This week we’ve picked out some financial news, including employee financial well being and news of state pension.
Independent: Historical changes to state pension hit millions of newly bereaved
There have been changes to the state pension system. In the past, a widow or widower would receive an extra boost or some of the spouse’s pension but with the new system, you might not get anything when your spouse passes.
Recent changes in the way state pension benefits are treated may have gone unnoticed but could result in lower payments for newly bereaved. It’s difficult to keep up with the constantly changing pension landscape, more details about claiming benefits following a bereavement can be found by visiting gov.uk.
Money Marketing: FCA: Decision trees and ‘red-amber-green’ warnings likely to be advice
The FCA will release more guidance for financial planners on how they can triage defined benefit transfer cases. This comes after the FCA received a number of questions from Advisors about tools such as decision trees and red-amber-green traffic light questionnaires.
It looks as though the FCA is still struggling with appropriate guidance for Advisers to deal with defined benefit pension transfers.
HR News: Want to support your employees’ financial wellbeing?
Poor financial wellbeing can happen to anyone and can cause real problems in an individuals life including at work. Individuals worrying about money are more likely to have a bad nights sleep, more likely to not finish tasks and more likely to be depressed.
A useful article from HR News on how employers can address the financial well being of their employees and the benefits of doing so.