Pensions

Gender pension gap

Gender pension gap

British women impacted at every stage of career The staggering impact of the gender pension gap has been revealed in research which shows that women have lower pension pot sizes in every age bracket, with the situation significantly deteriorating as they approach retirement[1]. Pension pot sizesThe highlights there is always a difference in pension pot sizes between genders[2], even at the start of men and women’s careers. This initial gap (17%) remains largely unchanged until …

Gender pension gap Read More »

What will happen to your pension when you die?

What will happen to your pension when you die?

Providing an income or nest egg for your loved ones to enjoy, long after you are gone The way that you decide to take your pension will affect what you can do with it when you pass away. While it’s not always easy to talk about, the way you eventually pass on your pension has the biggest impact on other people, so it will help talking to your spouse, children – or other people close to …

What will happen to your pension when you die? Read More »

Pension boost

Pension boost

Are you claiming all of the generous tax relief you’re entitled to? The unique combination of tax breaks and flexible access available to pensions make them a compelling choice when saving for retirement. One of the key benefits of saving into a pension rather than another type of savings or investment vehicle is the generous tax relief you’re entitled to receive. Making the most of pension saving involves maximising tax relief and allowances which could …

Pension boost Read More »

Personal Lifetime Allowance

Pension Lifetime Allowance

Do you need to take action to avoid risking additional tax charges in retirement? When it comes to your pension, you might assume that the more that you can save into it, the better. But that’s not always the case. Once your pension savings reach a certain level, you may need to take action to avoid risking additional tax charges in retirement. There is a limit to the amount of money you can build up …

Pension Lifetime Allowance Read More »

Pension freedoms

Pension freedoms

Looking for a wider choice of investment options? Saving for your retirement is one of the longest and biggest financial commitments you will ever make. Imagine you’re retiring today. Have you thought about how you’re going to financially support yourself (and potentially your family too) with your current pension savings? The pension freedoms introduced in 2015 provide even more of an incentive to look again at your retirement savings. If appropriate to your particular situation, …

Pension freedoms Read More »

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 …

Take it to the max Read More »

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 …

Over-50s with no pension provision Read More »

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 …

Pension freedoms Read More »

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 …

Mind the gap Read More »

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 …

Women’s State Pension age changes Read More »