Lifetime allowance


Breach may impact on more than a million workers

An estimated 1.25 million people are set to breach the current lifetime allowance (LTA) £1.055 million lifetime limit for pension tax relief over the course of their working life, according to new research published[1]. Continue reading…


State Pension


Half a million workers past pension age could be paying unnecessary tax

A significant number of people working past the State Pension age could be paying unnecessary tax on their State Pension, according to new research[1]. This is because they failed to take up the option of deferring their State Pension until they stopped work. As a result, their entire State Pension is being taxed, in some cases at 40%. Continue reading…


Tracing a lost pension


Nearly £20 billion unclaimed money and growing

The scale of the UK’s lost pensions mountain has been exposed by the largest study yet on the subject[1]. The Pensions Policy Institute surveyed firms representing about 50% of the private defined contribution pensions market[2]. Continue reading…


Freetirees


Pension freedoms usher in a new generation

The introduction of pension freedoms has been a huge enabler for over-55s, allowing millions to draw income from their pensions flexibly. Pension freedoms offer the opportunity to transition into retirement by continuing to work with reduced hours beyond traditional retirement age. Continue reading…


Workplace pension savings


Employees contribute higher pension payments

On 6 April 2019, the minimum level of auto-enrolment contributions increased to 8% of earnings, made up of 3% from employers and 5% from employees. According to data from the Pensions Regulator, auto-enrolment has brought a total of 9,937,000 people into the scheme to date, and involved 1,400,918 employers. Continue reading…


Retirement income


Plan to enjoy the kind of lifestyle you want in later life

‘Will I be able to afford the retirement lifestyle I want?’ is a question that many people ask but struggle to figure out. There are many ways to assess your likely income in retirement and work out how much you need to put away now to enjoy the kind of lifestyle you want in later life. This is why more and more people, where appropriate, are turning to private pensions as a tax-effective way to build or enhance their retirement income. Continue reading…


Retirement options


Greater responsibility on individuals to plan for financial security in old age

Deciding what to do with your pension pot is one of the most important decisions you will ever make for your future. The ‘pension freedom’ changes of April 2015 represented a complete shake-up of the UK’s pensions system, giving people much more control over their pension savings than before. Continue reading…


Smart plans


Living a less complicated life!

For anyone enjoying their retirement years and living a less complicated life, it can be easy to assume that you no longer require professional financial advice. Some people may believe that since they have reached their 60s and ‘retired’, the hard work is over. Continue reading…


Seize the day


Planning for a comfortable life after years of hard work

Over time, with life expectancy and the cost of living rising, it could mean that some retirees are at risk of running out of pension income in later life. So what can you do to make sure that you have a big enough pension to meet your needs for the whole of your retirement? Continue reading…


Looking at the big retirement picture


Considering making contributions ahead of the tax year end?

Investing for the future is vital if you want to enjoy a financially secure retirement, and it requires you to look at the big picture. Although pensions can be complicated, we will help you get to grips with the rules if you are considering making contributions ahead of the tax year end. Here are our top pension tax tips. Continue reading…