Latest news with #RebeccaWilliams
Yahoo
01-08-2025
- Business
- Yahoo
State pensioners born in three years stand to lose £17,000 each
State pensioners born within a three-year span have been issued a £17,000 warning. The Department for Work and Pensions (DWP) could change the state pension age - in a move that could cost workers in their early-fifties THOUSANDS. People aged 51, 52 or 53 could lose thousands if a major change is implemented. The government has announced a review into State Pension age as part of its work on pension adequacy, with fears brewing that many won't have enough in retirement. It's a move that could see the timetable shift, with a potential increase to age 68 to be brought forward from its current date in the mid-2040s. New analysis by Rathbones estimates that if the deadline were pushed to 2039-2041, those aged 51-53 now would stand to lose £17,774. Those aged 52 would lose £16,918 while those aged 51 would lose £17,340. READ MORE: State pensioners born after 1951 being handed unexpected DWP payment tomorrow READ MORE: Millions of state pensioners set for bumper payments of £1,115 in August READ MORE UK households with cordless vacuum cleaners warned to 'stop using immediately' Rebecca Williams, divisional lead of financial planning at Rathbones, said: 'With longevity increasing and population pressures mounting, future generations appear set to face a less generous state pension regime than that enjoyed by many of today's retirees. The situation appears particularly precarious for those in their early 50s who face a real prospect of missing out. 'The state pension alone is not enough for a comfortable retirement. Individuals need a broad foundation built on workplace pensions, private savings, and the ongoing support of pension tax relief. "Cracks are beginning to show in the system, and they must be addressed urgently if we are to maintain faith in the UK's pension framework and ensure people are equipped not just to survive, but to thrive in later life.' Helen Morrissey, from Hargreaves Lansdown, said: "The last review into State Pension was widely expected to recommend the move to age 68 be moved forward to the mid-2030s. This was shelved though until a clearer picture around how long we were living after the pandemic could be assessed. "The other key issue is that of healthy life expectancy – how long we can expect to live in a good state of health. "This has a massive impact on how long we can keep working, which in turn effects how much we can save into our private pensions and build entitlement for the State Pension. "The challenge is that healthy life expectancy currently hovers in the early 60s. People leaving the workforce at this time will also experience a gap of several years before they can access their state pension. "Increasing the age only makes this more difficult and puts increasing pressure on our other pensions and savings to fill the gap."
Daily Mail
29-07-2025
- Business
- Daily Mail
Millions of workers could lose £18,000 in state pension if they have to wait until 68
Millions of people in their early 50s could miss out on up to £18,000 if the state pension age is hiked to 68 faster than expected, new research reveals. A new Government review of the state pension qualifying age has triggered speculation it might have to rise substantially to contain rapidly rising costs. The state pension is currently worth £230.25 a week or nearly £12,000 a year if you have paid enough National Insurance years to receive the full amount, and it starts at age 66. The qualifying age is already set to rise to 67 between 2026 and 2028, and then the next increase is technically not scheduled until the mid 2040s, which will affect those born from 6 April 1977. The Government is expected to give at least 10 years' notice of a change in the timetable, but it could act straight after the current official review concludes in 2029, according to wealth manager Rathbones. This could mean the rise to 68 is accelerated to 2039-41, which would affect workers now aged 51, 52 and 53, it says. Rathbones has crunched the numbers for future rises under the state pension triple lock, and reckons the annual amount could hit £17,774 in the year someone who is 51 now turns 68. When a 52-year-old is 68 - in 15 years' time - they could miss out on a year of state pension worth £17,340. And someone who is 53 now could lose out on £16,918. That is based on the state pension rising by at least 2.5 per cent a year, which is the minimum increase required under the triple lock pledge - so could easily be higher, unless politically difficult steps are taken to soften the popular guarantee. The triple lock means the state pension increases every year by the highest of inflation, average earnings growth or 2.5 per cent. The Government has promised to stick to the triple lock for the whole of this parliament. Although questions have been raised about affordability the Government has effectively, if not in so many words, told the experts working on the next two state pension age reports to operate under the assumption the triple lock pledge will remain in place indefinitely. How much does a comfortable retirement cost? What YOU will need The Government is required by law to review the state pension age every six years, so it has ordered two reports which will look at when to hike to 68. It will examine this in light of life expectancy, public spending and population trends. But a recent report by independent think tank, the Institute for Fiscal Studies, warned that without reform of the state pension triple lock, the retirement age would have to rise to 74 by 2069. Meanwhile, the Government has launched a new Pensions Commission to try to stop future retirees ending up poorer than older people today. It says nearly half of working age adults are saving nothing at all into a pension - despite the success of auto enrolment into work schemes - and nearly 15million people are under-saving for retirement. Rebecca Williams, a financial planning boss at Rathbones, says: 'With longevity increasing and population pressures mounting, future generations appear set to face a less generous state pension regime than that enjoyed by many of today's retirees. 'The situation appears particularly precarious for those in their early 50s who face a real prospect of missing out.' She says people in their late 40s and early 50s have come to her firm asking for help getting their retirement finances on track, given the shifting goalposts when it comes to pensions. 'The state pension alone is not enough for a comfortable retirement,' cautions Williams. 'Individuals need a broad foundation built on workplace pensions, private savings, and the ongoing support of pension tax relief. 'Cracks are beginning to show in the system,' she warns.
Business News Wales
10-07-2025
- Business
- Business News Wales
Offshore Renewables Supply Chain Programme To Launch in South Wales
A dedicated regional programme aimed at supporting the floating offshore wind supply chain is set to launch in South-West Wales. The regional programme will run for up to 18 months and will be delivered by the Offshore Renewable Energy (ORE) Catapult's Fit For Offshore Renewables programme (F4OR). F4OR supports the development of an increasingly competent, capable and competitive UK offshore renewable energy supply chain. It is focused on helping UK supply chain companies gain the tools needed to succeed in the offshore renewable energy sector. The Crown Estate will provide ORE Catapult with £100,000 in funding to work with businesses in the Swansea Bay City Region, supporting their growth and entry into the floating offshore wind supply chain. This financial contribution will be matched by the Swansea Bay City Deal, which is co-funded by the Welsh and UK Governments, and launched a previous F4OR scheme in the region. From the end of July, Expressions of Interest in the new scheme can be submitted by businesses through the ORE Catapult website and successful businesses will be judged against a set of relevant criteria, including their commitment to expanding their footprint in the floating offshore wind supply chain and alignment with the ambitions set out in the Celtic Sea Blueprint. The programme was announced during an event hosted by The Crown Estate in the Senedd in Cardiff, where Members joined local authorities, industry partners, community groups and skills organisations to showcase the collaborative working taking place on its projects and activities across Wales. The Crown Estate's Chief Executive Dan Labbad attended alongside Senedd Members, where the organisation presented its Wales Review to outline positive impact and future opportunities from its activities across the country. The funding for this scheme is in addition to The Crown Estate's recently announced proposal to invest up to £400 million of capital into the UK's offshore wind supply chain. Some of this funding is already being deployed in Wales through its £50 million Supply Chain Accelerator, supporting organisations including Neath Port Talbot Group of Colleges, Pembrokeshire College and Marine Power Systems Ltd. Rebecca Williams, Director, Devolved Nations at The Crown Estate, said: 'Having the opportunity to showcase and celebrate the individuals and collaboration involved in The Crown Estate's work across Wales in the Senedd was fantastic, and we're grateful to the Members who supported our event. It's inspiring to bring together so many valued partners who are helping us to serve communities and businesses across Wales, now and into the future. 'SMEs are a core driver of Wales's economy. The F4OR scheme with ORE Catapult will help businesses in South Wales take advantage of the many opportunities presented by the development of a new floating offshore wind industry in the Celtic Sea. Through a thriving supply chain, we can create jobs, skills and play an important role in the clean energy transition.' Cabinet Secretary for Economy, Energy and Planning, Rebecca Evans, said: 'Floating offshore wind in the Celtic Sea represents a once-in-a-generation opportunity to deliver lasting economic and social value for Wales. 'Working in partnership with the Crown Estate and others, we are determined to ensure Wales is in the best possible position to reap the rewards from the renewable energy revolution. 'This important programme will support local companies bidding for work in the floating offshore wind industry. This will help improve the awareness of Welsh firms about what is required to do business in the offshore wind sector.' Andy Macdonald, Director – Development & Operations, ORE Catapult, said: 'South Wales has an enviable reputation for engineering and manufacturing excellence, coupled with huge potential to support the growth and expansion of floating offshore wind. The Fit for Offshore Renewables (F4OR) supply chain programme provides an ideal route for companies with the right combination of key skills, expertise and leadership to make the transition to the renewable energy sector. 'As we see the Celtic Sea becoming an increasingly important location for floating wind development, the opportunity for local innovative companies to tap into the huge economic potential is clear, and this support is specifically designed to help those companies turn potential into reality.' This announcement follows the news in June that Equinor and Gwynt Glas – a joint venture between EDF Renewables UK and ESB – had been selected as preferred bidders to take forward two new floating wind farms as part of The Crown Estate's Offshore Wind Leasing Round 5 in the Celtic Sea. Launched at the start of 2024, a core focus of Round 5 has been to open up a new region of the UK for the generation of more secure, clean energy, while kick-starting the development of a new industry and supply chain around the Celtic Sea. The Crown Estate's Celtic Sea Blueprint published last year showed that Round 5 could support the creation of 5,300 new jobs and deliver a £1.4 billion boost to the UK economy.
