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Savers fail to review pensions

More than a quarter (28%) of savers have never reviewed their pension, according to research by Aviva.

A further 19% said they only review their retirement savings once every 5 years.

Receiving an annual statement (35%), a pay increase (28%) and starting a new job (17%) were the most popular triggers for a pension review.

Other findings: 

  • 27% of people...
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Payroll fraud costs £12 billion per year

SMEs are collectively losing a total of £144 billion a year through fraud, with £12 billion being lost through payroll.

According to a report by UK Fraud Costs Measurement Committee, payroll fraud is responsible for 8% of losses among private businesses. The biggest source of fraud is procurement, causing annual losses of £127 billion.

The total annual cost of fraud in the UK per...

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FCA announces early exit charge cap proposal

The Financial Conduct Authority (FCA) has announced that the level at which early exit charges for existing contract-based pensions, including workplace pensions are capped should be 1% of the value of a member’s pot. 

Under the proposals, firms will not be able to apply exit charges for personal pension contracts from the date the new rules come into force (which is yet to be...

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HMRC call times triple

Average HMRC call waiting times have tripled over the last 18 months, resulting in a loss to taxpayers of £97 million last year, according to a report by The National Audit Office (NAO).

Research indicates that the quality of service may have been affected by the HMRC staff reductions that took place in 2014/15. 

Calls handled fell to 71%, falling short from HMRC’s target of...

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Lack of financial backup planning endangering households

1 in 5 households would not survive financially if they lost their main income through unexpected circumstances, according to research by Scottish Widows.

Research reveals that 25% of people could only afford household bills for up to 3 months, if they or their partner were unable to work due to long-term illness.

26% would only manage mortgage payments for up to 3 months, while...

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