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Uncategorized
January 2019
Pension freedoms
Uncategorized
January 2019
Fundamental change in the approach to retirement savings A revolution in pensions transformed the retirement prospects for millions following the passing of the Pension Schemes Act 2015. April 2019 is the fourth anniversary since the introduction of the pension freedoms, a fundamental change in the approach to retirement savings. Read full article
Uncategorized
January 2019
Pension lifetime allowance
Uncategorized
January 2019
Putting a value on your pension savings in the future The pension lifetime allowance is a limit on the value of payouts from your pension schemes – whether lump sums or retirement income – that can be made without triggering an extra tax charge. The lifetime allowance for most people is £1,030,000 in the tax year 2018/19. Read full article
Uncategorized
January 2019
State Pension
Uncategorized
January 2019
Move to equalise male and female pension ages The State Pension is a regular payment from the Government that is claimed when you reach your State Pension age. The State Pension is based on your National Insurance record. It takes into account the National Insurance you built up before the new State Pension was introduced in 2016, as well as contributions and credits since then. This means not everyone will receive the same amount. Read full article
Uncategorized
January 2019
Defined contribution pension schemes
Uncategorized
January 2019
Building up a pot of money to provide an income in retirement With a defined contribution pension, you build up a pot of money that you can then use to provide an income in retirement. Unlike defined benefit schemes, which promise a specific income, the income you might get from a defined contribution scheme depends on factors including the amount you pay in, the fund’s investment performance and the choices you make at retirement. Read full article
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January 2019
Defined benefit pension schemes
Uncategorized
January 2019
Paying out a secure income for life which increases each year A defined benefit pension scheme is one where the amount paid to you is set using a formula based on how many years you’ve worked for your employer and the salary you’ve earned, rather than the value of your investments. If you work or have worked for a large employer or in the public sector, you may have a defined benefit pension. Read full article
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January 2019
Personal pensions
Uncategorized
January 2019
Saving tax-efficiently for retirement A personal pension is a type of defined contribution pension. You choose the provider and make arrangements for your contributions to be paid. If you haven’t got a workplace pension, getting a personal pension could be a good way of saving for retirement. Read full article
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January 2019
Self-invested personal pensions
Uncategorized
January 2019
Providing greater flexibility with the investments you can choose A self-invested personal pension (SIPP) is a pension ‘wrapper’ that holds investments until you retire and start to draw a retirement income. It is a type of personal pension and works in a similar way to a standard personal pension. The main difference is that with a SIPP, you have greater flexibility with the investments you can choose. Read full article
Uncategorized
January 2019
Pension consolidation
Uncategorized
January 2019
Managing your retirement savings in one place By the time we have been working for a decade or two, it is not uncommon to have accumulated multiple pension plans. There’s no wrong time to start thinking about pension consolidation, but you might find yourself thinking about it if you’re starting a new job or nearing retirement. Read full article
Uncategorized
January 2019
Turning pensions into money you can use
Uncategorized
January 2019
One of the most important decisions you will make for your future Under the pension freedoms rules introduced in April 2015, once you reach the age of 55, you can now take your entire pension pot as cash in one go if you wish. However, if you do this, you could end up with a large Income Tax bill and run out of money in retirement. It’s essential to obtain professional advice before you make any major decisions about how to access your pension pot. Read full article
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January 2019
Delaying taking your pension
Uncategorized
January 2019
Restrictions or charges for changing your retirement date You might be able to delay taking your pension until a later date if your scheme or provider permits this. If you want your pension pot to remain invested after the age of 75, you’ll need to check with your pension scheme or provider that they will allow this. If not, you might need to transfer to another scheme or provider who will. Read full article

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