Pensions

Take it to the max

Take it to the max

How to make the most of the various pension allowances Saving into a pension is one of the most tax-efficient ways to save for your retirement. Not only do pensions enable you to grow your retirement savings largely free of tax, but they also provide tax relief on the contributions you make. There are various pension allowances that you need to be aware of and understand how to make the most of. These limit the …

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Over-50s with no pension provision

Over-50s with no pension provision

Consequences of not saving enough for retirement in our twilight years Planning ahead for retirement will help ensure you’re on track to achieve the financial future you want. However, millions of retirees may face the prospect of living in poverty during their twilight years and having to rely only on the State Pension as a result of failing to plan ahead for their retirement, according to new research[1]. People are living longer. This is good …

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Pension freedoms

Retirees now have a whole host of new options The pension freedoms, introduced on 6 April 2015, have given retirees a whole host of new options. There is no longer a compulsory requirement to purchase an annuity (a guaranteed income for life) when you retire. The introduction of pension freedoms brought about fundamental changes to the way we can access our pension savings. There is now much greater flexibility around how you take your benefits …

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Mind the gap

Self-employed would back new laws to expand retirement savings For the self-employed, even if the will to save for retirement is there, the way can be problematic. Self-employed workers want Government help to save for retirement and would back new laws to expand auto-enrolment or to make saving for retirement compulsory, new research[1] shows. Women in the UK are better prepared for the future than ever before, with 57% now saving enough for their retirement …

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Women’s State Pension age changes

Government’s bid to ensure ‘pension age equalisation’ On 3 October, campaigners lost a significant legal battle against the Government’s handling of the rise in women’s State Pension age. Up until 2010, women received their State Pensions at the age of 60, but that has been increasing since then. The retirement age for women has increased from 60 to 65, in line with men, and will go up to 66 by 2020, and to 67 by …

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State pensioners

Inflation-busting increase to weekly payments on the horizon In October this year, those receiving the State Pension are likely to find out that their weekly payments will increase by 4% from April 2020, subject to any last minute adjustments. This means the full new State Pension will see an increase from £168.60 weekly to £175.35 weekly, and the full old basic State Pension will see a rise from £129.20 weekly to £134.35 weekly. ‘Triple lock’Under …

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What you need to know

Winners and losers under the new State Pension The figures for people qualifying for the full new State Pension following its introduction in April 2016 reveal almost two in five pensioners (365,290 people, or 38% of claimants) receive less than £150 a week, while a further 314,290 people (33% of claimants) receive more than £150 a week[1]. The new State Pension is a regular payment from the Government that most people can claim in later …

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Cashing out

Pension changes brought a whole new range of options to consider Unadvised retirees who are now able to dip into their pension are having to return to work to cope with juggling their finances, according to a new report[1]. Pension freedoms have given individuals control over how to spend their retirement savings, but a number of unintended consequences have emerged. Since rules governing how pensions can be taken were dramatically relaxed in 2015, more than …

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Pension scammers: spot the warning signs

Don’t lose your life savings or be persuaded to invest in high-risk schemes Don’t let scammers enjoy your hard-earned pension proceeds. Anyone can be the victim of a pension scam, no matter how savvy they think they are. It’s important that everyone can spot the warning signs. Latest figures show that nearly one in ten over-55s fear they have been targeted by suspected scammers since the launch of pension freedoms, new research[1] shows. Cold-calling has …

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Lost pensions

Make sure your pension savings don’t get left behind The employment landscape has evolved significantly over the last few decades, and changing jobs multiple times before retirement is now very much the norm. Even if you have not had that many jobs, you may still have a number of different pensions to keep track of. Nearly two thirds of UK savers have more than one pension, and changing work patterns mean that the number of …

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