Category: Pensions

5 steps the self-employed should take to prepare for retirement

02.10.2020

More people are becoming self-employed and it’s a step that’s been linked to improved wellbeing. But it can mean your financial security falls, particularly when looking ahead to retirement. For self-employed workers, it’s important to take steps that can ensure your financial security in the long term. According to research from the Institute of Fiscal Studies, wellbeing improves markedly upon entering self-employment. Job satisfaction was...

read more

Should you take a tax-free lump sum from your pension?

02.10.2020

Your 55th birthday, rising to 57 in 2028, often marks being able to access your pension for the first time. The opportunity to take a 25% lump sum tax-free is certainly attractive and can be too tempting to resist. But it’s not a decision to take lightly and it isn’t the right move for everyone. The ability to take a tax-free lump sum means that pension savings are becoming disconnected from retirement, research suggests. For many of us,...

read more

Pension age rises to 57: What does it mean?

02.10.2020

From 2028, you won’t be able to access your Personal Pension until the age of 57. The government’s decision could affect your retirement plans and it’s important to review what it means for your future. The government previously stated it intended to increase the age people could access their Personal Pensions, currently set at 55. However, it didn’t put legislation in place, leading to speculation that the change wouldn’t go ahead. The...

read more

5 things to check before cashing in a Final Salary pension

08.09.2020

If you’re fortunate enough to have a Final Salary pension, you have options for creating a retirement income that suits your goals. But, if you’re tempted to transfer out of a scheme, it’s essential you understand what you’d be giving up first. Figures published in the Telegraph show cash transfer values for retirees leaving a Final Salary pension scheme reached record highs this summer. The estimated cash transfer value of a 64-year-old...

read more

What should you check when reviewing your pension?

21.08.2020

Have you reviewed your pension lately? Even though we make regular contributions to pensions, it’s not often something we think about until retirement is approaching. However, keeping track of progress during our working lives is important too. Figures show that pension savers have been using their time in lockdown to get to grips with their retirement pots. Some 37% of pension savers, the equivalent of seven million people, have taken action...

read more

Scammers target pension savers trying to gain early access

07.07.2020

Do you know when you can access your pension? Research has found that the number of people trying to access their pension early is on the rise, and it’s a misconception that scammers are taking advantage of. Accessing Defined Contribution pensions It’s important that you understand when and how your pension can be accessed. It means your retirement plans are based on accurate information and it can protect you from scammers. If you have a...

read more

Has Covid-19 affected your retirement plans?

07.07.2020

The impact of Covid-19 has affected savings and investments, something that can be a particular concern for those nearing retirement. If your finances have been impacted, you may be considering changing retirement plans, but it’s important to consider your circumstances and the long-term effects, rather than focussing on headline figures. In recent months, investments have experienced significant volatility, falling sharply in March before...

read more

Should you take a tax-free lump sum from your pension?

20.05.2020

Being able to take a tax-free lump sum out of your pension when you reach pension age certainly sounds appealing. It can help you kick-start retirement plans and fully enjoy the milestone, but is it always the right decision to make? Currently, you’re able to take a 25% lump sum from your private pension at retirement age without incurring Income Tax liability. This option is usually available once you’ve passed the age of 55 but is set to...

read more

Understanding your Final Salary Pension: What income will it provide?

13.03.2020

If you have a Final Salary pension, retirement planning can seem more straightforward. However, there are still important decisions that need to be made and it’s crucial that you understand the income it will provide. Whether retirement is just around the corner or some years away, reviewing your pension arrangements can provide confidence. First, what is a Final Salary pension? Final Salary pensions, also known as Defined Benefit pensions,...

read more

3 things to keep in mind when accessing your pension at 55

13.02.2020

For most people, their pension becomes accessible from the age of 55. If you’re nearing your 55th birthday, you might be tempted to make a withdrawal, whether as a one-off lump sum or regular income. However, using your pension as soon as you can, may have a greater effect on your retirement lifestyle than you anticipate. If turning 55 is still some way off, keep in mind that the pension age will rise to 57 in 2028. However, the same...

read more