Category: Pensions

How compounding could help younger generations become a pension millionaire

30.06.2021
When saving into a pension, reaching £1 million can seem like an impossible challenge. But the magic of compounding can mean it’s easier to reach than you might think, especially if you start saving while young. Compounding means that the returns earned from investments are reinvested. This means they go on to generate returns of their own. Over time, this can help savings to grow faster. As pensions are usually invested for decades,...
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Scam awareness month: What you need to know to spot a pension scam

23.06.2021
Have you ever been targeted by a scam? Fraudsters are becoming more sophisticated, and their scams can be hard to spot. This Scam Awareness Month, learning how to protect your pension could safeguard your retirement plans. According to Action Fraud, in the first three months of 2021, fraudsters took £1.8 million from pensions. Victims have made 107 reports of pension scams during this period. However, this may just be the tip of the iceberg. Some...
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Retiring in 2021? Planning is key as two-thirds risk depleting their pension savings

23.06.2021
If you’re planning to retire this year, do you know how long your pension will last? Your pension savings will have an impact on the lifestyle you can afford and your financial security later in life. Yet, research indicates that two-thirds of retirees risk running out of money. According to a Standard Life report, the average person retiring in 2021 is 60 and has a pension value of £366,000. However, a third have less than £100,000 in their...
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Should you defer your State Pension? It could reduce your tax liability

25.05.2021
There’s often a lot of talk about the State Pension Age rising and the impact it could have on retirement plans. But, in certain circumstances, delaying your State Pension payments could pay off. The State Pension Age is currently 65, but is gradually increasing and will reach 67 by 2028. You can use the government’s State Pension Age checker to see when you’ll be able to claim the State Pension. Remember, the State Pension Age is under...
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5 reasons why Generation X need to engage with their pension to achieve security in retirement

25.05.2021
We all hope to achieve financial security in retirement, allowing us to focus on the things we enjoy. While retirement might be associated with indulging hobbies and aspirations, Generation X (born between the mid-1960s and early 1980s) need to plan ahead if they’re to enjoy the same level of security as their parents. For Generation X, retirement is drawing nearer, but there is still time to review plans and take steps that could lead to a more...
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How inflation can reduce your pension and what you can do about it

25.05.2021
When you think of risks to your retirement, do you include inflation? It can have a huge impact on your income throughout retirement. Yet, it’s often overlooked when creating a retirement plan. Inflation refers to the rising cost of living. Day-to-day, it’s not something that you notice. However, over a longer timeframe, such as your retirement, the price of goods and services creeping up has an impact. It can mean your income and assets...
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5 reasons to switch pension providers to boost your retirement savings (and 3 things to do first)

13.04.2021
Do you know who your current pension provider is? If so, do you know why you chose them? Even when you’re making regular pension contributions, these may not be things you think about that often. While, in many cases, your employer simply chooses your pension provider and you stick with them, you may want to consider switching. Over time, your pension is likely to become one of your largest assets and key to your long-term plans. A regular...
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Why opening a pension for a child before they start school can unlock powerful growth

13.04.2021
It really is never too soon to start investing through a pension. You may not be thinking about the retirement lifestyle that your children or grandchildren will enjoy quite yet, but opening a pension before they even start school can be worthwhile. If you’re looking for a way to help secure a child’s financial future, a pension can ensure their later life is far more comfortable and provide them with a valuable foundation for later...
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Pensions and divorce: What are your options?

09.03.2021
If you’re going through a divorce, your pension and retirement are likely the last things on your mind. And yet the decisions you make during the divorce process can have a lifelong impact. Despite pensions often being one of the largest assets we have, you may overlook them when dividing assets. Just 12% of people getting divorced considered pensions, according to Legal and General research. That’s far below the 50% that consider their family...
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Pension gap: How can women improve their security in retirement?

18.01.2021
We hear a lot about the gender pay gap, but one area that’s often overlooked is the knock-on effect this has for retirement savings. While progress has been made, on average, women are reaching retirement age with far less put away than their male counterparts. The £100,000 pension gap Eight years after auto-enrolment was introduced, the pension gap is closing. As a percentage of earnings, 59% of women are now saving adequately for their...
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