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.
COVID-19 prompts spike in fraudulent behaviour. While the UK tries to deal with the economic impacts from COVID-19, reports are rife of fraudsters stepping up their attempts to access your money.
Should you transfer or consolidate funds? Around £19.4 billion has not been claimed in 1.6 million lost or forgotten pension pots, according to the Association of British Insurers (ABI). On average, this equates to about £13,000 per pension pot.
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.
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