Pensions

Managing the impact to your pension

Managing the impact on your pension

Just two out of five have planned for inflation in retirement Retirement planning can be complex at the best of times so it is easy to understand how some people can find it daunting to take into account factors like inflation. The reality is that inflation hurts everyone, but it can be especially harmful to retirees. Whether it’s the price of food, fuel, energy or other goods and services that we purchase, inflation is definitely …

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Tax in uncertain times

Tax in uncertain times

Key financial changes that have affected millions of people from April Most taxpayers started to see their tax bills increase from April 2022. As we move into the new 2022/23 tax year, now is the time to review your tax affairs to ensure that you have taken advantage of all reliefs available and have considered some planning opportunities to help reduce your tax liabilities. Here’s what changed at the beginning of the 2022/23 tax year, …

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Gender Pension Gap widens

Gender Pension Gap widens

Women have lower pension pot sizes in every age bracket The staggering impact of the gender pension gap has been revealed in new research[1] which shows that women have lower pension pot sizes in every age bracket, with the situation significantly deteriorating as they approach retirement. Worryingly, women on average retire with less than half the income of men. Gender Pension Gap by pension contributions Age Gap in pension contributions20-24 13%25-29 16%30-34 15%35-39 18%40-44 23%45-49 …

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‘Home is my Pension’ generation

‘Home is my Pension’ generation

22% rise in people using property to support their retirement The significant increase in property prices in recent years has likely shifted many people’s expectations of the role property wealth will eventually play in supporting their retirement. With people spending longer in retirement, one of the challenges that many need to overcome is how to fund it and how to meet the financial demands they may face in later life, such as the cost of …

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Pension freedoms

Pension Freedoms

You work, you save and then you retire A full and happy retirement is a priority for many. But no two people are alike. A ’one-size-fits-all’ system cannot accurately account for everyone’s individual lifestyle choices, so it makes sense that the way you prepare for your future is likely to be different from others. On the surface, retirement planning hasn’t changed all that much over the years. You work, you save and then you retire. …

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Looking to build a bigger pension?

Looking to build a bigger pension?

Don’t miss the deadline to give your pension savings a boost As another extraordinary financial year comes to a close, it’s more important than ever to make good use of your annual pension allowances. Giving your pension savings a boost and assessing where you stand will give you peace of mind that you are on track to enjoying the retirement you are planning for. The 2021/22 tax year ends on 5 April. Staying on top …

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‘Job for life’ a thing of the past

‘Job for life’ a thing of the past

Most millennials and Gen Z have two or more pension pots If you’ve worked multiple jobs over the years, you may have been auto-enrolled into a number of pension plans by past employers. You might also have a few pension plans that you opened yourself. Keeping track of all your plans’ policy numbers and knowing exactly how much is in each of them might start to get confusing as the years go by. Ten years …

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Change to the state pension triple lock

Change to the state pension triple lock

Pensioners ‘deeply disappointed’, particularly women and self-employed The earnings benchmark of the State Pension triple lock will be temporarily set aside for next year. The Department for Work and Pensions (DWP) confirmed on 7 September that the State Pension triple lock rule will not be applied for the 2022/23 financial year over concerns of the potential costs involved. It comes after the Office for Budget Responsibility (OBR) said in July that pensioners could see their …

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UK pensioners underpaid

UK pensioners underpaid

More than £1 billion in State Pensions impacted due to ‘repeated human errors’ The Department for Work and Pensions (DWP) underpaid 134,000 pensioners in State Pension to the tune of £1 billion, according to the National Audit Office (NAO)[1]. Complex State Pension rules, outdated and unautomated IT systems, and a high degree of manual review and understanding required by case workers led to the errors uncovered by the investigation. State Pension claimsThe NAO said some …

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Pensions and retirement still remain a taboo

Pensions and retirement still remain a taboo

When it comes to marriage and money, it’s good to talk Millions of married couples have no idea about their spouse’s pensions and retirement plans, according to new research[1]. More than three-quarters (78%) of non-retired married[2] people do not know what their spouse’s pensions are worth. Nearly half (47%) of non-retired married people have not spoken to their spouse about their retirement plans and 85% of non-retired married people are not aware of the tax-efficiencies …

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