian Merriman said there is now an expectation that returns from Irish pension savings will decline over time, if the current restrictive investing regime remains in place that in effect box most ordinary pensions savers into public investments like equities and bonds. Facilitating access to private markets would allow pension savers to benefit from higher returns, he said. Private market investments – hedge funds, private equity, venture capital investment in start-ups and private companies – have exploded in scale globally since the financial crisis of the late 2000s, while the role of traditional public assets has been in relative decline. Pension rules here have not reflected the shift, Mr Merriman said. Personal Retirement Savings Accounts (PRSA), a popular savings option, restrict investments in assets where fees may be higher or valuations are less transparent. High fees may well be justified where returns are higher, while the net return to investors should be the key consideration, Mr Merriman argues. Private capital investments are less liquid, which comes with less valuation transparency, but are suitable for long-term pension investing, he said. While high returns generally reflect higher risks, Mr Merriman said failing to open pensions to diverse investment opportunities creates its own problems. 'It is riskier not to be investing in private markets,' he said. ADVERTISEMENT A shift to facilitate Irish savers would benefit the domestic economy too, he said. 'The UK is also grappling with this question of do you force people to invest in the UK economy. In Ireland we should at a minimum have it as an opt out, so you'd have to make a decision not to put 5pc or 10pc of your investment into Irish investments.' He cited housing and infrastructure as areas where the Irish economy needs investment and where Irish savers are not active. Pointing to the push happening in the US and UK to funnel pensions into growth opportunities he said Ireland needs to be more agile and should look to get ahead rather than just catch up with other regimes. Elkstone's investments include a string of Irish tech start-ups as well as housing and student housing schemes. It advises wealthy families and individuals on their long-term investments. Opening such schemes to ordinary pensions would allow more people to access higher returns, Mr Merriman said.
Daily Mirror
23-07-2025
- Business
- Daily Mirror
Exact age you can get your state pension as millions set to work for longer
The state pension age is the earliest you can start claiming the state pension and it is separate to any workplace or private pension you may have The state pension age is set to start rising again from next year - so how old exactly will you be when you can start claiming it? The state pension age for men and women is currently 66 - but this is set to rise to 67 between 2026 and 2028. The first people to see their state pension age increase are those born between April 6, 1960 and May 5, 1960. If you are born between these dates, you won't be able to start claiming your state pension until you are age 66 and one month. The age will gradually keep increasing over the following year until the state pension age hits 67. Those born from April 1977 onwards are currently set to see their state pension age rise to 68. There have been calls to bring this forward, but a decision on this has been delayed. It comes after a major review into pension saving was announced this week, amid fears that today's workers face a greater risk of poverty in retirement. Work and Pensions Secretary Liz Kendall will revive the Pensions Commission, which last met in 2006, to look at ways to encourage workers to save more money for their retirement. Get the best deals and tips from Mirror Money WHATSAPP GROUP: Get money news and top deals straight to your phone by joining our Money WhatsApp group here. We also treat our community members to special offers, promotions, and adverts from us and our partners. If you don't like our community, you can check out any time you like. If you're curious, you can read our Privacy Notice. State pension age rising - see when you can retire The following timetable shows your date and birth and the age you will be when you can claim your state pension. It was published with the Pensions Act 2014. April 6, 1960 – May 5, 1960 - 66 years and 1 month May 6, 1960 – June 5, 1960 - 66 years and 2 months June 6, 1960 – July 5, 1960 - 66 years and 3 months July 6, 1960 – August 5, 1960 - 66 years and 4 months August 6, 1960 – September 5, 1960 - 66 years and 5 months September 6, 1960 – October 5, 1960 - 66 years and 6 months October 6, 1960 – November 5, 1960 - 66 years and 7 months November 6, 1960 – December 5, 1960 - 66 years and 8 months December 6, 1960 – January 5, 1961 - 66 years and 9 months January 6, 1961 – February 5, 1961 - 66 years and 10 months February 6, 1961 – March 5, 1961 - 66 years and 11 months March 6, 1961 – April 5, 1977 You can check your state pension age on by entering your date of birth. The state pension age is the earliest you can start claiming the state pension. It is separate to any workplace or private pension you may have. The earliest age you can access your private pensions is currently 55 - but this will rise to 57 from April 2028. Anyone retiring now will claim the new state pension, which is worth £221.20 a week if you're eligible for the full amount. Most people need 35 qualifying years on their National Insurance record to get the full amount. The state pension rises every year in line with the triple lock promise. Your state pension is separate to any private or workplace pension you may have.
Yahoo
21-07-2025
- Business
- Yahoo
The possible pension changes that workers need to know about
After nearly 20 years, the government is bringing back the Pensions Commission to tackle the growing threat of retirement poverty. Ministers are set to resurrect a commission after nearly 20 years in a bid to reform the UK's pension system, amid fears that many of today's workers face poverty in retirement. Experts warn people looking to retire in 2050 are on course to receive £800 per year less than current pensioners, while 45% of working-age adults are putting nothing into their pensions, the Department for Work and Pensions (DWP) said. With this in mind, work and Pensions Secretary Liz Kendall is now turning to the Pensions Commission, which last met in 2006, to 'tackle the barriers that stop too many saving in the first place'. 'The original Pensions Commission helped get pension saving up and pensioner poverty down," said Pensions minister Torsten Bell. 'If we carry on as we are, tomorrow's retirees risk being poorer than today's." The commission's work marks the second phase of a wide-reaching government review into the pensions system, the first half of which looked at investment and how to ensure "greater returns" for savers. Phase two will focus on improving pension adequacy. Kendall also confirmed that the next statutory government review into when and how to raise the state pension age will start work now. Here, Yahoo News takes a look at what changes we could expect the Pensions Commission to consider. What is the Pensions Commission? The original Pensions Commission was set up in 2002 and is regarded as having huge influence over the UK's pension landscape. Among the most significant reforms resulting from its work are the automatic enrolment onto workplace pensions and the reduction of qualifying years for the full basic state pension to 30 years for men and women. The Resolution Foundation said the commission has "already transformed living standards for current and future pensioners for the better", but that "the job is not yet complete". In particular, the think tank calls on the new commission to boost "future generations' living standards in retirement" and tackle the "equally pressing 'rainy day' savings challenge people face today". Below are some changes we could expect the commission to consider. Changes to auto enrolment While we don't know exactly what the commission will recommend, it is expected to look at ways of widening the scope of automatic enrolment. The Resolution Foundation said the current "one-size fits all system" is in need of reform, adding: "Some low-earners may be saving more than they can afford, or need to, while others – particularly middle and higher earners – are still saving too little." Analysis by the think tank finds that under the current State Pension and auto enrolment policy with an 8% default contribution rate, the typical earner can expect to replace just 51% of their pre-retirement earnings. The commission will have to balance this challenge with the present-day needs of workers with families, one-in-three of whom have savings of less than £1,000, the foundation said, stressing the need for "greater flexibility". The Institute for Fiscal Studies (IFS) proposes increases in default contributions be "targeted at middle and higher earners". "In addition, pension participation should be extended by providing employer contributions to almost all employees, even those who do not make an employee contribution," the think tank adds. Suggesting that there is a balance to be struck, Helen Morrissey, head of retirement analysis at Hargreaves Lansdown told Yahoo News: "We don't want to be in a position where lower earners see their contributions hiked to the extent that they struggle in the here and now. "Similarly, we don't want higher earners to save at minimum levels and receive a nasty shock when they get to retirement and realise their pension will not sustain the lifestyle they have been used to." Under current workplace pension auto enrolment rules, 8% of an employee's eligible earnings go towards their pension – 5% from the employee, and the employer adding 3%. Encouraging self-employed to save for retirement Morrissey said the commission also needs to decide "how to get groups such as the self-employed to save more for retirement". Self-employed people aren't covered by auto enrolment, don't benefit from employer contribution, and may be hesitant to put money away until at least the age of 55 due to volatile earnings, she added. For this reason, economists have suggested that the commission could consider finding a way to bring the self-employed into the auto enrolment system. One solution made last year by David Sturrock, a senior research economist at the IFS, is for self-employed people to be given an active choice over whether to save into a pension or LISA (lifetime ISA) when filing their tax returns. Another option, he said, would be for the government to enrol them automatically into a long-term savings plan, from which they could opt out. Triple lock 'out of scope' Liz Kendall has confirmed the commission will not be looking at changes to the triple lock on state pensions. The triple lock is a mechanism that means state pensions will rise every year by 2.5%, CPI inflation, or the rise in average earnings, whichever is highest. 'The triple lock is out of scope of the commission. We've got a very clear commitment to that for the entirety of this Parliament," the work and pensions secretary said. 'And what we're asking the commission to do is genuinely look medium to longer term, the middle of this century, and how the state pension and second pensions work together.' Improving adequacy and equality With four in 10 working age adults not on track to meet the target retirement income (two-thirds of pre-retirement pay), the commission will be looking at ways to improve this figure. DWP analysis suggests 15 million people were under-saving for retirement – particularly the self-employed, lower earners and some ethnic minorities. Only a quarter of people on low pay in the private sector and the same proportion from Pakistani or Bangladeshi backgrounds are saving. Women face a significant gender pensions gap, with those approaching retirement in line to receive barely half the income that men can expect, the commission's terms of reference says, suggesting that bridging these gaps will also be on the commission's agenda. Morrisey said the Commission's work can "give the government the opportunity to take a long-term view and look at how the state pension and the triple lock's role within it need to evolve to ensure it remains sustainable and people can plan for their futures with confidence". One potential reform she suggests is the use of a Living Pension, similar to a Living Wage, as a "minimum income underpin" with targeted salary replacement rates over this to ensure people meet adequate saving targets. Tom Selby, director of public policy at AJ Bell, suggests the government could be limited, telling Yahoo News: "It is hard to imagine hiking minimum contributions – hitting employers and employees in the pocket in the short term – will be on the agenda during this Parliament." AJ Bell's head of public policy Rachel Vahey warned: "Raising employer contribution requirements would likely face a business backlash, with employers having recently shouldered huge rises in the minimum wage and an extra £25bn a year in national insurance costs." Read more Small pension pot rules and loopholes: what are they and how do they work? (The Telegraph) People need an annual income of £44,000 in retirement for comfortable lifestyle (Daily Record) 'I retired to Spain and live on the state pension. I could never afford it in Britain' (The Telegraph) Solve the daily Crossword
