Many workers in sectors that shut down during the COVID-19 lockdown could be facing a retirement savings crisis, according to a report. Scottish Widows polled 5,757 savers for its annual retirement report, which was undertaken in March 2020 – during the height of the pandemic.
Base rate cuts have significant effect on savings market. Dwindling interest rates have seen average savings rates for ISAs drop to their lowest levels since records began in 2008, according to Moneyfacts.
The Government is reportedly considering scrapping the pensions triple lock in an attempt to recoup billions of pounds spent on coronavirus support schemes.
Furloughed workers saving into workplace pension schemes are being warned to be on their guard about employers cutting their contributions without their consent.
The point at which tapering of the annual pension allowance kicks in increases by £90,000 to £200,000 for 2020/21.