Pension

Single mothers would need to work to age 93 in order to retire with the same amount of pension wealth as a man.

Samantha Gould, Head of Campaigns at NOW: Pension, said: “As a working single mother myself, I know all too well that the cost of childcare is a huge obstacle for single-parent households. We must ensure that everyone has an equal opportunity to save for their futures and build an adequate savings pot for later in life.” The Department for Work and Pensions (DWP) has backed MP Jonathan Gullis’ Private Member’s Bill on plans to expand auto-enrolment. Yet, the Pensions and Lifetime Savings Association’s retirement living standards suggest an income of £12,800 per year is needed for a ‘minimum lifestyle’. It’s not right that such a large section of our society will continue to experience hardship well into retirement simply because they parent alone.” Consequently, working single mothers have missed out on over £852 million in pension savings since the introduction of auto-enrolment in 2012. Therefore, single mothers are not only missing out on a workplace pension, but vital employer contributions too. Yet for far too many in our society, a comfortable retirement remains out of reach, usually through no fault of their own. If single mothers could pay into their pension on the very first £1 of earnings, they would increase their annual pension contributions to £1,385 (+56%) which means over a 40-year career they could have a pension pot of £75,125. [data](https://www.nowpensions.com/about-us/fairpensionsforall/campaigning-for-the-underpensioned/) reveals that over a 40-year career (assuming no career breaks), single mothers will reach retirement with a private pension income total of £48,000. In comparison to single fathers, the statistics reveal that single mothers may have to work an additional 28 years (until age 93) to retire with the same amount of money as a man. Of those single mothers who are eligible for workplace pensions, they will be saving an average of £885 per year into their pension, compared to the UK average of £1,573.

They come after a pension reform bill was forced through parliament last Thursday without a vote.

Thousands lit fires around the country and some threw firecrackers at police. Mr Macron's allies are in a minority in the lower house of the National Assembly, but for the no-confidence motions to succeed, all of the opposition would have to unite. If the no-confidence motions succeed, President Emmanuel Macron would not be at risk of losing his job, but the positions of Ms Borne and the government would be jeopardised.

President Emmanuel Macron's government faces two motions of no confidence in the National Assembly on Monday after it bypassed the lower house to push ...

But proponents of the no-confidence vote urged more LR lawmakers to back it. "You failed to convince, so you chose the easy way out," centrist lawmaker Charles de Courson told the government as he opened the debate on the no confidence motions. At liquefied natural gas (LNG) terminals, the strike was extended until March 27 at the three terminals operated by Engie subsidiary Elengy, a union representative said. The debate began around 4 p.m. (1500 GMT) and was expected to last around an hour and a half, before the votes on the centrist motion of no confidence, backed by a wide number of groups, and another put forward by the far-right National Rally. Register for free to Reuters and know the full story

French Prime Minister Elisabeth Borne on Monday faces two motions of no confidence in the National Assembly lower house, after forcing through an unpopular ...

is counting on people going too far, so as to profit from a situation of fear." With only a few likely rebels in his ranks, most expect the government to survive. "Don't make our struggle invisible with practices that would be turned against us," Melenchon said. But "when you're in this much of a cycle of unpopularity and rejection over a major reform, it's basically suicidal" to go to the polls, said Brice Teinturier of polling firm Ipsos. The move would be "the least risky and the most likely to give him new momentum," Bruno Cautres of the Centre for Political Research told AFP. "Let's get clarity.

Working single mothers have missed out on an estimated £852 million in pensions savings because they are not covered by the auto-enrolment scheme introduced ...

“Other HR benefits which would be of huge help to single parents would be private healthcare and childcare schemes, anything which helps to lighten the burden in terms of finances and stress.” [Can we escape the single parent trap?](/content/features/can-we-escape-the-single-parent-trap/) [Single-mother pensions dropping rapidly post pandemic](/articles/single-mother-pensions-dropping-rapidly-post-pandemic/) [Women underestimating impact of reduced working hours on their pensions](/articles/women-underestimating-impact-of-reduced-working-hours-on-their-pensions/) [eligibility criteria for auto-enrolment](/articles/government-urged-to-reform-uk-pensions-system/) in a workplace pension is short-changing one in three single mothers.

Since becoming president in 2017, Emmanuel Macron often has been accused of being out of touch. But government officials are hoping to survive a ...

If a majority agrees, it would spell the end of the retirement reform plan and force the government to resign. "The goal is to support the workers on strike in Paris ... The tensions in the political arena are echoed on the streets, marked by intermittent protests and strikes in various sectors, from transport to energy and sanitation workers.

Motions to be put before parliament against backdrop of rising tensions between protesters and police.

In a sign that the president was holding firm, his office said he had called the heads of the senate and of the national assembly to say he wanted the pension changes to go to “the end of its democratic process”. He could also dissolve the National Assembly and call a snap parliamentary election, although this was not seen as a likely choice. School heads were confident that enough supervisors would be in place for the exams. This is because a motion of no-confidence would require an absolute majority of 287 MPs. In Rennes, bins were set alight on a highway and cars were stopped. Roadblocks and demonstrations at roundabouts were under way in some parts of

CNN's Michael Holmes reports on the no-confidence votes French President Emmanuel Macron is facing on Monday, after his decision to force through unpopular ...

There are two benefits people under 66 may be eligible to claim now that could carry over into State Pension age.

[State Pension](https://www.dailyrecord.co.uk/lifestyle/money/state-pensioners-may-pay-tax-29211908) provides essential financial support every four weeks for 12.6 million people across the UK, including around one million living in Scotland. [People of State Pension age could be due up to £1,350 cost of living payments](https://www.dailyrecord.co.uk/lifestyle/money/state-pension-cost-living-payments-29038625) [DWP encourages older people to check entitlement for health benefit worth up to £92 each week](https://www.dailyrecord.co.uk/lifestyle/money/dwp-encourages-older-people-check-29171992) [DWP urged to do the ‘right thing’ for WASPI women over State Pension age compensation](https://www.dailyrecord.co.uk/lifestyle/money/waspi-women-state-pension-compensation-29124891) [Specific group of older people will not get new State Pension payment rates starting in April](https://www.dailyrecord.co.uk/lifestyle/horoscopes/expats-miss-state-pension-rise-29116271) [Martin Lewis urges people to claim 'massive' State Pension top-up just for looking after grandchildren](https://www.dailyrecord.co.uk/lifestyle/money/martin-lewis-state-pension-boost-29102379) - Child Tax Credit (HMRC)- you can't make new claims for this, but if you're already getting it you can carry on receiving it [Bereavement Support Payment](https://www.gov.uk/bereavement-support-payment) and [Widowed Parent’s Allowance](https://www.gov.uk/widowed-parents-allowance) are also not available once you reach State Pension age. - Working Tax Credit (HMRC) - you can't make new claims for this, but if you're already getting it you can carry on receiving it [Disability Living Allowance](https://www.dailyrecord.co.uk/all-about/disability-living-allowance) (DLA), [Personal Independence Payment](https://www.dailyrecord.co.uk/all-about/personal-independence-payments) (PIP) or Adult Disability Payment (ADP) - the new devolved disability benefit which is replacing PIP for people in Scotland - once you have reached State Pension age, however, if you were already receiving DLA, PIP, or ADP you can renew the claim even though you are over State Pension age. [Turn2us](https://www.turn2us.org.uk/Benefit-guides/State-Pension-age-changes/What-is-State-Pension-age#guide-content) has created an essential guide to the benefits you cannot claim from the Department for Work and Pensions (DWP) when you reach State Pension age or Pension Credit age. You can also claim these benefits even if you are over State Pension age, but only if you meet the benefit-specific income threshold: When you reach State Pension age you can no longer claim: You can check your State Pension age and whether you can start claiming Pension Credit on the 'Check your State Pension age' page of the [here](https://www.turn2us.org.uk/Benefit-guides/State-Pension-age-changes/What-is-State-Pension-age#guide-content). [benefits](https://www.dailyrecord.co.uk/lifestyle/money/simple-ways-boost-state-pension-29183122) will continue, new ones you may now qualify for and those you can no longer make a new claim for.

They come after a pension reform bill was forced through parliament last Thursday without a vote.

One university student called Shola who turned out to protest in Paris told AFP news agency: "People think this subject does not concern us but in fact it does. Mr Ciotti said the decision to invoke the clause was "a result of many years of political failures" that demonstrated "a profound crisis in our constitution", but he did not believe the vote of no-confidence was the solution. Boris Vallaud from the Socialist Party, who backed the centrist the no-confidence vote, called on the government to "withdraw" the pension reform or "submit it to the vote of the French people".

The Government has expanded its mid-life pension MOT to help workers understand how much they will have in retirement.

While these build a solid foundation, it is important that you consider what you want your retirement to look like and what steps you can take to get there." The Government says: "An appointment with Pension Wise is free and will help you understand what your overall financial situation will be when you retire." Jeremy Hunt has reinforced the Government's commitment to their mid-life MOT service by expanding it to more workers. [State Pension](https://www.leicestermercury.co.uk/all-about/pensions) and workplace pensions. [Wood burning stoves alternative with smokeless fuel costing 75p an hour to run](https://www.leicestermercury.co.uk/news/uk-world-news/wood-burning-stoves-alternative-fuel-8249320) [State Pension warning to 8.5million as retirement age set to rise](https://www.leicestermercury.co.uk/news/cost-of-living/state-pension-warning-85million-retirement-8245992) [Changes due for motorists in Budget announcement include car tax rise](https://www.leicestermercury.co.uk/news/cost-of-living/changes-due-motorists-budget-announcement-8267509) [Pension allowance set to increase to deter people from retiring early](https://www.leicestermercury.co.uk/news/cost-of-living/pension-allowance-set-increase-deter-8248824) [ITV Love Island new applications fall after social media rule change](https://www.leicestermercury.co.uk/news/celebs-tv/itv-love-island-new-applications-8267782) [living in poverty](https://www.leicestermercury.co.uk/news/cost-of-living/). [MoneyHelper](https://www.moneyhelper.org.uk/en) is a Government-backed source of impartial, specialist financial guidance. [Government portal here](https://www.yourpension.gov.uk/), where you are encouraged to ask yourself important questions. [wellbeing and money](https://www.leicestermercury.co.uk/all-about/your-money). The Government says: "Retirement planning is about taking control of your future, by taking steps now to get the retirement you want – and it's never too early to start planning." [Exact State Pension increase retirees could get each week from 2024](https://www.leicestermercury.co.uk/news/cost-of-living/exact-state-pension-increase-retirees-8259111) According to the Government: "It is aimed at both employees and employers and can help you to make choices that will ensure the future retirement you want."

PARIS — France faces a day of reckoning Monday as the Parliament holds a key vote on no-confidence motions that could potentially lead to the government's ...

The sustained protests mirror the so-called “gilets jaunes” or yellow vest protests of 2018-19, when gas prices prompted a widespread popular revolt. As a result, Parliament did not get to have a say on the law unless it tabled a no-confidence vote. Police said some 4,000 protesters gathered in the Place d’Italie in southern Paris on Saturday, many chanting “Macron, resign!” as trash bins were set alight and officers responded by firing tear gas. "It's a risk that opposition parties have downplayed, but all objective economic analysis of the current pension scheme in France agrees that it's not sustainable to continue with retirement at the age of 62 under the current conditions, and that it risks becoming unsustainable in the near future," Murray said. [long-promised](https://www.nbcnews.com/think/opinion/massive-french-protests-against-macron-s-pension-reforms-have-lessons-ncna1102886) plan to raise the national retirement age from 62 to 64 has [sparked weeks of national strikes and demonstrations](https://www.nbcnews.com/news/world/france-violent-protests-paris-garbage-pension-age-emmanuel-macron-rcna75395), and police have clashed with protesters in cities across the country. [flagship pension plan](https://www.nbcnews.com/news/world/tense-day-france-macrons-gamble-retirement-bill-rcna75235), the cause of countrywide protests and strikes.

Two no-confidence votes against French President Emmanuel Macron's government have failed in the country's parliament, clearing the way for his hugely ...

With one of the lowest retirement ages in the industrialized world, France also spends more than most other countries on pensions at nearly 14% of economic output, according to the Organization for Economic Cooperation. And while the government has now survived the motions against it, the anger against the reforms shows no sign of ending, with protestors gathering in central Paris following the votes. It was brought forward by the small parliamentary group “LIOT,” which represents various small parties, and was seen as the most likely of the two to threaten the government.

“Paying into a pension is one of the best ways to save paying income tax. Pension tax relief means that it only costs basic-rate taxpayers £80 to pay £100 into ...

O’Connor says many people will want to have about 70% of their salary in order to have a comfortable retirement. “The cap will now be separate, with the potential that it could be reduced in the future,” she says. Pension tax relief means that it only costs basic-rate taxpayers £80 to pay £100 into their pension, and it’s an even better deal for higher-rate taxpayers, where it will cost £60 to pay £100 into their pension.” The rise is some welcome news for the older community, many of whom have struggled with the increase in energy prices. The headline announcement was that the pensions lifetime allowance is to be done away with. For most workers, the budget would appear to have precious little in terms of retirement savings.

HMRC has issued new guidance for pension scheme administrators following the Spring Budget's announcement that the lifetime allowance is to be abolished ...

It notes that the statute book currently contains hundreds of references to the lifetime allowance and abolishing it will be a complex project. The new guidance instructs administrators to continue to conduct lifetime allowance checks when paying benefits and issuing benefit crystallisation event statements until full abolition arrives. It has already been announced that the lifetime allowance charge will be removed in April 2023.

The ditching of the lifetime allowance could enable millions of pension savers to avoid inheritance tax. We explain how.

The maximum tax-free lump sum that an individual can withdraw at retirement will be restricted to £268,275 (25% of the current lifetime allowance). Inheritance tax is charged on estates that are worth more than £325,000 (known as the “nil-rate band”). Anything that is left to a spouse or civil partner is IHT-free and you can also pass on any unused IHT allowances. This means they are not subject to inheritance tax. The next thing you need to know is that the lack of a lifetime allowance does not mean that you will be able to automatically take 25% of your pension savings completely tax-free when you start drawing your pension. Savers can carry forward £40,000 from each of the three previous tax years (assuming you haven’t paid into a pension in those years), meaning they’ll be able to add a maximum of £180,000 in the 2023-24 tax year. [Sipps](https://moneyweek.com/personal-finance/pensions/605274/should-i-use-a-workplace-pension-or-a-sipp)) and workplace schemes do not usually form part of a person’s estate when they die. So, if you build up significant pension wealth above the current lifetime limit of £1,073,100, be prepared for a new government to change the goalposts, and the possibility of paying a tax charge. While the lifetime allowance is facing the chop, savers must still pay attention to the annual allowance, which limits the amount of money that can be paid into pension pots each tax year and benefit from full tax relief. [lifetime allowance](https://moneyweek.com/personal-finance/605760/pension-lifetime-allowance-rise) will be axed means pension savers could leave vast sums of money to their loved ones completely free of inheritance tax (IHT). The ditching of the lifetime allowance could enable millions of pension savers to avoid inheritance tax. We explain what the absence of a lifetime allowance means for passing on pension pots to beneficiaries, and how it’s possible to sidestep inheritance tax.

The scrapping of the lifetime allowance was one of the most eye-catching measures announced by Jeremy Hunt in his first Budget. LONDON, ENGLAND - MARCH 15: ...

[early retirement problems facing the NHS](https://inews.co.uk/nhs/half-gps-plan-early-retirement-185500?ico=in-line_link).” [lifetime allowance charge](https://inews.co.uk/inews-lifestyle/money/lifetime-allowance-abolished-how-affect-pension-labour-bring-back-2218190?ico=in-line_link) will be reduced to 0 per cent, with the Government eventually intending to scrap the lifetime allowance altogether. [if the excess is taken as income and 55 per cent if taken as a lump sum.](https://inews.co.uk/inews-lifestyle/money/pensions-and-retirement/pension-clinic-im-thinking-of-stopping-paying-into-my-pension-scheme-how-much-money-will-it-cost-me-2175169?ico=in-line_link) [ such as some far-reaching changes to pensions](https://inews.co.uk/inews-lifestyle/money/pensions-and-retirement/pensions-clinic-key-measures-2023-how-affect-you-2221061?ico=in-line_link) – here are some of the [key announcements affecting pensioners](https://inews.co.uk/news/budget-2023-what-mean-pensioners-scarpping-pension-lifetime-annual-allowance-2209850?ico=in-line_link). [lifetime pension allowance (LTA)](https://inews.co.uk/inews-lifestyle/money/pensions-and-retirement/lifetime-allowance-increase-2023-budget-current-pension-rules-changes-explained-2207384?ico=in-line_link). [the next general election](https://inews.co.uk/news/next-general-election-next-uk-vote-budget-2211123?ico=in-line_link). [Tom Selby, the expert behind i‘s Pensions Clinic](https://inews.co.uk/author/tom-selby?ico=in-line_link) column, [explains](https://inews.co.uk/inews-lifestyle/money/pensions-and-retirement/pensions-clinic-key-measures-2023-how-affect-you-2221061?ico=in-line_link): ” Today, if you breach the lifetime allowance, which stands at £1,073,100, you will pay a lifetime allowance charge on the excess. [pension](https://inews.co.uk/topic/pensions?ico=in-line_link) you will be £234,795 better off without the cap, assuming you take your pension in one go. Labour has accused Mr Hunt of making changes to pensions that fail to benefit the “vast majority” of Britons. This refers to the amount of money that can be paid into a pension each tax year before an annual allowance charge is levied. [a widening of free childcare policies](https://inews.co.uk/inews-lifestyle/money/30-hours-free-childcare-how-work-who-eligible-support-budget-2023-changes-explained-2209458?ico=in-line_link) and [ extended energy support](https://inews.co.uk/news/energy-support-scheme-being-extended-what-price-guarantee-how-affect-bills-2209750?ico=in-line_link), had been widely anticipated in advance. [Jeremy Hunt](https://inews.co.uk/topic/jeremy-hunt?ico=in-line_link) delivered [his first Budget](https://inews.co.uk/news/budget-2023-live-latest-news-jeremy-hunt-announcement-childcare-energy-bills-today-2209421?ico=in-line_link) since [becoming Chancellor last year](https://inews.co.uk/news/politics/jeremy-hunt-chancellor-why-kwasi-kwarteng-liz-truss-uk-economy-2-1911921?ico=in-line_link) on 15 March, announcing [a wide range of policies](https://inews.co.uk/news/politics/budget-2023-summary-what-happened-jeremy-hunt-announcement-today-key-points-2210849?ico=in-line_link).

As anticipated, the Government made some significant changes to the pensions tax framework in its Spring Budget on Wednesday. Most notably, the…

The Government is introducing the measures so that while there will be no LTA charges from 6 April 2023, the actual LTA itself will not be removed from legislation until 6 April 2024, and so the specific drafting of plan rules (and the implications of this sequencing) will need to be checked carefully where they do refer to the AA or LTA in order to understand the impact at 6 April 2023 and again at 6 April 2024. Some pension plans limit benefits by reference to either the LTA or the AA, so employers and trustees of these plans will need to review the plan rules and consider the implications of the changes. This is because tax at an employee's marginal rate will apply if they exceed the old LTA under the new regime, so while this is less than 55%, there will still be some tax payable, meaning that employers may still want to offer the plans for those individuals. This exemption will no longer be relevant from a policy perspective under the new regime as employees with relevant LTA protection will be able to continue to accrue benefits, and so it will be interesting to see if changes are made to this in due course. If employers want to terminate them, for example, to provide consistent benefits across the workforce, they will need to check if employees' agreement is needed to do that under the terms. Yes, as they will continue to enable employees with relevant protection to take a greater tax-free cash amount than they would otherwise be able to do under the new regime.

France's controversial pension reform proposal will become law, raising the country's retirement age by two years, after President Emmanuel Macron's ...

Hundreds have been [detained](https://www.cnn.com/2023/03/17/europe/france-pension-reform-intl/index.html) at protests across the country, and French police have [banned](https://www.theguardian.com/world/2023/mar/18/paris-clashes-continue-over-french-pension-age-rise) gatherings in certain public places in an effort to subdue the unrest. [lowest](https://www.cnn.com/2023/03/17/europe/french-pension-reforms-explainer-intl-cmd/index.html) retirement ages and highest spending on pensions, for decades. [sparked](https://www.nytimes.com/2023/03/07/world/europe/macron-france-retirement-protests.html) fierce, months-long protests spearheaded by the country’s labor unions, as well as strikes by teachers, transit workers, students, garbage collectors and oil refinery workers. Had the motion [passed](https://www.cnn.com/2023/03/20/world/macron-france-pension-no-confidence-intl/index.html), Prime Minister Élisabeth Borne and her cabinet would have had to resign, but Macron would have remained president. [survived](https://www.nytimes.com/live/2023/03/20/world/france-macron-no-confidence-vote) a no-confidence vote in the National Assembly on Monday, meaning his pension plan will become law. Charles de Courson, the author of the no-confidence vote, [said](https://www.lemonde.fr/en/french-pension-reform/article/2023/03/20/french-government-faces-no-confidence-vote-after-its-decision-to-bypass-parliament-on-pension-reform_6020056_234.html) removing the government would be “the only way of stopping the social and political crisis in this country.” Protesters have previously succeeded in pushing the government to abandon pension reforms: In 1995, when then-President Jacques Chirac planned to [increase](https://www.reuters.com/world/europe/french-pension-reforms-protests-they-faced-2023-01-10/) the retirement age for some civil servants, the government ditched reform efforts after [millions](https://www.cnn.com/2019/12/04/europe/france-pension-reform-strike-intl/index.html) protested for weeks straight in the [largest](https://www.reuters.com/world/europe/french-pension-reforms-protests-they-faced-2023-01-10/) protests the country had seen in decades. The transportation strikes, which spilled over into 2020, [became](https://www.nytimes.com/2020/01/09/world/europe/france-strikes-pensions.html?searchResultPosition=9) the longest in the country’s history, though plans to overhaul the pension system were [delayed](https://www.nytimes.com/article/france-pension-strikes-macron-explainer.html) because of the pandemic. A September 2022 report by France’s Pensions Advisory Council [found](https://www.france24.com/en/france/20230109-macron-s-pension-reform-necessary-changes-to-an-unsustainable-system) on average, the pension system will run a deficit over the next quarter century, projecting the system’s finances will deteriorate between 2023 and 2027, though it also projected a return to breakeven by the mid-2030s even without reforms. But previous calls for reform have faced staunch opposition, as people push back against changing a system that has led France to have one of Europe’s lowest rates of [poverty risk](https://www.wsj.com/articles/french-pension-strikes-retirement-age-reform-macron-ce377388) for pensioners. [said](https://www.nytimes.com/2023/03/18/world/europe/macron-pension-future.html) after Macron forced his plan through the National Assembly without a vote. [says](https://www.nytimes.com/article/france-pension-strikes-macron-explainer.html) the pension system will run a deficit in the coming years (the body that monitors France’s pension system has [projected a deficit](https://www.cnbc.com/2023/03/07/oil-refineries-blocked-and-trains-halted-by-french-pension-protests.html) for the next decade, but [denied](https://www.nytimes.com/article/france-pension-strikes-macron-explainer.html?name=styln-france-strike) the system faces an urgent threat of bankruptcy and admitted long-term deficits are difficult to predict).

Protests erupted across France on Monday night, hours after the government adopted deeply unpopular pension reforms after surviving two no-confidence votes.

Opposition lawmakers have vowed to continue their fight against the new law. The motion received 278 votes Monday, falling short of the 287 needed to pass. This live blog is no longer being updated.

Chancellor Jeremy Hunt used his Budget to abolish the tax-free limit on pensions savings.

“The Conservative Government wants to keep more of our most experienced doctors and consultants on the front line of our NHS to cut waiting lists – Labour need to explain to the British people why they now disagree.” The Conservative Government wants to keep more of our most experienced doctors and consultants on the front line of our NHS to cut waiting lists - Labour need to explain to the British people why they now disagree “The Labour Party would immediately reverse this Tory decision, and prioritise working people and families.”

The study comes as the Living Pension scheme is launched by the fair pay campaigners behind the Real Living Wage crusade.

“Struggling to make ends meet as living costs soar, many workers are unable to prioritise pension saving, which risks storing up a future crisis of millions unable to afford even the basics in retirement.” Standard Life’s chief executive Andy Curran said: “It’s critical that people are saving enough towards their retirement, and we know that employers have an important role to play in ensuring that the right foundations are laid for their employees’ retirement.” Campaigners hope the voluntary savings target will help workers build up a pension pot that will provide enough income to meet basic needs in retirement. Some 56% of people who pumped cash into a pension scheme in the last 12 months believe they will never get to enjoy the benefit, according to the Savanta study for the Living Wage Foundation. The report comes as the Living Wage Foundation outlines its latest initiative, encouraging firms to be “Living Pension Employers”. Researchers quizzed 3,059 working adults who paid into a pension in the last 12 months quizzed online for the poll.

Despite abolishing the lifetime pensions cap, Jeremy Hunt's so called 'back to work budget' has failed to inspire retirees, according to data from ...

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Most retirees enjoy being retired and won't be coming back to the workplace any time soon,” Interactive Investor's Alice Guy said.

“Our poll results show that most retirees enjoy being retired and won’t be coming back to the workplace any time soon,” Interactive Investor head of pensions and savings Alice Guy said. “With a pot worth £1.2 million I will be better spending time investing the pot to maximise growth. Among them were reforms to [pensions](/topic/pensions), including removal of the lifetime allowance (LTA) ceiling on how much they can put in their pension pots without being hit by punitive tax rates.

interactive investor poll sheds light on the impact of last week's Budget pension changes.

Likewise, the changes to the pension annual allowance and money purchase allowance will make scant difference to most people’s retirement plans, with only 9.4% of retirees over-50 saying the changes could tempt them back to work. The content is not intended to be a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy as it is not provided based on an assessment of your investing knowledge and experience, your financial situation or your investment objectives. “Only 9.3% of retired over-50s surveyed on the interactive investor website after last week’s Budget said the lifetime allowance changes would be enough to lure them back to work. But our survey results show that most retirees either don’t want to return to work, or will not be helped by the recent pension changes.” A minority of respondents commented that the pension changes might encourage them back to work. Alice Guy Head of Pensions and Savings at interactive investor says: “Our poll results show that most retirees enjoy being retired and won’t be coming back to the workplace any time soon. “For many recent retirees, it’s a big ‘no thanks’ to the chancellor’s offer for more pension savings. But others felt the abolition of the lifetime allowance might even make them less likely to return to work. One respondent said: “I have hit the LTA already, but I don't think that tax bungs to the well-off should be a government priority.” One respondent commented that: “the changes don’t encourage me to go back at all. The survey results and respondents’ comments show that Jeremy Hunt will have a tough road ahead to persuade retired over-50s back to work. Our survey also allowed respondents scope to comment on the lifetime allowance and other pension changes.

Chancellor Jeremy Hunt used his Budget to abolish the tax-free limit on pensions savings.

“The Labour Party would immediately reverse this Tory decision, and prioritise working people and families.” Labour has pledged to reverse Mr Hunt’s policy if it wins power after the next general election. Jeremy Hunt’s pensions tax shake-up is “the wrong priority, at the wrong time, for the wrong people”, Labour has said, as it called on MPs to vote against the move.

The prime minister says pensions changes will keep doctors in work, amid criticism they are unfair.

Chancellor Jeremy Hunt has also pitched the pensions tax cuts as part of a wider drive to reverse a post-pandemic rise in the number of wealthy workers opting for early retirement. "This is about cutting waiting lists," he said. However, Labour has argued the changes are the "wrong priority" amid pressure on lower earners from rising living costs, calling them a "billion pound pensions bung" for the wealthy.